The new university funding model and its implications

The new university funding model that was introduced in the 2023/2024 financial year to universities, colleges and TVETs is meant to support student according to their household income.

The mode is determined by the Means Testing Instruments(MTI).

Also the new funding model is meant to bring equity and fairness to every student as its aim to prioritize student from the disadvantaged families.

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The extremely needy households receive 100% funding, while needy and less needy households receive 93% funding and contribute 7% on it.

Consequently, new funding model categorize students into four groups based on their family’s income and need; the vulnerable, extremely needy, needy, and less needy.

The less vulnerable are to receive loans while the extreme vulnerable are to receive scholarships.

Further, the amount of scholarship allocated will rise If the level of need also increases, for such situation, the amount of loan awarded will decrease. Similarly, the amount of scholarships and loans will decrease as family income increases.

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Additionally, the model aims to make higher education more accessible to students from lower-income backgrounds by providing required financial support. It also ensures that the most vulnerable students, including those with disabilities and from marginalized areas, are given first priority.

However, there are challenges associated with the NFM as it leaves much burden and responsibility on middle and upper income families to contribute towards their children’s education.

Also, Students in Private institutions are left out from the budget which will require them to find alternative funding sources to address their financial constraints.