Financing Futures: Why Understanding Postsecondary Finance Matters More Than Ever

Written By Nicole Brown

By Martha Snyder, Partner, HCM Strategists

How do states fund higher education and why does it matter so much for students, institutions, and the future workforce?

Those questions are at the heart of Financing Futures, a new animated video series exploring the evolution of postsecondary state finance over the last 15+ years and the states leading the way toward lasting change. Framed by insights from Wil Del Pilar of EdTrust and me, the series spotlights eight state leaders whose work has helped reshape postsecondary finance over the last 15+ years.

Before we dive into the stories, policies, and leaders shaping the future of postsecondary finance, we’re starting with a short animated primer video that explains the basics of how states typically fund higher education today and provides important context for understanding how and why those systems have evolved over time.


Why this conversation matters now

State funding policies shape nearly every aspect of the student experience: affordability, access, institutional priorities, workforce alignment, and ultimately, whether students succeed.

But postsecondary finance systems can often feel complex and opaque. Understanding how they work—and how they evolved—is essential to understanding the policy choices states are making today.

Over the last decade and a half, higher education has faced extraordinary disruption. The Great Recession reshaped state budgets and forced difficult funding decisions. A global pandemic accelerated enrollment shifts, widened inequities, and intensified questions around value and return on investment. At the same time, continued uncertainty and upheaval at the federal level have placed even greater responsibility on states to lead.

And states have responded.

Across the country, policymakers and higher education leaders have worked to modernize funding systems in ways that are more student-centered, equitable, accountable, and outcomes-focused. States are increasingly asking not just how much institutions are funded, but what those investments are producing for students, communities, and the economy.

That has led to new approaches emphasizing:

  • student success and completion,

  • affordability, adequacy and value,

  • workforce and economic alignment,

  • equity in access and outcomes, and

  • stronger pathways to high-quality credentials and careers.

These shifts have not always been linear or easy, but they reflect meaningful progress in how states think about postsecondary education and public investment.

Looking back to understand what comes next

It’s impossible to appreciate how far postsecondary finance has come without understanding where these systems started and the pressures that shaped them. That’s why Financing Futures traces the evolution of state postsecondary finance from the aftermath of the Great Recession through today’s rapidly changing higher education landscape.

The upcoming eight-episode animated series spotlights eight higher education leaders from states across the country, each reflecting on pivotal policy moments, hard lessons learned, and the innovations that helped reshape their state’s postsecondary finance system. Together, these stories illustrate how states have become laboratories for change, testing new models and redefining what public investment in higher education should achieve. Just as importantly, the series highlights how much work still lies ahead.

I’m proud to announce that Financing Futures will feature:

  • Episode 1:2008–2010: Refocusing on Student Outcomes in Tennessee
    Featuring Russ Deaton

  • Episode 2:2012–2015: A New Focus on Affordability in Ohio
    Featuring Laura Rittner

  • Episode 3:2015: Investing with Purpose in Oregon
    Featuring Ben Cannon

  • Episode 4:2018–2019: Redefining Support for California’s Students
    Featuring Eloy Oakley

  • Episode 5:2020: Flipping the Script on Higher Ed Funding in New Jersey
    Featuring Brian Bridges

  • Episode 6:2021: An Adequate and Equitable Funding Formula in Illinois
    Featuring Robin Steans

  • Episode 7:2023: Setting a New Standard for Student Success and Economic Growth in Texas
    Featuring Ray Martinez

  • Episode 8:The Road Ahead: Postsecondary Transformation that Delivers Real Value
    Featuring Michelle Asha Cooper

As states continue to navigate demographic shifts, changing workforce demands, affordability pressures, and evolving student needs, the future of postsecondary finance will require continued innovation, collaboration, and leadership. Understanding the past is critical to building that future.

Stay tuned as we prepare to launch Financing Futures, an eight-episode series spotlighting the people, policies, and turning points shaping the future of postsecondary finance. We’ll release the series in two phases, beginning with the first four episodes and followed shortly after by the final four installments.

Flashback Link: For those interested in exploring the origins of this work, check out the beginnings of Financing Futures in this presentation from an earlier policy conference: here.

Nicole Brown