Some universities have opted to insulate 2014 mid year intakes from the deregulation of university fees but Universities Australia Chief Executive Belinda Robinson has expressed concern that extending this method to all 2015 students is not feasible at an estimate cost of $850m if the universities absorb the financial impact of the 20% funding cut by the government.
Robinson has repeatedly called for the government to apply the new deregulated fee system only on students commencing studies in 2016 and beyond so universities will have adequate time to establish new pricing strategies and ensure students are fully informed.
Formal legislation announcements regarding the higher education budget is expected on 26 August, at the earliest.
Although higher education funding cuts have not been well-received, some universities are in favour of fee deregulation, which will allow universities to have more say over the number of students accepted into the university and the type of degrees offered.
In this time of unprecedented change, universities will have to think outside the box and contemplate new ways to maintain the quality of education whilst running on a reduced budget. Luckily there are new products in the market which wasn't there before, such as customised payment solutions. Customised payment solutions are one of the newer products which are able to simplify payment processes and help universities save on administration costs, all at no additional expense to the universities.
As the higher education sector enters uncharted territories, innovative solutions might be the ultimate aide in its journey.
Source: The Australian
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