In a £1.9 billion indicative funding announcement made today, the Scottish Funding Council (SFC) pledges to support students to complete their studies, create new funded places for students and apprenticeships, and protect research, as part of an education-led economic recovery.
According to the figures released by SFC, the college sector should plan for an increase of more than £70 million while universities are set to receive a record £1,112.4 million.
In order to help students to complete their studies, individual colleges will see increases to their teaching grants of between 6.9 percent and 12.8 percent. The increases will include funding for mental health services and digital learning. Colleges will also receive one-off funding to support employers get the skills they need and to help people reskill for future employment.
In the university sector, teaching funding will increase by 8.1 percent. This will include funding for additional places created following increased applications from school leavers. The funding also secures an increase in research investment.
These indicative allocations for the next academic year build on an additional investment of £80 million also announced today for the current year. Alongside helping to ease significant financial pressures across the sector, and lost income arising from the Covid pandemic, this investment includes an additional £40 million to support students to complete studies disrupted by the pandemic and to protect jobs across the sector. A further £20 million will provide an immediate boost for research and knowledge exchange, supporting Scotland’s economic recovery.
Karen Watt, Chief Executive of the Scottish Funding Council, said:
“Colleges and universities have been flexible, responsive and innovative in dealing with the impact of Covid-19. The funding we are announcing today will support students to gain qualifications and move on to further studies or into employment, and will protect vital research for the future. Investing in this pipeline of talent and research matters for Scotland’s social and economic recovery, and future prosperity.”
The additional and indicative funding allocations can be accessed from our home page under ‘Latest Publications’.