New formula must better include students of different socio-economic statuses, increase future workforce credentials
A new higher education funding formula the Colorado Commission on Higher Education (CCHE) is charged with creating must factors in graduation rates and retention.
The mandate to CCHE to create a new funding formula comes from a bill signed into law May 2014. That law is designed to support statewide goals for higher education contained within CCHE’s master plan, according to a Colorado Department of Education summary.
Among those goals are increasing the number of postsecondary credentials awarded to meet future workforce needs; improving student success through better outcomes in basic skills education; and enhancing access to postsecondary education to ensure the system reflects the state’s changing demographics while reeducating degree attainment gaps.
“I know higher education has been clamoring for a long time to have a different funding mechanism,” said Walter Richter, chairman of the Aims Community College Board of Trustees. “When we went through the recession, since higher ed was not protected, the state really chipped away at higher ed so they could fund these other programs.”
(Next page: The specifics of the new funding plan)