Ways to save money on the cost of going to college – The Irish Times

A little learning is a dangerous thing – for your finances that is. Ireland is one of the most expensive places to go to college in the European Union. Prospective “freshers” will soon know what they will study and where. So how much does a third-level education cost these days, and how can parents and students save money?

Fees and grants

College fees are a big-ticket item for third-level students. The €3,000 annual registration fee is the highest in the EU. Minister for Further and Higher Education Simon Harris has proposed a funding plan that could see the €3,000 registration fee cut by about €500 a year over the next three years. If you have younger children, raise this with your TD. For now, the charge stands.

The student grant scheme is the main financial support for students. It is divided into maintenance grants and fee grants. Prospective students have been applying through Student Universal Support Ireland (Susi) since April – so far about 71,000 applications have been received, fewer than this time last year.

The grant is means-tested, based on your family’s gross income for the previous full tax year, so 2021. If you have more than one child in college at the same time, the reckonable income limits may be increased. The distance you normally live from the college is also a factor.

The good news is the annual maintenance grant will increase by €200 this year. Income thresholds for all grant rates, except the special rate for disadvantaged students, will increase by €1,000 and the qualifying distance for the higher non-adjacent rate of maintenance grant will reduce from 45km to 30km. This may do something to help with cost-of-living increases.

If you haven’t already applied for funding, do it now. You will get a sense if you are eligible for funding by completing Susi’s online…

Read complete post here:
Source link