Performance-Based Funding and Higher Education

"As a result of the coronavirus pandemic, public colleges and universities are facing unprecedented financial stress. Colleges lost billions of dollars in revenue in the spring and summer terms after being forced to close their physical campuses and responded by implementing furloughs, layoffs, and other cost-saving measures. Regardless of the path that a college is taking for the fall term, these losses are likely to continue with fewer students attending due to health and safety concerns" (Informedstates.org, 2023).

The social aspect of attending classes in person versus online can have a major effect on the outcome of the student's success in their industry. Networking in real time at a brick-and-mortar meeting place can be a fruitful experience for all attendees alike. The classic element of discussing important topics face-to-face can impact the knowledge retrieved during this crucial learning time. 

Community colleges take the cake for teaching technical vocations. Tradesmen such as electricians, engineers, carpenters, and mechanics are in high demand. This is incomparable to the enormous gifts given to ivy league or four-year universities. This confines many rural and lower socioeconomic level institutions, which is an ultimate loss for students.

Performance-Based Funding (PBF) is a method used as a scope for funding. This means those with the most financial backing will receive aid to build and promote research facilities, sports teams, or new major programs to their liking. In this regard, you can compare it to the unfairness that major league baseball teams face: Allotment of support comes from private donors which in turn make it possible to hire the best athletes for the job. This is similarly the case for colleges today.

If your student has the fortune of attending a highly funded university, they may have to come up with financial grants or loans first. The federal grant process has become tainted, as seen in a recent education article: "The main problem is that the Pell Grant has not kept the pace with the rising cost of college. During the 1975-76 school year, the aid was enough to cover three-fourths of the average cost of attendance. Today, a Pell Grant covers less than 30% of tuition, fees, and living expenses at four-year public colleges and universities. This is a disincentive for high schoolers" (The Education Trust, 2023).

<script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-4103875472220489"
     crossorigin="anonymous"></script>