The Government Assistance for Tuition Expenses (Gate) Programme will remain available at 100 per cent funding for the majority of students currently enrolled in tertiary programmes for the academic year 2016 to 2017.
New students over 50 years old will not receive any funding.
However, continuing students over the age of 50 will be granted funding to complete their programmes.
In the next academic year 2017/2018 100 per cent funding will no longer be applicable across the board to all students.
The major changes were announced by Education Minister Anthony Garcia yesterday after a special Cabinet met to discuss the recommendations of the task force mandated to review the Gate programme.
Among the changes are no more funding for medical students in Grenada.
Garcia said Government expected to save $100 million in the first year and $200 million from next year.
The changes, announced by Garcia, do not affect students who are already enrolled in programmes or who have registered to begin programmes this year.
Garcia said a means test would be used to determine how much funding the government will offer in the Gate programme.
He said the government would seek to offer education saving bonds and will announce arrangements and details soon.
Photo: University of the West Indies
Garcia said the government would also seek to establish a National Education Savings Fund and will encourage the private sector, via tax incentives, to make fund contributions for children of employees.
The government also revealed plans to offer fiscal incentives to encourage insurance companies and credit unions to invest in educational savings products, the Minister said.
Photo: University of the West Indies
Effective 2016
Students will only be funded for one undergraduate programme and one post-graduate programme.
The loan ceiling for students at local institutions will be raised to $35,000 annually, with the $75,000 for international students, as currently in force.
Students over the age of 50 years, will no longer eligible for Gate funding.
Government will discontinue funding of new students in the medical programme at the St Georges University in Grenada.
Effective 2017
Students enrolled at medical programmes outside of the University of the West Indies will be funded at the level of the funding given to UWI students.
Funding for post-graduate degrees will be available to students whose programmes are "in alignment with country's development needs".
Students from households making under $10,000 per month would be eligible for 100 per cent funding.
Students from households earning over $10,000 would pay 25 per cent of tuition fees.
Students from households earning over $30,000 monthly will be required to pay 50 per cent of tuition fees.