The future of student grants in the Isle of Man is still "uncertain", the Manx education minister said.
Eddie Teare said there could be more changes ahead following rises in the cost of university education.
Institutions have increased fees from £3,290 to £6,000 and, in some cases, £9,000 a year.
Mr Teare said it could be argued that students should be encouraged to take up courses which would benefit the island's economy.
The education minister added: "I am hoping to go out shortly with a consultation document to determine the type of university education we should be supporting".
During the past year Mr Teare has raised the academic qualifications needed for applications for degree funding.
Grants are now only given to those students who achieve at least two A-Levels at grade C.
To be eligible for a postgraduate grant, Manx students must now gain an upper second degree whereas it was previously a lower second.
Mr Teare said: "There is an argument to say that young people should be encouraged to go into courses which would benefit the economy of the Isle of Man, in the past students have been free to study what they want as long as they get the right grades."