In most states and in the nation as a whole, the combination of constrained resources and rapid enrollment growth during the Great Recession left a legacy of significantly diminished per-student funding for higher education. Adequate funding is a necessary component of supporting college access and success and meeting state goals for educational attainment. But the adoption of a financing model that allocates state resources equitably and efficiently is also important for improving student outcomes. This brief addresses four areas in which state policy makers can learn from practices in other states and from principles of sound public policy design to strengthen their higher education financing systems. The year-to-year stability of funding, the balance between appropriations for institutions and student aid, the growing interest in tuition-free community colleges, and the allocation of funds across public colleges and universities are all areas in which states take a variety of approaches, with quite different implications for educational opportunity.