Tips on how to count and cut the costs of going to college
Estimates for students living at home are in the region of €8,000 per annum, according to the TUD cost of living guide.
The latest survey of college costs makes for depressing reading. According to a recent survey by Switcher.ie, current costs for students living away from home range between €10,950 per year in Dundalk and €20,401 per year in Dublin, which has seen an increase of around €900 in the last year alone.
Estimates for students living at home are in the region of €8,000 per annum, according to the TUD cost of living guide.
For parents and guardians sending their child to college, the first step is to work out what it will cost.
For some, this task can be overwhelming, but MABS, (the Money, Advice and Budgeting Service) can help by walking families through the costing process and offering financial advice to keep the family finances as healthy as possible.
MABS is available online, on the phone or in person at their offices nationwide. The service is free, confidential and impartial. See www.mabs.ie
The course: Understand what’s involved in the course being applied for, the location, duration and whether there will be added expenses besides fees.
Accommodation: How much is the deposit and rent? Are utilities included? When must the deposit be paid? Will there be other charges i.e. maintenance fees?
Transport: Is there public transport near the accommodation/home? What type, availability and cost? Will the transport get the student to college on time and home again.
Extras: Food, entertainment, phone, general living expenses.
Between rising costs and diminishing availability of accommodation, increasing numbers of students are looking to study close to home. That’s according to Secretary General of the Institute of Guidance Counsellors, Gerry Reilly, who says that Dublin has become prohibitive in the last two years.
Commuting cuts out the cost of accommodation, but be aware that overly-long commutes can have a negative impact on students.
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Under the Shared Ireland Fund, allied health courses are free for students from the Republic. For other courses home fees are payable, but students qualify for the student loan scheme and are guaranteed accommodation in first year. The student loan scheme requires students to pay back borrowings currently at a rate of 4% on any income they earn over £30,000 as long as they are working.
It’s not the end of the world if a student decides they want to leave a college course, but the sooner they do it and let the college know, the better. Irish students pay a Student Contribution of €2,500 a year, but all tuition fees in approved courses are covered by the Free Fees Initiative (FFI).
If a student formally withdraws from their course before October 31st, they can start another course any time and still have 100% of tuition fees covered by the FFI.
If a student withdraws between October 31st and January 2027 (check your college for the cut-off date), in most cases they will have to pay 50% tuition fees if they start another course.
Withdrawing from a course after January 2027 or repeating a year, the student will incur the full cost of tuition fees for that year.
There is an exception. If a student withdraws due to extenuating circumstances like illness or bereavement, these penalties do not apply. However, the college must be informed. Also, some students are able to transfer to a different course on campus at the HEI’s discretion.
SUSI is the grant authority that offers full and part funding to students for the €2,500 student contribution and/or tuition fees where applicable.
SUSI also offers a separate Maintenance Grant to help with living costs. Over 40% of students are eligible for a SUSI grant.
The means-tested grants are available to a wide range of students from school leavers to mature students returning to education in approved courses.
Online applications for 2026/27 are now open on their website: www.susi.ie
This is available to students who are unemployed, parenting alone or have a disability and are getting certain payments from the Department of Social Protection.
Check with the Higher Education Authority — www.hea.ie — and the college you wish to study at for available Bursaries and Scholarships.
This aims to ensure students have the necessary assistance and equipment to enable them to access, fully participate in and successfully complete their chosen course of study. Check the college website for information.
The SAF, co-funded by the Irish government and the EU, is aimed at full- and part-time students from socio-economically disadvantaged backgrounds with ongoing needs for financial support. It is also available to students in need of emergency financial assistance while they are attending college.
Colleges are responsible for targeting students most in need. The money is paid directly to the student if their application is successful.
Meanwhile, colleges have their own individual types of Financial Aid Funds separate to the SAF for students in financial difficulty. Money is allocated on a case-by-case basis.
These are available to students from low-income households. Qualification for the scheme is means-tested. Check your college’s website for information.
Tax relief of up to €7,000 per person, per course, per academic year can be claimed on qualifying third level fees, including the Student Contribution.
Only the person who paid the bill can claim the tax relief, which doesn’t apply to the first €3,000 for full-time students, and the first €1,500 for part-time students.
A rent tax credit of 20% is also available, up to a maximum of €1,000 per person per year. See www.revenue.ie for details.
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