||In recent years, higher education in Spain has undergone major legal and organizational changes. The number of students and the resources committed to higher education has also grown dramatically in the last decade. After this period of rapid changes, the Spanish Public Higher Education System (SPHES) is launching mechanisms to improve overall efficiency and quality. To meet these objectives, three programs are being carried out: first, a new organization of the teaching system, which aims to make the programs more flexible, varied, of shorter duration and more closely related to social needs; second, a program to assess the quality of university institutions; and, third, a new model to finance the system, which provides a more rational framework for financing and should help to achieve the desired aims of quality. This paper outlines the third program, the financial model, and discusses the proposals to finance public universities designed by a Committee of the Council of Universities. .