Improvement of the quality of higher education depends on many factors, including adequate funding for higher education. At the same time, the low level of higher education quality leads to numerous problems in the labour market, low-level development of human capital and the economy. Thus, the expenditures on financing higher education are investments in the development of the state's human capital, which has a direct influence on its economic growth and sustainable development. The article gives the analysis of approaches to the higher education funding based on the foreign experience study in order to determine the possibilities of adaptation and implementation to Ukrainian education system. The authors chose to analyze the approaches to financing higher education in England, Germany, the Scandinavian countries and the United States. The key models of funding higher education are reviewed, namely the English model as an example of formula funding, the social model of the Scandinavian countries, the American model with a comprehensive financial support system for students and the German model with a dual education system. Countries have different approaches to the organization of financing higher education (for example, funding "by formula" (which also differs in various models), "by results", "money per student", etc.). The common for the countries is the recognition of higher education and HEIs as essential subjects of the socio-economic space, interaction with which contributes to the quality development of society and economic growth of the country. Therefore, the considered models are characterized by a multi-channel system of financing higher education institutions, which includes both funding from the state budget and revenues from private sources, as well as paid services provided by the very universities. There is also a high level of financial support of students through grants, loans, subsidies and more. It is noted that this principle of financing the Higher Education Institutions and, in fact, students as subjects of education is prospective for implementation into higher education funding system of Ukraine.