LITTLE ROCK — Arkansas Tech University President Robin Bowen said Thursday she supports adopting a funding formula for higher education that supports the goals outlined by Gov. Asa Hutchinson and holds institutions to a "fair and equitable" standard.

LITTLE ROCK — Arkansas Tech University President Robin Bowen said Thursday she supports adopting a funding formula for higher education that supports the goals outlined by Gov. Asa Hutchinson and holds institutions to a "fair and equitable" standard.


On Friday. the state Higher Education Coordinating Board is scheduled to consider the basic framework for a new funding formula that would reward institutions for achieving goals such as increasing degree-completion rates and reducing costs.


The framework was developed by a committee of higher education officials. Many details of the formula will remain to be worked out if the board approves the framework.


"Arkansas Tech fully supports an outcomes-based funding model that rewards institutions for successfully graduating students in areas important to economic development in our state," Bowen said in a statement.


"We also appreciate that the framework supports the initiatives that are important to our governor and our state, such as bridging the achievement gap for minority students; helping students make a smooth transition from community colleges to four-year universities; and enhancing affordability by encouraging students to complete degrees on time and without excess credits," she said.


Bowen also said the formula should be fair.


"The specific weights and measurements in the formula that have yet to be finalized and agreed upon will need to be transparent, easily understood and hold institutions to a fair and equitable standard," she said. "This will need to be accomplished while simultaneously upholding academic standards. I am optimistic that we can collectively produce the student success outcomes the formula strives to achieve."


Hutchinson has said the proposed revamping of the funding formula is part of an effort to increase the college degree attainment rate of high school graduates from the current 43 percent to at least 60 percent by 2025.