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Thursday 18 September 2014

Parents fear debt from cost of college

Published 21/08/2013 | 05:00

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MORE than half of parents fear they will be forced into debt to pay for their child's third-level education, a new survey reveals.

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An online poll of 352 parents found that 51pc were concerned that they would have to take out a loan to fund their child's future third-level education.

The survey by Standard Life found that while virtually all (97pc) of the parents of young children surveyed would hope their children would attend third-level education, more than half expressed worries about funding it.

The majority of parents surveyed (57pc) said they were already saving for their child's educational future.

However, more than half (52pc) indicated that they wished they had started saving when their children were born.

Close to one-in-four parents (42pc) indicated that they currently had no savings for their children's education, while a similar number (43pc) said they were regular savers, with the average saver setting aside €150 a month.

The findings come as the latest cost-of-living guide from the Dublin Institute of Technology for the 2013/14 academic year indicated the average cost for students living at home was €6,676 a year or €10,402 for those living away from home.

Irish Independent

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