The article presents a brief review of how the financing of higher education is changing, taking into account current trends, the increase in the number of students and the rising cost of education. In addition, the article considers the possible ways of switching from the funding of budget institutions of higher professional education to the funding of education programs. The following special features of funding Master’s Degree programs are discussed: 1) reimbursement of teaching expenses for budget organizations according to norms established by the government; 2) financing of education programs implemented by colleges at a cost established through competition between colleges.