In a surprise press release the CEO of the Tertiary Education Commission today announced the replacement of the current SAC3+ funding mechanism. The Equivalent Full-Time Student (EFTS) metric will be cease to be in effect from 1 July, to be superseded by Weighted Learning Hours (WLH).
“In light of our focus on learning hours, and to ensure value for the taxpayer’s investment,” said the CEO, “we are returning to the funding mechanism used successfully by the Polytechnic sector until 1995. This was based on Weighted Student Hours.”
The press release also announced that the concept of investment plans, as a means of allocating funding, was to be replaced by a tool being developed by the Lotteries Commission. “As there is already a high degree of uncertainty for TEOs in anticipating funding, we thought this should be formalised” states the release.