Students could be asked to contribute thousands of pounds towards their degree courses from September if they are longer than three years.
The Department of Education will ask Tynwald to approve proposals to charge students £5,000 per year for any subsequent years of study.
This will not be means tested but according to the department local banks will provide loans which will be guaranteed by Treasury.
Up to now students have been asked to contribute £1,000, on a means tested basis, towards any extra years of study.
Students who have already started courses which are longer than three years will not be affected by the changes.
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