Education has a significant impact on economic growth since it boosts productivity and hence raises the country's gross domestic product. Higher education is becoming increasingly important in policy making because of the growing value of knowledge in the growth process. Through its research and development (R&D) operations, higher education plays a significant role in the creation of new knowledge and in the utilisation of knowledge that has been developed elsewhere. In many countries, governments and individuals/households have been expanding their investments in higher education, which has resulted in massification and eventually universalization of higher education. However, the most difficult task is to keep the country competitive while still providing an inexpensive and high-quality education to people from all walks of life. As a result of the affordability issue, the public sector plays an increasingly important role in funding post secondary education.