Leaving Cert Results: Parents pay €453 a month per child in college

Parents pay out an average of €453 a month to support each child through college, with more students forced to live at home because of rising costs.

The number of parents who financially support their children at university has also jumped to 94% over the past year, a 20% increase on 2014.

The majority of parents are also getting into debt, while the numbers resorting to moneylenders has doubled over the past year.

Parents are also saving for an average of eight years to ensure their children have a third-level education, with 72% of them struggling to cover the cost.

According to the Irish League of Credit Unions’ 2015 Third-Level Education Survey, parents contribute €453 per month per child to cover the costs of college, with 64% of family budgets adversely affected by the third-level registration fee.

The study shows 62% of students are now living at home compared to 44% in 2013, and that 59% of parents are getting into debt to cover college costs, with some 10% prepared to go to a money-lender.

According to the findings, €5,030 is the average amount of debt per child every year. Monthly income and savings continue to be the most popular way for parents to fund their child’s third-level education, while credit union loans are the next most popular method (up from 29% in 2014 to 32% in 2015), followed by a bank loan (up from 3% in 2014 to 12% in 2015).

Students living outside the home spend €1,033 per month, while those living at home spend €474 per month, on average. Seven out of 10 students work throughout the academic year to help fund their education, working on average 26 hours per week, the study reveals.

Around 47,000 first-year college places will be filled through the CAO from next Monday, when most offers will be made to students who received their Leaving Certificate results yesterday.

The grant-awarding body, Student Universal Support Ireland, has received 97,500 applications for financial assistance for the coming college year. Among them are some 56,000 first-time applicants — 500 more than this time last year.

The 80,000 expected to get some level of financial support represent around half of all undergraduate students.

The vast majority of those eligible for Susi funding will have their entire student fee paid, but those who do not qualify are liable for the full €3,000 charge. It is going up another €250 on last year’s €2,750 fee, and is up from €2,000 in 2011.

The Irish League of Credit Unions’ 2015 survey also reveals that 64% of students are looking forward to a bright future in Ireland after they finish college, up from 28% in 2013, while 79% now feel they will be able to find a job in Ireland after college, up from 53% in 2013.

The percentage of students who believe they will have to emigrate to find work is down from 57% in 2013 to 36% this year.

The research asked both parents and students about how they will meet the costs of third-level education and the financial challenges that exist in meeting the costs.

The results highlight the impact sending children to college has on family spending and budgets, as well as the challenges and concerns parents have in relation to finance, grants, children living away from home, and job prospects. The students were asked about working throughout the term, job prospects, course choice, and emigration.

Parent pressure

94% (up from 79% in 2014) of parents support children with college-related costs.

Parents pay out average of €453 per month per child.

72% of all parents struggle with the costs of college (up from 64% in 2014)

64% of family budgets adversely affected by registration fee.

41% of parents find covering the costs of accommodation particularly stressful.