Possible Solutions and Ramifications for Higher Education There is need to

Possible solutions and ramifications for higher

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Possible Solutions and Ramifications for Higher Education There is need to identify possible solutions to education funding for institutions of higher learning. The government and the states spend a lot of billions on Pell grants and tax credits annually yet students still incur high costs after grants and scholarships. According to Hanan (2011) , Rudy Fichtenbaum, the president of the American Association of University professors proposed a modest tax on financial speculation transactions. They include trade in stocks, bonds etc. that he believes can yield billions of money as an additional funding for higher education. He also suggests that increasing instructional quality, graduation rates and degree attainment time will help cut down the cost of education. Another measure can be diverting of public funds spent on student’s financial aid towards public colleges and universities to make them tuition free. According to Soares, Steele and Wayt (2016), the university and college leaders should create transparency around financial data and decision making since of them are taking advantage by raising tuition fee without the consent of the government. In addition, they should come up with business practices that offer programs that align with students and employers needs and improve personal value for education. It is also essential for the states, the government and university and
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LITERATURE 5 college management to strengthen their relationship financially to ensure equal distribution of funds. Impacts of Federal and State Funding In Higher Education The impacts of funding can be positive or negative. From a positive note, there is a reduction of expenditure by institutions on buildings, research and equipment which consume a lot of money. Education funding benefits the entire nation economically. This is because more people have access to higher education, acquire necessary skills required in today’s jobs. People experience improved standards of living by taking up better paying job benefiting the government from revenue collection. Graduates are said to have better interpersonal skills and can effectively plan their lives. Access to funds also affects performance, improved outcomes have been observed from students since they can focus on their studies without worrying about funds. Negatively, citizens are forced have to dig deeper into their pockets to generate revenues required to pay for higher education while others leave institutions of higher learning with loan burden making it difficult to own a home and enjoy a prosperous life.
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