The New Brunswick government and its four public universities will develop a four-year funding model that they say will allow students to better plan how to pay for their education.

Dennis Cochrane, the president of St. Thomas University, said the four-year funding plan is similar to a model used in Nova Scotia. (CBC)Post-Secondary Education Minister Martine Coloumbe announced the plan on Friday, saying it would provide more financial certainty for students.

"This commitment to develop a four-year funding model will provide public universities with a predictable funding base to plan their activities over a longer period of time," Coloumbe said.

Coloumbe said the public universities will create a predictable funding model as a part of the meetings with the provincial government.

And that cost certainty will allow the universities to set up a four-year tuition schedule for students.

Dennis Cochrane, the president of St. Thomas University, said the university presidents are hoping to agree to a larger memorandum of understanding with the provincial government that covers not only funding but other areas of post-secondary education.

Cochrane said the multi-year initiative will mirror a similar program implemented by the Nova Scotia government.

"The mechanism is a relatively new one but a good one," Cochrane said.

"I think everyone recognizes there are so many things in the post-secondary education area that are changing and that if there are a series of indicators to tie down then it will make it easier for everyone, including our students."

Cochrane said he doesn't know how many students would make a decision to attend a university based on a four-year funding plan.

However, he said it may serve as helpful information for many families that want to prepare for the cost of a post-secondary education.

"Obviously, as students and their families are going through difficult times with the economic situation, they will need better information," he said.

New Brunswick's two community colleges will undertake a similar process, according to the provincial government.

University funding levels will be released in the March provincial budget.