COMPARATIVE ANALYSIS OF FINANCING OF HIGHER EDUCATION IN DIFFERENT COUNTRIES

Abstract

Purpose – discuss the different applications of higher education financing systems and analyze the contribution of different actors participating in higher education financing.
Methodology – in this work the authors used the following scientific methods of research: analysis, synthesis, comparison, generalization.
Originality/value – The first part of this study focuses on the theoretical framework of higher education services, and the second part provides a comparison of the shares of the actors who contribute to higher education financing in the countries in question. Thus, a comparative analysis of higher education system among countries is conducted.
Findings – this study reveals the fact that the participants in higher education financing in every country are different from each other and that some countries have distinct finance systems in higher education. While the participation of private sector in the USA, the United Kingdom and Korea is more important than public sector’s participation, public sector is more dominant in most European countries. Most countries spend more than an average of 1.5% of GDP on higher education financing, this rate exceeds 2.3% of GDP in some countries such as Canada, Korea and the USA but some other countries such as Belgium, Italy and the Germany allocate less than 1.5% of GDP. Most OECD members support higher education and its actors by using public funds which is more or less 22% of their public budgets.