LITTLE ROCK, AR (KAIT) - Arkansas is one of only three states that has approved a productivity funding formula for both 2-year colleges and 4-year universities.
According to a press release, the Higher Education Productivity Funding Formula emphasizes student success, accountability, and program completion.
"I am grateful for the cooperation and energy that went into making this new funding model a reality," Governor Asa Hutchinson said.
The new formula for funding state colleges and universities will increase the percentage of Arkansans who are equipped with degrees, industry-recognized certificates, and are prepared to join the workforce.
The news release stated the governor also committed an additional $10 million to higher education funding that will be distributed to colleges and universities based on their productivity under the new formula.
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