Governor Nixon says higher education institutions should be funded based on how well they perform, not how much they’ve gotten in the past. He says colleges need to be more efficient so they can be more affordable.

Nixon says he’s creating a task force that will put forth some goals schools will have to meet each year in order to receive funding. If a school wants the full amount of funding the government is offering, it has to meet 100 percent of the goals the task force lays out.

Some measures could be graduation rates or the rate at which students pass certification exams like the Bar exam for law students or the Certified Public Accountant Exam for finance students. The task force will report to Nixon by the end of the year, and this funding formula will go into effect next year.

(AUDIO) Allison Blood reports on higher education funding formula Mp3 1:02