Minister for Education Richard Bruton has said he hopes a consensus can now be built as to how to fund higher education into the future.
Speaking at the launch of a report on funding for the sector, Mr Bruton declined to outline which of three options outlined in the report was his preferred one.
He said clearly the Government could not deliver on this issue on its own and that a consensus was needed.
The report, which will now be considered by an Oireachtas education committee, outlines three options to address the significant funding deficit in the sector.
The first is the abolition of the current student contribution of €3,000 and a substantial increase in State funding to make up the shortfall.
This is the model used by many European countries.
The second is the maintenance of the current "hybrid" system.
This, according to the report, would require a significant increase in State funding, from the current 64% of the overall cost to 72%.
The proportion currently paid by the Irish State falls well below the EU average of 79%.
The third option is the one that has received the most focus thus far.
It envisages the introduction of a "study now, pay later" student loan system.
This would be income contingent, with students repaying the cost when they reach a certain earnings level.
Students and their families would also have the option of paying for their education up front.
With this option, the report says, consideration should be given to an increase in the level of the student fee.
Fine Gael is open to the introduction of a "study now, pay later" income contingent student loan system.
However, Fianna Fáil in its election manifesto said it was opposed to any increase in student fees.
The Labour Party's Joan Burton said she does not think a student loan scheme is the answer to the funding crisis in third-level education.
Sinn Féin Education Spokesperson Carol Nolan also said a student loan system would not address the funding crisis.
The Oireachtas Education Committee chairperson has said since 2010 student intake has gone up by 15%, while student funding has decreased by 12%.
Speaking on RTÉ's Six One News, Fianna Fáil TD Fiona O'Loughlin said that the report has "shone a light" on the situation.
Her personal view, she said, is that student fees should not be increased, however she said as chair of the committee she will listen to all views.
Ms O'Loughlin said they will now explore the three options listed in the report, and other possibilities that may come up.
The report calls for a greater financial contribution from employers.
It also criticises the current inadequate student maintenance grants system.
The report finds that the full maintenance rate, which is paid to the poorest students, only covers between 30%-35% of actual student living costs.
Status quo 'not an option'
The chair of the Expert Group on Future Funding for Higher Education has said increased investment in higher education and apprenticeships is crucial in order to move the country on from the crisis of recent years.
Peter Cassells said at least €1bn needs to be invested in the third-level sector over the next 15 years to accommodate the young population. Of that €1bn, €600m will be needed between now and 2021, he said.
It is estimated college numbers will increase by a third over the coming years.
Mr Cassells said the cost of going to college is currently crippling people but the status quo is not an option because without investment the quality of third-level education and apprentices will deteriorate and we will "pay the consequences of that down the road".
Speaking on RTÉ's Today with Sean O'Rourke, he said the option of deferred fees would apply to everybody and therefore put everyone on a level playing field.
He added that repaying the costs would be income contingent and repaid in accordance with that income.
The Investing in National Ambition: A Strategy for Funding Higher Education report was published today.
The expert group said the current funding arrangements for higher education are not sufficient and that it is an "illusion" to think the problem could be addressed by further efficiencies, use of information technology or a cap on numbers.
General Secretary of the Irish Federation of University Teachers Mike Jennings said his concern is that the report "won't improve anything unless it is implemented".
"The really shocking news today is that on RTÉ Morning Ireland, Richard Bruton said it would be one more year before this report should be enacted on, good, bad or indifferent.
"The higher education system can't survive that sort of neglect for another year."
He said 30%, and in some universities 50%, of lecturing is being delivered by casual staff and many are being paid less than €10,000 a year.
"They are being paid less than a minimum wage. That is the result of cutbacks, we have less and less people."
Chief Executive of the Irish University Association Ned Costello has described the strategy as a "landmark" report.
Speaking on RTÉ's News at One, Mr Costello said the report firmly establishes that the system is currently "unsustainable" and that a solution is needed.
He said increased State funding is important for that solution.
Meanwhile, the Union of Students in Ireland said it is vehemently opposed to the introduction of a student loan scheme.
The union says publicly-funded higher-education must be pushed as it is the only option that keeps social mobility on a level playing field.
The Anti-Austerity Alliance criticised the report for not recommending one option for third-level funding.
Cork North-Central TD Mick Barry said: "Any decision on college funding will now be a political decision" taken by the Government, which he says will cause a "major new political problem".
Ruth Coppinger TD said: "The prospect of having huge amounts of debt around their necks will put many from disadvantaged or working class backgrounds off" going to college.
She said third-level education should be funded by the State through progressive taxation, with increased grants for students who need them.
