The state's contribution is 40 per cent while the remaining money comes from the Centre.
"Despite a financial crisis, the government agreed to contribute for this scheme. The state government had earmarked Rs 16 crore for this scheme in 2015-16 budget," Chief Minister Laxmikant Parsekar said, speaking at Porvorim after distributing the funds.
Of the grants disbursed today, Rs 4.5 crore came from the Centre and Rs 2.99 crore from the state coffers, he said.
The Centre has sanctioned Rs 20 crore for the Goa University and Rs 2 crore each for eight colleges in the first phase.
Quepem government college has been designated as a 'model degree college' and will get Rs four crore in grant, to be released once it submits a detailed project report, the Chief Minister said.