Parents Contribute On Average €421p/m For Third Level Education

Eight in 10 parents support their child with college related costs, contributing €421 per month on average per child, according to a survey by the Irish League of Credit Unions (ICLU).

It found that 42% of parents use their savings to fund third level education, while 25% borrow from their local credit union.

Those parents who use their savings to fund their child's third level education, have been saving for eight years on average.

71% of parents state that family budgets have been adversely impacted by the increased registration fees, while only 32% of students are now living away from home as opposed to 49% in 2011.

Mandy Johnston, Head of Communications at the ICLU said: "Heading off to college is an exciting time. It can also be very stressful for parents and students alike, as the cost of third level education can be a significant burden. 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% 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. Our research shows us that excluding rent and bills students are spending an average of €516 per month on day to day expenses. The study also shows that 8 in 10 students are still relying on parental support to fund third level education with parents saving for an average of 8 years to put their children through college. There has been an increase in the numbers of parents borrowing to put their children through college and credit union loans alone have seen a jump from 11% in 2011 to 25% in 2013."

(CD/JP)