Increasing Cost of Quality Education in Pakistan
Higher education is called a critical defining block in the creation of a knowledge-based economy as it defines pathways to both establish and preserve the socio-economic and cultural capital of a country. Every Pakistani has right to access to affordable and quality university education and it needs to be translated into well-designed governance and market-sensitive regulatory mechanisms.
Tuition Fee or Research work – Increase University Capability & Capacity
Tuition Fee or Research work – Universities can generate funds through different sources. Funds generation depends on the capability of the university in its core competency – “Knowledge.” The knowledge will bring money from the research, otherwise they will more burden their students. In spiral the universities keep on going down in this way.
Colleges and universities can make money from a number of sources, including endowments, gifts, tuition and fees, athletics, and grants. Schools can also make money by charging fees for international enrollment.
The last few years have been tough for the universities and the higher education sector as a whole. Political events, austerity, and a fluctuating economy has put traditional revenue streams and external funding at risk. In addition, high fees, increased cost of student living and, more recently, the global pandemic has also led to the potential risk of reduced student numbers; adding to the uncertainty and pressure. It means a growing necessity for innovation and creative ways to better utilize expertise and resources.
Tuition Fee Burden in LUMS 2020 & 2021- 15% Increase
Lahore University of Management Sciences is a private research university, located in Lahore, Punjab, Pakistan. The University burdens more to students in 2021 by 15% fee increase.
Year 2021 2020
Total Income 6,344,731,619 6,189,921,355
Total Tuition Fee 472,798,138 410,894,275
Fee Mix 7.45% 6.64%
* PKR & only Tuition fee-https://lums.edu.pk/sites/default/files/financial-statements/LUMS%20Signed%20Accounts%20FY%202021.PDF
Universities have natural resources that can and should be able to generate a sustained level of revenue via commercial avenues. The talented minds to be able to innovate, create and turn these into commercially viable outlets will undoubtedly exist among university staff up and down the land. However, to make it a success, there needs to be the will to actually do it, and an investment in the tools to make every initiative a success.
It is high time to review/ respond to the national educational development agenda by articulating regulatory policy and implementation plans concerning increasing access to affordable and quality higher education in Pakistan.