In an article in today’s Irish Independent, Charlie Weston reports on new research by the Irish league of Credit Unions, which claims that the average contribution being made by parents with sons and daughters in third-level education is now €450 a month. 57,000 Irish students got their Leaving Cert results this week, with most expected to take up a course at third-level
Key findings of the survey include:
- 59% of parents get into debt to cover college costs.
- The average debt being taken on by parents each year is €5,030 per child.
- 62% of students choose to live at home, compared with 44pc in 2013.
- Students living away from home spend €1,033 a month, with those living at home spending €474 per month on average.
Parents say they save on average for eight years to fund the cost of college, but one in 10 parents will have to resort to using a moneylender.
The survey, which was conducted among 1,000 adults by market research firm iReach, found that 72pc of parents say they are really struggling to cover the cost of their child's third-level education.
One of the biggest outlays is on the cost of the registration fee, which is set to hit €3,000 this year. Most family budgets are adversely impacted by the cost of the registration fee.
Why not check if you are due a tax refund?
The average Irish employee is due back nearly €900 per year and you can claim back for the past four years from 2014. That could amount to a BIG saving and could help with the cost of paying for your children's education. You can check for FREE with TaxHug and we help you claim back too if you see that you're due money back from the taxman!