Giving an update in Parliament on Thursday, Minister of State Lawrence Wong said the committee will also open up new routes to obtaining a degree, while ensuring they remain affordable.
About one in four students from each cohort now attend a publicly-funded university.
By 2015, that proportion is expected to go up to 30 per cent, but this doesn't include students who opt for a degree at a private institution here or overseas.
As more students here set their sights on a degree, questions are being asked about how much should be government-funded, and if the economy can absorb the load.
Low Yen Ling, MP for Chua Chu Kang GRC, said: "Are there enough graduate-level jobs to accommodate the future increase in graduates, and how do we avoid the problems that other countries are facing, in terms of graduate underemployment and unemployment?"
In reply, Mr Wong said the needs of the economy will be considered.
He's also studying a model where students could alternate between full-time study and relevant paid work.
"The Committee believes there is scope to develop a new university model in Singapore - one that is teaching-focused and practice-oriented with close industry ties. While these elements already exist in our universities, we want to integrate them and take them further, to offer something that is distinctive and valuable for our students," said Mr Wong.
Mr Wong said the ministry will also look at expanding private institutions, and degree options for working adults.
The big question however, is how affordable will all this be?
Mr Wong said help will be available to students from low-income families, and one idea being studied, is a student loan scheme similar to those in place in the US and UK. These are partially funded by the government, and if adopted here, will come on top of existing grants, bursaries and scholarships.
The committee will present its report in the second half of the year.
- CNA/cc
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