Welsh Education Minister Leighton Andrews has stated the Welsh Government will spend £3.6 billion on student support in its current term (financial years 2011/12 until 2016/17).
The funding is not new money and is part of current educational spending plans.
The latest forecasts suggest the Welsh Government will provide £1.044bn for the Tuition Fee Grant, which covers the gap between the £3,465 tuition fee loan and the £9,000 maximum tuition fee.
Maintenance grant expenditure is estimated to top £777m while money for students loans will be £1.85bn. These are not repayable until students are earning over £21,000.
In addition, the tuition fee policy will increase the income available to the Higher Education Sector in Wales by around £200m.
Mr Andrews said: “My message to students thinking about going on to higher education is if you normally live in Wales and you are going to university next academic year you will be no worse off than if you had gone to university this year.
“I believe it’s imperative that we stick up for our students and help them wherever we can and that’s why we’ve put in place the most equitable student finance system we’ve ever created.
“We do not support full-cost or near full cost fees for higher education. We also do not believe that higher education should be organised on the basis of a market.
“We have a responsibility to Welsh-domiciled students, wherever they choose to study. We are preserving the principle that the state should subsidise higher education and maintain opportunities for all. This is a Made in Wales policy which demonstrates the benefits of devolution.”
Professor John Hughes, the Chair of Higher Education Wales, said: “Given the support package that is in place from the Welsh Government there is no good reason why school leavers or adult learners should be deterred from applying to university next year because of a lack of financial assistance.”