To ask the Minister for the Economy to provide an update on the progress of the Review of Higher Education Funding.

It is clear that the current funding model does not work for our local universities and university colleges, and it does not work for students. That is why I am committed to a review of Higher Education Funding.

I want to work in partnership with the five higher education institutions in the north and related stakeholders to address the funding challenges faced going forward. My officials have therefore been engaging with key stakeholders over the past number of months regarding the potential scope and approach to the review.

Officials are currently finalising the draft terms of reference and will brief me in the coming weeks. The review is likely to involve three specific strands of work:

an assessment of financial sustainability, with a first stage comprising a financial needs assessment;

the teaching funding model; and

support for students.

The Financial Needs Assessment is expected to be the first element of the review to commence. This will assess the financial needs of each of the five local higher education institutions for the coming three to five years.

I intend to ensure key stakeholders including the institutions, students and staff are fully involved as the Review progresses.