Thursday 22 March 2018

Parents struggling with cost of college education

EDUCATIONAL loans for parents and students grappling with bills as they face into another academic year are available from Malahide Credit Union.

The Irish League of Credit Unions recently announced the results of a study into the cost of 3rd level education in Ireland 2011. In addition to looking at the issue of financing education, the study also highlights how the current financial crisis has impacted how students view the current jobs market and their future career prospects in Ireland. The survey also focuses attention on parental concerns for their college going children in terms of finances and future job opportunities. The iReach research indicates that Irish students (72%) are still relying heavily on their parents to help fund their 3rd level education. On top of academic fees, average monthly spend (excluding rent and bills) stands at approximately €480. As expected, rents in Dublin are still the highest in the country averaging at €380.

Students, according to the survey, are making on average €10 euro per hour and working an average 14.5 hours per week, with male students working slightly longer hours than females. Sadly, approximately 75% of Irish students say that they may have to emigrate to find work after they finish 3rd level education. The study also finds that 50% of students now choose their college course based not on interest, but on current employment gaps in the Irish market with more male than female students making this choice.

Malahide Credit Union manager, Vivienne Keavey said: 'We want to let people know that Malahide Credit Union is available to support both parents and students as they prepare for the academic year. Commenting on the announcement of the results, Kieron Brennan, ILCU CEO said: 'In the final instalment of our summer research, we focused our attention on 3rd level education and looked not only at the financial burden of going to college but also parent and student concerns and expectations. We felt that it was also important to look at how the new generation of young Irish people view the opportunities associated with 3rd level education and how they feel about a professional future in Ireland. The increase in registration fees this year will put phenomenal pressure on both parents and students starting or returning to 3rd level education. The fees combined with monthly rent and bills, books and materials and day to day expenses are a significant financial burden to many families.'