Craig, who ran on a platform of inclusivity and more diverse and frequent events, won on the first count with 84.9 per cent of the vote.
McGrath is the third independently elected editor of The University Times after receiving 86.8 per cent of the vote.
There has been a 38 per cent drop in the number of students voting in the TCDSU elections since 2014.
These changes to the academic year structure are part of the Trinity Education Project, and will now go to the Visitors for approval.
Due to the printers not sending the full order of ballots, voting has been extended to 5pm.
Plans to replace TSM as it currently stands with new combinations have been delayed until at least 2019, after 'the wheels kept getting stuck in the mud'.
The cancellation of the Israeli Ambassador’s Visit to Trinity due to protests has been criticised by Provost Patrick Prendergast in a statement from the College.
The award will see Prof John Donegan continue his research in the energy efficiency of the ever expanding internet.
Science Foundation Ireland (SFI) has awarded Trinity €2.4 million in funding to support the purchase of science, medicine, computing and engineering equipment.
The University Times election poll predicts a dramatic lead for Keane and Grady, with no fear of RON for uncontested candidates.