Abstract
The study is expected to identify the funding mechanisms that are being used around the world with the aspiration to gather the best solutions or alternative to the existing available systems for financing of higher education in Malaysia. The intention is to improve the current system with potentially the introduction of possible alternative from waqf concept or the modern financial technology solutions such as crowdsourcing. The significance of the study will provide new sources of financing with the intention to reduce the burden of PTPTN, and not to forget the most important aspect which is to encourage students to further their studies in higher learning institutions.
Highlights
Higher education believed to be very beneficial to young adults especially in a developing country like Malaysia
The recent issues faced by Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) including problems in the collection, and delay in disbursement may indicate that alternative to higher education financing must be in place to support the institution (Azizi, 2017; Bernama, 2017; The Star, 2017)
PTPTN was tasked with the accountability of distributing and administering educational financing to help poorer students finance their higher education in terms of tuition fees and living costs
Summary
In terms of government spending on education as per GDP, the ratio quite stationary at the rate between 4% to 6% This figure indicates that Malaysian’s government expenditure on education as percentage of GDP was the highest as compared to Singapore and Thailand (Phoong et al, 2018). According to Fixture 2, female has higher gross enrolment ratio as compared to male from 2008 to 2017. With the government focus on Technical and Vocational Education and Training (TVET) in recent years, expectantly the number of male enrolments to higher education will grow in the near future. Public universities had higher number of enrolments for bachelor degree programmes from 2009 to 2015 across all institutions in Malaysia. The number of students enrolled for bachelor programmes have shifted from public universities to private institutions. This is due to limited number of admissions available in the public universities as compared to the private institutions, and the increment the number of private institutions in the country
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