In Argentina, inadequate financing of higher education is an old rather than a new issue. The paper takes a close look at the financing issues associated with the evolution of national universities in Argentina in 1960-1990. Accordingly, the first and second sections highlight the major trend of the last thirty years in student population, faculty staff and goverment spending. The third section explores the teaching and research labor market covered by the national universities. The fourth section includes a discussion of several proposals under debate to ease existing constraints to the financing of higher education. Finally, the feasibility of these proposals, as well as their limitations and possibilities in the light of the the long run trend in enrollment and expenditures reviewed in the previous sections are discussed.