It’s time to think creatively about higher education funding
The first time, a few years ago, that I visited Arizona State University (with whom my then institution DCU was developing a partnership), I arrived at a particularly interesting time. Just as I was there the citizens of Phoenix approved by a significant majority in a referendum the proposal to create a $223 million bond to provide capital funding for a new ASU campus. This decision really impressed me: the willingness of the citizens to assume this burden, and the partnership it expressed that would allow the university to create state of the art facilities beyond the reach, at least at the one time, of almost any university in this part of the world. It also reminded me how unimaginative we tend to be when we look at the resourcing of higher education.
Interestingly, in Ireland the recently established expert group on higher education funding chaired by Peter Cassells, is reported to be considering savings bonds as a way of creating a partnership between families and the state in providing funding: families save, and the state matches their savings (or provides tax or other incentives on a significant scale).
It is time to move away from the binary obsession: that higher education must be paid out of general taxation; or else paid for by students or their families. Neither of these options now works well, leaving either serious under-funding or chronic personal debt. It is time to look beyond these old models.