CAO 2026: A detailed plan is key to managing college costs
The average cost of a year in college ranges between €12,162 and €19,479 for students living away from home, according to the latest TUD Cost of Living survey.
The average cost of a year in college ranges between €12,162 and €19,479 for students living away from home, according to the latest TUD Cost of Living survey.
For students living at home, it costs close to €8,000 a year. (Other estimates put that figure at just over €6,000).
Working out what it will cost your individual family should be a priority, according to South Leinster MABS manager, Michelle O’Hara, who highlights that MABS regularly supports families with this process, which can be especially challenging for those sending their first child to college.
“Thinking about funding college is a skill. If you are about to send a child to college, take time to research the cost at the beginning. It is important to understand all of the financial implications of your child attending college,” explains Ms O’Hara, adding that there are a lot of new learnings with this process.
While it is often parents and guardians who have to come up with most of the funds, the students also play an important role by being competent at managing their limited budget.
“Young people have to be responsible for their own money. They need to manage it even though many will have had no exposure to this before,” she says.
One group that is particularly at risk if they lack such skills is students who get a lump sum into their account, like the SUSI grant, with the expectation that they make it last.
You need a roof over your head, food, to pay utilities and transport.
You may also need to pay extra expenses on top of your registration fees, depending on the course you’re doing.
“Without taking time to research what needs to be paid in year 1, people can get hit with a ‘need’ cost and run into difficulty,” says Ms O’Hara.
The biggest issue for people is the availability and the cost of accommodation, which can account for almost half of the cost of a year in college.
One Cork mother with 3 third level students living away from home says that nowadays everywhere is eye wateringly expensive, including what she describes as dumps, which were always cheap in the past. She says that people are so desperate for accommodation, they no longer care if the landlord is registered with the RTB. This means, however, that tax relief cannot be claimed on the rent paid for such properties, and it also makes people more vulnerable to scammers. This mum booked campus accommodation months in advance for her new first year, even before the college offers were out, and luckily everything worked out. While the cost of rent is non-negotiable, this mum’s tip is to hold off buying anything for the house until you see what you need. Most houses come fully kitted out, so buying appliances etc is a waste of money.
She also gives her children an allowance of E60 a week. They earn their own money from part-time jobs and have to learn to manage with their budget.
Is it a lease? What is the legal position? Did you read or sign it?
Are you locked into the lease until September of the following year even though the property may be empty during the summer? Is the landlord registered with the RTB?
What is covered in the rent? What other bills will have to be paid separately? How will these be paid?
If you are going to rent, is there a deposit? How much is it? When must it be paid?
How will you travel between the rented accommodation and college? Is that another cost to be factored in?
Have you ever seen one before? Is it accurate or just an estimate? Was the meter read when you moved in and do you have evidence of this?
How will you and your housemates manage bills?
It may not always be necessary to rent accommodation, depending on the college timetable, according to Michelle O’Hara of MABS who recommends those who are living away from home, to confirm the location of the proposed property in order to have a clear understanding of access between the accommodation and college. The greater the distance, the more time and money it costs.
For those living geographically close to a college, questions to consider include: is there public transport? What type, what cost and how accessible is it? Also, when do you have to pay? Can you use it when you need it?
Apply to www.SUSI.ie which has funding available for fees and maintenance grants. Also look up the website of your chosen college for bursaries that may be on offer.
Contact the Student Support Services at your college and apply for financial support. They have access to funds specifically for students in financial difficulty.
“Avoid relying on credit if at all possible,” advises Michelle O’Hara, who says that many students enter buy now pay later credit agreements without reading the small print.
If they default on their repayments, this can have serious consequences in the future, while also landing the borrower with interest and penalties to pay on top of what was borrowed.
Some of those interest rates can be 23%APR or higher, explains Ms O’Hara, who highlights the importance of researching what happens in the case of default before entering a credit agreement. She says that the names of these companies can be misleading, so it’s important to read the small print before signing up.
Third-level students are typically surviving on a shoestring budget and are particularly vulnerable to falling into the trap of becoming money mules, which is a crime in this country.
A money mule allows their bank account to be used by a third party to put illegally obtained money in to be transferred elsewhere. The third party offers the mule some of the money as payment for the use of their bank account.
It is an issue that is rampant in Ireland, according to Michelle O’Hara, who says the offer of easy money is tempting for some, but this activity is resulting in students being prosecuted for their actions.
“Before the era of bank cards and digital banking, we could see our cash dwindling as we spent it, so it was easy to keep track, says Ms O’Hara.
“Now with tapping, repeat subscriptions etc we have little awareness of what transactions have taken place each day. This needs to change. We need to get into the habit of checking digital transactions each day to see how spending on our wants and needs affects our bottom line,” she added.
MABS is a free, confidential, independent service available to everyone who wants to manage their money better and take control of their finances, including students and their families. It is not necessary to be in debt to use their services.
www.mabs.ie or call the MABS Helpline on 0818 07 2000
