The cost of a 3rd level education can range between €6,000 and €12,000* a year, depending on whether your children stay at home or live away from home. So you could be looking at a bill of around €36,000 a child for a 3-year course and €48,000 for a 4-year course.
Even with the move to virtual lectures, your children may need to spend some time in college accommodation, so you’ll have to provide for this.
Child going to 3rd level in less than 5 years’ time?
Figures like this may sound daunting. If you don’t have savings to pay the 3rd level education bills what can you do?
If the option is there, you can cut the total cost in half if your son or daughter stays at home while they’re at college rather than moving out and renting.
That may bring the cost down to around €18,000 a child for a 3-year course and €24,000 for a 4-year course. But it’s still a large amount of money.
Student grants
The first thing you should do is find out whether your son or daughter qualifies for any student grants. The Student Universal Support Ireland (SUSI) website has a wealth of information about student grants, as well as an eligibility reckoner to enable post-Leaving Cert, Undergraduate and Postgraduate students to work out if they qualify for a grant.
Student loans
If they are not eligible for a grant or if a grant does not cover all their costs, you might consider a student loan to pay for everyday college expenses and the student contribution charge.
To find out more about a Bank of Ireland student loan, please click here. To qualify for a loan, students should be taking a full-time course at a recognised 3rd level institution in the Republic of Ireland.
It’s never too late to start saving
By committing to saving regularly in a deposit account or a regular savings account you’ll be in a better position to support your child when the time comes. You’ll also have greater peace of mind knowing you’ve a plan in place for when the bills start to land.
Find out more
Why not start saving regularly, today, to pay your child’s 3rd level education costs in the future? You can find more about Bank of Ireland saving accounts here
Lending criteria, terms and conditions apply. Credit provided to over 18’s only
* https://www.dit.ie/campuslife/studentsupport/costoflivingguide/
Disclaimer
Life assurance and pensions products are provided by New Ireland Assurance Company plc., trading as Bank of Ireland Life. New Ireland Assurance Company plc., trading as Bank of Ireland Life is regulated by the Central Bank of Ireland.
Advice on Bank of Ireland Life products is provided by Bank of Ireland, trading as Bank of Ireland Insurance & Investments. Bank of Ireland trading as Bank of Ireland Insurance & Investments is regulated by the Central Bank of Ireland.
Bank of Ireland is a tied agent of New Ireland Assurance Company plc trading as Bank of Ireland Life for life assurance and pensions business.
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