Students at University College Dublin say they are "outraged" to hear the college is making €11 million more in student fees this year.
Responding to the recent reports, UCD Students Union (SU) has called on management to explain where the money is going.
Students' Union president, Conor Anderson, accused UCD of making money off students while ignoring calls for reasonable compensation due to the disruption caused for students by the Covid-19 pandemic.
"The unspoken assumption has been that the University is struggling financially, just as so many students are," Mr Anderson said in a statement today.
"We can now confidently say that is not the case: we are struggling, but they are not.
"Yet again, it is the students who are called on to foot the bill, whether that means financing luxury accommodation affordable to only the most well-off or carrying the University through a global pandemic on our backs."
The union also asked senior staff to meet with medicine, business and nursing students to discuss rising fees.
According to the SU, current fees are €16,290 for Irish students and €55,140 for non-EU students - an increase of €1,000 and €3,000 respectively since 2017.
"Medical students are telling us that as fees are increasing, so are student numbers but funding for supports remains static.
"On top of that, the available financing for these students caps at €14,000 per year which no longer covers the cost of fees."
Medical students have called for a halt to the increases which they feel are unjustified.
Mr Anderson said: "When our student doctors are working on the frontlines for little or no pay during a pandemic, the least we can do is freeze the cost of their course. It is putting them under significant undue stress."
The SU said medical students, business students and nursing students have all organised and presented their concerns and needs to the university.
It said students cannot be expected to bail-out UCD by paying higher fees.
"It is obviously unfair for us to tighten our belts and eat the cost of these high fees, while the University takes our money to pad their reserves.
"Many students are unable to get jobs, many have seen our grades fall due to stress and difficulty – we cannot be expected to bail-out UCD by paying higher fees this year.
"Where’s our bail-out? It’s our money!"