THE Government is being urged to do more to reduce the cost of going to college following publication of a new survey that highlights the sacrifices many families are making for third level education.
The Irish League of Credit Unions survey found that, excluding rent and bills, students are spending an average of
?¬516 each month on daily expenses – an increase from
?¬484 on the last survey in 2011.
This year’s survey also revealed that eight in 10 parents support their child with college related costs, contributing
?¬421 per month on average per child.
Worryingly, a total of 71 per cent of parents stated that family budgets have been adversely impacted by increased college registration fees.
Monthly income continues to be the most common way in which parents fund their child’s third level education – 44 per cent in 2013 compared to 39 per cent in 2011.
However, a further 56 per cent of parents are forced to find finances from other sources with 42 per cent of that figure stating that they will have to use their savings to fund college education.
A quarter of parents surveyed said they will fund education with a credit union loan, six per cent will use a credit card, four per cent a bank loan and two per cent a moneylender.
The survey also looked at the biggest worries that students have, with 75 per cent of them citing passing exams as their worst fear. However, more than half (55 per cent) are concerned about getting a job and a similar figure (53 per cent) said they were worried about finance and debt.
When it came to jobs, 57 per cent said they expected to emigrate in order to find work while only 28 per cent were looking forward to a bright future in Ireland after third level education.
Head of Communications with Irish League of Credit Unions, Mandy Johnston, said that while heading off to college was an exciting time, it could also be stressful for parents.
“The cost of third level education can be a significant burden,
? she explained.
“Families are already struggling with the wider impact of austerity and the economic downturn and paying for college has become increasingly challenging for many.
“This round of research shows that 84 per cent of parents struggle with the cost of third level education. The increased registration fee alone puts huge pressure on family budgets but when you factor in all of the extras – rent, bills, food, travel etc – the costs begin to spiral.
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