The article highlights the strategic guidelines for increasing the efficiency of higher education funding as a driver of social development in the context of globalization challenges. The author's approach to the definition of the concept of "higher education funding efficiency" is proposed. The most significant manifestations of globalization and modern global trends impacting the processes of funding the higher education are summarized. The patterns of higher education public funding in European countries are determined. To substantiate the choice of the strategy for funding the higher education in Ukraine, a system of strategic guidelines based on the trajectory of its development is suggested to be used. Clustering of European countries by the level of budgetary funding and population coverage with higher education is carried out. Based on this results the possible options for the development trajectories of higher education in Ukraine are identified. The results of implementation of possible strategies for the development of higher education in Ukraine are calculated and the most effective of them are determined. The article concludes that the educational and financial policies of the state and institutions of higher education must adapt to global challenges, to the state of the external globalized environment, which will contribute to increasing the level of their competitiveness both in the country and abroad. 

higher education, funding, efficiency, globalization, sources of funding, financial management, development trajectory, funding strategy