The Indiana Chamber of Commerce and the Indiana Commission for Higher Education announced Monday afternoon that the Lumina Foundation for Education has awarded them $831,000 to help fund an initiative designed to increase the number of college graduates.
The grant is one of seven that Lumina, an Indianapolis-based not-for-profit, awarded nationally as part of its effort to increase productivity and efficiency at universities by promoting changes in the way states fund and deliver higher education.
Other states receiving grants are Arizona, Maryland, Montana, Ohio, Tennessee and Texas. The grant is renewable for up to four years.
Indiana’s grant will help educate legislators, college and university trustees and the business community on how to sustain the performance-funding model for higher education adopted by state lawmakers in the spring.
The model allocates a portion of state funds to colleges and universities based on measures such as the number of degrees completed and how many were completed within four years, and the number of degrees completed by low-income students.
In addition, the chamber and commission plan to launch an in-depth review of institutional and state policy options to help make colleges and universities more efficient.
Lumina advocates reforms to make college more affordable, and accessible, to high school graduates, as well as to adults who want to return to school.