Ontario is set to announce that it is cutting tuition fees for college and university students by 10 per cent.

The government says that means the average university arts and science undergraduate student would save about $660 and the average college student would save $340.

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The current tuition fee framework, which has capped increases for most programs at three per cent, expires at the end of this academic year, and the Progressive Conservative government will formally announce a new one on Thursday.

Under the new framework, tuition would decrease by 10 per cent for the 2019-2020 year, then be frozen for the following year.

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Core operating grants to post-secondary institutions are contingent on their compliance with the framework.

International student tuition fees aren't regulated and are not included in the cut.