Innovative solutions in education funding

 

Innovative solutions in education funding

Improving(सुधार) quality and offerings of higher education institutes requires(आवश्यकता) money. For the bulk(अधिकांश/विस्तृत) of the country’s higher education institutions, augmenting revenues will mean, at least in the short run, increasing(बढ़ती) tuition fees. While established(प्रमाणित/स्थापित) universities, colleges and institutions can access alumni(पूर्व छात्र) contributions(योगदान) and industry partnerships, and use their considerable(विचारणीय/विशेष) corpus, these options are not open to newer institutions. Higher education institutions, therefore, need to explore(छान-बीन करना/पता लगाना) innovative(अभिनव/परिवर्तनात्‍मक) financing schemes that will augment(वृद्धि/बढ़ाना) revenues(राजस्व/आय) without curtailing(घटाना/संक्षिप्त करना) access. Increasing budgetary support is an option, but even the most ambitious(महत्त्वाकांक्षी/अभिलाषी) government budget cannot match rising demand(बढ़ती मांग). Besides, public money is better utilised in pre-schools/schools, and research and development.

Budgetary constraints(बाधाओं/दबाव) limit the quantum(मात्रा) of scholarships, which are therefore reserved for the poorest. Education loans, though available, are expensive(महंगा); the government’s interest subvention(अनुदान ) schemes and waiving of collateral(सहायक/संपार्श्विक ) requirements are restricted(प्रतिबंधित/वर्जित) to technical education. Income-sharing agreements (ISAs) are an option — ensuring(सुनिश्चित/पक्का कर लेना) revenues(आय/राजस्व) without limiting access. Under ISAs, students agree to pay a fixed percentage of their income for a fixed period, in return for the educational institution funding their education. Purdue University, in the US, offers ISAs, funded with its own corpus. Others rope in co-investing financial firms.This system’s collateral benefit is that institutions have a stake in ensuring the employability(रोजगार क्षमता/नियोजनीयता) of their students and their ability to garner high salaries. Such innovative financing options will need oversight and regulation, besides enabling laws. Indian institutions must explore such options to become the engines that power the nation’s transformation.

 

 

Important Vocabulary

1.Innovative(अभिनव/परिवर्तनात्‍मक
Synonyms: contemporary, ingenious, inventive, new, original
Antonyms: old, old-fashioned, worn, customary, habitual

2.Quantum(मात्रा)
Synonyms: amount, measure, portion, sum, total
Antonyms:part, whole

3.Constraints(बाधाओं/दबाव)
Synonyms: pressure, restraint, coercion, compulsion, driving
Antonyms: deterrent, discouragement, freedom, hindrance, liberty

4.Collateral(सहायक/संपार्श्विक )
Synonyms: accessory, adjuvant, attendant, auxiliary
Antonyms: chief, different, dissimilar, important, independent

5.Augment(वृद्धि/बढ़ाना)
Synonyms: add to, amplify, boost, build up, develop
Antonyms: abridge, compress, condense, contract, curtail

6.Curtailing(घटाना/संक्षिप्त करना)
Synonyms: cut back, decrease, diminish, downsize, halt
Antonyms: develop, enlarge, expand, extend, grow

7.Considerable(विचारणीय/विशेष)
Synonyms: ample, appreciable, astronomical, big, extensive
Antonyms: inconsiderable, insignificant, insufficient, little, miniature

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