Finance. Examine why states use funding formulas for higher education. (Essay Sample)
• Examine why states use funding formulas for higher education.
• Discuss the advantages and disadvantages of funding formulas and the impact on institutions.
Read Chapter 5: State Funding Formulas (p. 119 – 137) in:
McKeown-Moak, M. P., & Mullin, C. M. (2014). Higher Education Finance Research: Policy, Politics, and Practice. Charlotte, North Carolina: Information Age Publishing.
Doyle, W. R. (2013). Playing the Numbers: State Funding for Higher Education: Situation Normal? Change, 45(6), 58–61.
Please highlight each answer separately
Compose a 4-page paper with the following components:
B. Why do states use funding formulas for higher education?
a. Several disadvantages to funding formulas are provided in the reading. In your opinion, which two disadvantages would impact student success the most?
C. Discuss how the size of the institution impacts funding per student
a. In your opinion, how does this impact student success?
D. What impact does a reduction in state funding have on higher education institutions?
a. Refer to Doyle (2013)
The guidelines and formulas applied in the state funding allocation for higher education have been in use in the U.S. for over sixty years. Originally, it was seen as an approach of allocating public funds in a fair and equitable way. The formulas have evolved into a more detailed and complicated approach of determining the need for funding in every public institution of higher learning. During all this time and especially from the conception of formula use, there has been a continuing disagreement among all the stakeholders in the state budgeting committee. It is imperative to note that the state use of funding formulas for higher education have provided a fair and unique methodology of distributing education funds in states.
Funding formulas have always been seen as a method to bring predictability and equity into the budgeting process; however, others perceive it as intrusive inequitable and burdensome. Based on the effects of the formula on institutions, several participants in the process have alternately praised and damned the formulas (McKeown-Moak & Mullin, 2014).
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