Alberta Universities Will Now Get Funding Based On How Good Your Grades Are
The goals will vary depending on the institution.
Your post-secondary grades may have more of an impact than you expect. According to the province, funding for post-secondary schools in Alberta will be linked to performance-based outcomes. This new provincial funding will start this year. So if you want proper funding, you may have to study a bit harder.
According to the Alberta Government's website, a new funding model will be implemented on April 1, 2020, that will determine funding based on achieving performance measures.
The province has stated that these performance measures will encourage institutions to improve services, increase efficiency, and create opportunities for all Albertans through “strong labour market outcomes and innovative programs and research.”
The individual goals and weight of targets will be determined for each of Alberta's post-secondary institutions after a consultation involving students, teachers, and administrative staff.
According to CBC News, there will be a number of indicators including graduation and completion rates, post-graduate employment, enrolment, experiential learning, quality of teaching, and overall student satisfaction.
Once a university or college achieves all of its targets, it will be awarded full funding.
Any institution that does not meet their goals will have their funding allocated to reflect the percentage of the target that was met.
For instance, if the school has only met 50% of its goal, it will only receive 50% of its funding.
According to the provincial government, the amount of funding tied to performance outcomes will start at 15% of operational funding for 2020-2021.
By 2022-2023, that will increase to a maximum of 40%.
The government already provides funding to 26 universities, colleges, and polytechnics every year. This, however, is the first time the funding has been correlated to targets and outcomes.
The minister claims that the changes would “improve transparency” in the post-secondary system that would ensure schools “compete against themselves” to achieve their individual goals, says the Calgary Herald.
According to the Alberta government, outcome-based funding is a global trend in higher education learning. As of now, 35 U.S. states have this type of funding for their schools.
This is not the first time the Alberta government has.
In October of 2019, the provincial government announced that theon student loans by 21% over the next three years.