The Organization of Eastern Caribbean States (OECS) has recognized the importance of developing its human capital base as part of its strategy for sustainable economic development. As such, OECS member countries have collectively embarked on education reform. Human capital formation is derived from a production function engaging monetary inputs and as such, the production of human capital must be undertaken giving much thought to the financial constraints. Given that the private rate of return is greater than the social rate of return for tertiary level education, this paper posits that tertiary level education must be treated as a private good and therefore the cost must be borne by the individual and not by using taxpayers’ dollars, since this is regressive in nature. Subsequently, the paper then proposes an income contingent loan framework as the next best alternative to financing tertiary level education. Finally, the paper provides an outline of an income contingent loan model for Trinidad and Tobago as a way to provide sustainable financing for tertiary level education.