Comprehensive education facilitates a nation’s economic progress and social development. As far as the developing nations are concerned, educational advancements depend a lot on appropriate financing and funding. Unfortunately financing education in the developing countries has its own set of barriers. Fiscal pressure, increased demand for higher education, low availability of resources, etc., are considered to be the major obstacles of proper education funding in these nations.
Most of the developing nations have taken up innovative and effective agendas in order to finance the complete education process. These methods have evolved to be the ruling trends of education financing in various nations. There are many who consider these methods as alternative funding strategies that have the abilities to turn the stagnant wagon wheels of education.
A Shift to the Alternative Funding Methods
Many believe that increased business engagements and corporate contributions can justify UNESCO’s goal – “education for all.” But the truth is- there is a need of effective alternative funding strategies that will align numerous other sectors including the big corporate firms. Various developing nations have undertaken widespread agendas of raising funds for education. Most of these methods are proving to be effective and the promising fact is that with increasing finance options, more and more interested students are opting for higher education.
The Ruling Trends of Financing Education
All though there are various obstacles, with consistent efforts the alternative financing approaches can facilitate education and make it feasible for the ones who require it the most. Let us have a quick look at the ruling trends of funding education in the developing countries.
- Finance Assistance Programs
This is a direct approach of financing the higher education costs of the poor yet meritorious students. In order to achieve the objectives of providing monetary aid to every needy student of the nation, most of the developing countries are opting for collaborative measures. Corporate and government collaborations are providing effective results. The students in need of financial aid are often identified at the grass root level through effective screening process. This guides the cumulative investments at the perfect target thus helping the nation to gain the desired results of comprehensive education.
- Global Education Programs
This is another effective financing trend that is proving to be effective in various countries. Economically stable countries are lending their helping hands through institutional branches that are often set up in the countries suffering from education crisis. Distant learning courses, International courses and MOOC (Massive Open Online Courses) are helping students to earn higher education degrees from foreign universities. Most of these universities provide financial aids and free courses to needy students.
In addition to this, most of the developing countries are taking up agendas where the poor and meritorious students are provided a leverage of the tuition fees and other education costs. Hopefully, these approaches will bring about massive transformations in the education sector of various developing countries.
Author’s Bio- Simon Hopes is a professional writer and a part time online French tutor. He writes on various topics related to finance and education. His articles are informative and interesting to read at the same time.