A new state funding method for Kentucky colleges is one step closer to becoming law.
State senators approved a proposed performance based funding formula.
Some students need financial aid to pay for college, and some colleges need aid from the state to cover their costs.
“The state funding method makes up about 30 percent of our funding model,” says Dr. Kris Williams, President of Henderson Community College.
State senators approved a performance based method, which affects research and community colleges who get hundreds of millions of dollars a year in state funding.
“It allows us to be sure that we’re meeting the intent of the community, the intent of our state that we are appropriately managing state tax dollars, that we’re really focused on student success, on student completion outcomes,” says Dr. Williams.
So how does this proposed state based funding formula work out? Well, according to the Kentucky Council of Postsecondary Education, for every dollar a state school gets, 35% of it is based on student success, another 35% based on course completion, and 10% each on maintenance and operations, institutional support, and academic support.
Officials with Henderson Community College say it won’t effect student tuition, but could open the door to new ways to educate them, and to find better ways of preparing future college students while they’re in high school.
“It also impacts other things like, we have partnerships with our high schools, thinking about, what are some things we can start doing in the high schools and before they get to us in the partnership, how do we increase our retention efforts so they’re more successful when they get here,” says Dr. Reneau Waggoner, Chief Academic Officer of Henderson Community College.
If approved, the funding formula would be phased in over a four year period, with full implementation starting in the 2021-22 school year.