CAO Choices 2026: Do your homework on college costs
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With the cost of attending college ever increasing and the availability of accommodation decreasing, guidance counsellors are seeing more students applying to colleges closer to home in an effort to access third level education.
Incoming president of the Institute of Guidance Counsellors, Gerry Reilly says he sees more students from his school in Monaghan applying to ATU, SETU and TUS, as well as applying to study in Northern Ireland because first years in the North are guaranteed accommodation.
According to the latest TU Dublin Cost of Living Guide, the cost of studying and living away from home can range between E12,162 and E19,479 per annum, while the average cost for students living at home is close to E8,000 for the college year.
Financial experts agree that the best approach to funding college is through long term investment, which usually sees a solid growth much greater than regular savings accounts, even allowing for market fluctuations.
“If you just save the child benefit for 18 years, at the end you will have E30,240 and little interest from a traditional savings account,” explains Gavin O’Sullivan of Barry-John Ryan Financial Planning. “If you are willing to take on a level of risk and avoid making knee-jerk decisions if things get volatile in the market, over time you could end up with in the region of E62,000, which is a much better return even with the deduction of exit tax.
Mr O’Sullivan recommends a minimum of 5 to 7 years for such investments which are diversified, medium risk funds, adding that the longer the investment period the better.
For anyone not in a position to invest money over the long term, the advice is to start saving now and find the best interest rate possible. Also, research what the actual costs are likely to be, and what supports like grants and bursaries are available to third level students (outlined below). Experts also recommend to avoid short term loans or taking money out of pension funds prematurely if at all possible, as both approaches are very costly.
While the exact figure for any one student cannot be pinpointed, it is possible to get an estimate of the cost by doing some research.
Understand what’s involved in the course being applied for, the location, duration and whether there will be added expenses besides fees.
How much is the deposit and rent? Are utilities included? When must the deposit be paid?
Transport: Is there public transport near the accommodation? What type, availability and cost? Distance costs more time and money. If living at home, will public transport get you to college in time, and will it get you home or close to home?
Food, entertainment, phone, general living expenses.
Check if you eligible for the SUSI grant which covers fees and maintenance on www.susi.ie.
Working all of this out is time consuming but MABS, the Money, Advice and Budgeting Service, are available online, on the phone or in person at their offices nationwide to help people manage their finances in a way that keeps them out of debt. The service is confidential, impartial and free of charge.
SUSI is the grant authority that offers Fee Grants where student fees are covered either in part or in full. SUSI also offers a separate Maintenance Grant to help with living costs. Over 40% of students are eligible for a SUSI grant.
Grants are available to a wide range of students from school leavers to mature students returning to education in approved courses.
SUSI recommends getting the online grant application in now to avoid a delay in approval later in the year. Leaving Cert results or any proof of course acceptance are not required at this stage. That information can be added later online. You can check your eligibility for a SUSI grant on www.susi.ie. The closing date for first time applicants is usually in late October – early November. (www.susi.ie)
is available to students who are unemployed, parenting alone or have a disability and are getting certain payments from the Department of Social Protection. It can be accessed to take part in a second or third level course.
is available to students from sections of society underrepresented in higher education. Awards for the academic year 2025/26 ranged from E1,500 to E5,000 per annum.
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.
A number of are also listed on the HEA website, which are available to all students. The HEA advises students to also check with the college they want to study at to see what bursaries and scholarships unique to that HEI are available there.
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.
The fund, which amounted to E19.3 million for the 2025/26 academic year, is managed by the HEA, but colleges are responsible for targeting students most in need. The money is paid directly to the student if their application is successful.
The Student Assistance Fund is available to help with costs such as books and class materials, rent, utility bills, food, essential travel, childcare costs and medical costs. However, it does not cover the costs of tuition fees, registration fees, student loans or any costs that are borne by the HEI.
Students can apply for funding once a year. It is means-tested and has income thresholds similar to SUSI.
This fund can apply to full time or part time students, depending on the college you attend.
In UL it is an interest free loan, while in UCC it is a fund given to part-time students to help with the costs of attending college. Check the website of your college to see what financial support is available.
Check your college website for availability.
These are available to students from low-income households. Qualification for the scheme is means tested. Check your college’s website to see if this scheme is available.
These schemes are designed to support students whose economic or social background are underrepresented in higher education (HEAR) and also school-leavers whose disabilities have had a negative impact on their second level education (DARE). Application is through the CAO with a closing date in spring.
Tax relief of up to E7,000 per person, per course, per academic year can be claimed on qualifying third level fees, including the Student Contribution, as long as it is an approved course at an approved college.
However, tax relief cannot be claimed on admin fees, and costs like the USI levy or sports centre charge.
Only the person who paid the bill can claim the tax relief which doesn’t apply to the first E3,000 for full time students, and the first E1,500 for part-time students.
A rent tax credit of 20% is also available, up to a maximum of E1,000 per person per year. See www.revenue.ie for details.
Borrowing or signing up for credit of any kind should be a last resort because repaying loans is expensive due to high interest rates. However, it is worth checking financial supports at the college being applied to. UL for example has a Financial Aid Fund where students can apply for an interest free loan up to E800 per semester, which must be fully repaid before graduation. Loans are granted on a case by case basis.
