How the Gov’t Intends to Pay Off Public Universities’ Debt
However, the University Fund chairman asserts that this won’t be enough to pay off the current debt. “We are looking at diversifying the revenue streams in universities, away from a single revenue stream from grants to government-sponsored students,” he stated. This was quite challenging because vice-chancellors were constantly asking for more funding.
Further Reforms
In order to update infrastructure, the University Fund suggests mandating public-private partnerships between businesses and institutions of higher learning. Institutions would have to employ this strategy when building student accommodation, according to Monari.
This project, in which the university provides land on which a private investor can build a dormitory facility, the investor is given control of it for a predetermined amount of time, and then the investor transfers ownership of it to the institution, has been explained using the construct-manage-transfer paradigm.
It is also advised that universities develop their capacity for producing their own electricity so they can rely less on Kenya Power.
As one of the main factors contributing to student debt in colleges, Monari advises academic institutions to invest in sustainable energy sources like solar energy.
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In addition to saving millions of dollars, Monari claims that institutions may be able to make money by cutting this expense.
Monari offered Strathmore University as an example, saying that the institution is classified as one of the independent power suppliers to the KPLC in addition to producing its own electricity.
The idea of colleges earning money via consulting services has also been promoted. According to Monari, the academic staff from various colleges would take care of this because they are qualified to offer the specialised expertise needed by diverse businesses.
According to Monari, they are asking with government organisations to limit consulting work to just public colleges. Institutions will be required to provide government agencies with consultancy services in this way.
We are in favour of legislation that would permit universities to offer advisory services for up to 30% of government services, said the source. Universities will also need to commercialise their research concepts in order to receive financing.
How the Gov’t Intends to Pay Off Public Universities’ Debt
