How do parents afford University costs?

[SaladSandwich100]

Our eldest DS is due to start Uni in Sep 2022. We need to allocate about Euro 15,000 per year for 4 or even 5 years for him to pay fees, accommodation etc. Our earnings means we're not entitled to any grant etc but with 2 other children who also plan to go on to 3rd level with 2 years we have very little spare cash! Student loans here are not like in the UK where I went to Uni. There you don't have to start paying any of the loan back until you've graduated and start earning a certain salary but here in Ireland you have to start repayments the month you start college and only get a maximum of 5000 for the year from what I can see which doesn't even cover rent. It's impossible to start college, study and work as well in the first year isn't it? What do other people do?

If income is too high for the SUSI grant then the student needs to get a part time job though that depends on the course. It's worth checking the income/grant reckoner on the SUSI site, there's a sliding scale so even if you don't qualify for the full grant you may get a partial grant or fees paid. SUSI staff can be incredibly difficult to deal with especially if a parent is self-employed.

If a student is working the income the student earns during the 2 weeks at Christmas, 2 weeks at Easter and the 12 weeks during the summer holidays up to €4,500 per year is not included in the household reckonable income.

Which Uni is your DS hoping to go to? There's a massive shortage of student accommodation around the country.

Meant to add some students defer for a year and get a job for a year and save.

Depending on where you live if you're not far from a college or an ETB and have a spare room you could let it out during the week to students or apprentices on placement. I know of families who did that and it helped pay for their own childrens accommodation. Under the rent a room scheme you're allowed earn something around €15k without paying tax.

This is one of the reasons that so many Irish students go to their local university and live at home. It's the only way to make it affordable for lots of people.

We have 3 gone through three different colleges and yes it is horrendous. About 10,000 each per year when they were there. We were lucky our mortgage was paid off so that money immediately crossed across .And no childcare which is as dear as college when you think about it and people manage somehow. One thing that helped is with the 3000 fees we paid monthly. Each college agreed to that even though all the information says pay in September and January. They were open to negotiating. We paid this from wages. For rent we had saved some and then cut back massively in all areas to get that together. We got no grant at any stage but l see some of my family getting some money so definitely apply as different costs are allowed for. Also they all worked after First year making their own pocket money and throughout the Summers too.
Also Dublin is the most expensive so if they could be gently encouraged to go elsewhere its useful. And some of my friends found it cheaper to buy them a car and let them commute.
I wouldn't encourage your oldest to take a gap year as others coming swiftly along but maybe the next one might just to get the oldest through.
When they finish you will not know yourself!!

Check out what scholarships are available for each uni/college, he may find one suitable to apply for, also some credit unions do scholarships.

Study and work is an option in the vast majority of courses

We started saving for uni when the kids were toddlers. My MIL contributed as well. We have two going at the same time and together it's about $80k per year. Thankfully, DS graduates next spring.

We only started saving when eldest reached teens, so unfortunately not much in the pot. Youngest is only one year behind, and he's saying he wants to skip TY which would put them both in the same year - no way! I'm hoping they'll go somewhere close enough to commute.

Well maybe if both could commute together it would save on costs and get it over with.

I know a few people who have told their children that they have to stay locally to study unless they can fund it themselves as there is no other option for them. Obviously that doesn't work if you live in
an area with no third level colleges. Other than that parents borrow from the bank credit union or remortgage their house. There are tons of part time jobs out there every single supermarket is recruiting so they should definitely be able to work and pay their way a little bit.

Our daughter will be living at home when she goes to third level. Thankfully, we're in Dublin so that's not really a problem. But we are planning an attic conversion for when that happens - she'll be an adult living at home for a long time.

My son is planning an apprenticeship rather than university. No fees and he'll be paid throughout.
And he'll end up with a well paid trade at the end.
Don't discount the apprentice route.

I think an apprenticeship is an excellent career path and the best of luck to your son, he'll do well.