Financing Higher Education: New Challenges, Incentives and Opportunities

Abstract

The most essential goal for the country’s growth is education. During the allocation of public funds, it should be given great consideration. Education determines a country’s progress and possibilities of economic development. Education of high quality is a guarantee of societal stability. It encourages affluence as well as personal, professional and social development. All of the aforementioned may be accomplished by effectively utilizing governmental financial resources. The research’s goal is to study the disadvantages of the higher education funding system and develop some recommendations for solving problems. In order to assess the effectiveness of the expenditure by state, there have been studied some educational programs on which state funding is extended. The study includes an assessment of the level of academic achievement of state-funded educational program students and their employment prospects. As a result of the research, we have a clear idea of how effective the state funding programs for higher education in Georgia are and in what direction the changes are to be implemented.