Graduates facing college repayments of €25 per week for 15 years under new loan scheme
COLLEGE graduates could face repayments of around €25 a week for 15 years under a new college loan scheme.
The draft report will recommend the income-contingent loan system, according to the Irish Times.
Under the proposed scheme, college would be free at point of access and graduates would only begin to repay their loan once their income reaches a certain threshold.
The threshold being considered is the average graduate level of pay, which is currently €26,000.
While earning €26,000, a graduate would expect to repay about €25 per week. This would increase as a graduate’s earnings increase.
Those earning low incomes would repay nothing unless their income increases.
While the draft report is expected to be presented to the current government, its findings would not be implemented until the next Dail term.