College fees and living costs

[Woodlandbelle]

I want to start preparing for dcs college years (or start into adulthood if college isn't for them). We don't live near a large 3rd level so they would have to live in. What type of amount would I need to put away for them (I have ten to twelve years). Is a credit union account my best option? Thank You

How long is a piece of string? 🤷‍♀️

Are your DC likely to be eligible for a grant? There's a pretty wide sliding scale for eligibility and even the smallest grant that pays half the student "contribution" will help a lot.

And even if you don't live near a 3rd level institution, what's "near"? It's pretty common for students to commute over an hour to college, esp of private bus operators drop direct to the college gates. I know several students that have done 90 minute commutes each way for a couple of years at least, as it was cheaper than renting near the college.

So if you could add up a best case / cheapest and worst case / most expensive scenario, then you could budget to save enough to at least cover the cheapest version (dearest version is a bonus). Put it in the best interest-bearing account you can find (not necessarily a credit union) to keep pace with inflation.

E.g. cheapest scenario might be living at home, maybe eligible for grant to cover some part of fees or even maintenance, giving 50 euro per week for lunches, beer, etc, plus bus/train travel card for commuting. Student also gets a job during the summer and actually saves the money to help see them through the year.

Dearest scenario might be renting in Dublin (eek!) at 750 per month, no grant at all, giving 70-100 euro per week (or more...) for food, beer, and buses, and maybe extra to cover travel home for the weekend. Student doesn't get a summer job and/or doesn't save anything to help during the year.

Thank you

No we would be two hours from Dublin and not eligible for a grant. So 750 a month and 100 per week.. Eek
They would certainly have to get a job and summer job for sure yes. I have started saving the child allowance recently (we used it towards the mortgage for a while due to personal circumstances)
Thanks so much for the advice
I suppose I can only try my best to safe what I can.

It is possible to rent in Dublin cheaper, but 750 for own room in a not-a rat-infested-hellhole isn't unusual. I know a student who was paying 550 a month last semester for a perfectly nice house share in Dublin, though it took 2 buses to get to college. It can be done if you're lucky and happy to live further out.

It's also possible to live on 50 quid a week, but 80-100 is more usual for students who are living away most of the time as they're paying for his 5-7 days' meals, bus fares, etc.

approx 3200e for fees per yr at moment. on campus usually only 1st yr up to 4500e. Shared houses in Galway is approx 650e per month.

It works out about 10,000 a year. Students working does help of course and some of it you may be able to pay out of your wages as you go. Remember you may be paying child minding fees now..that obviously will be well gone. Also will your mortgage be paid by then? Sometimes we panic thinking we will never manage but try and work out what Bill's you are paying now that will be gone. Credit Union allow you at the time to borrow the fees and pay back each month. So you won't need to have saved every penny but the more you have the less stress at the time.