voucher system

noun
1.
Accounting. a procedure for controlling disbursements by means of vouchers.
2.
Also called voucher plan. Education. a plan in which each school-age child receives a publicly funded entitlement worth a fixed amount of money with which his or her parents can select a participating public or private school.

Origin:
1880–85

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
Probably all you are going to get is a voucher system, and then you are done.
Ryan wants to convert the health insurance program for seniors into a voucher
  system.
In short, there's no evidence to validate your hypothesis that a school voucher
  system would produce undesirable results.
In a voucher system beneficiaries choose their provider of a government-funded
  service.
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