The financing of higher education is undergoing great change in many countries around the world. In recent years many countries are moving from a system where the costs of funding higher education are shouldered primarily by taxpayers, through government subsidies, to one where students pay a larger share of the costs. There are a number of factors driving these trends, including: * * • A push for massification of higher education, in the recognition that additional revenue streams are required above and beyond those funds available from governments in order to achieve higher participation rates * * • Macroeconomic factors, which lead to constraints on overall government revenues * * • Political factors, which manifest in demands for funding of over services, thus restricting the funding available for higher (tertiary) education * * • A concern that the returns to higher education accrue primarily to the individual, rather than to society, and thus students should bear more of the
