Recently the Irish League of Credit Unions published a study on the ‘Cost of Third Level Education’ in Ireland. In this post we are going to take a look at some of the expenses and their impacts outlined in the study. We know it can be an expensive next step in a young persons life but college is an investment in the future. St. Michaels is here to help our members with financing the next step in education if that is your path.
As was covered in a previous blog post, accommodation is an ever increasing stress factor for students. With 67% of study participants saying they were extremely worried about accommodation for the coming academic year. According to the most recent daft.ie report there is 20% fewer properties to rent than this time last year. With the national average rent at a high of €1,037, surpassing Celtic Tiger rates. 65% of students are also remaining at home for college this is a rise of 3% on 2015 another indicator of the struggle to obtain adequate accommodation for many. 9 out of 10 students view the cost of accommodation as being very high. All this is a reflection of the current housing situation nationwide at the moment.
College Costs & Your Credit Union
The infographic below highlights some of the other college costs that were highlighted in the study;
It is not surprising that young adults living away from home while attending college, have higher monthly living costs. We have previously discussed the different expenses linked to college in our last post College Expenses. When looking to fund third level education, parents are thinking of credit unions second only to their monthly income. A testiment to the relationship that has developed between credit unions and their members over the years. A student loan makes sense from a credit union because of the benefits, the fact we are local and owned by you the members!
Over half of parents 53%, stated “It is really hard, costs are constantly increasing” this has been seen in the increases to college contribution fees and accommodation prices, particularly in recent years. In the study, 62% of parents responded that having a child in third level education adversely affects their household budgeting. Of the students who participated in the study only 33% received advice on payment plans for third level. St. Michael’s Credit Union is here to serve the financial wellbeing of our members. So, if you would like to talk about money matters please don’t hesitate to call into the office to talk. Our staff will be more than happy to provide guidance on budgeting and other financial matters.
As you would expect for students their biggest concern is passing their exams with 83% putting it as the top concern. This is followed in prominence by worries in relation to finance, with 57% find it’s troubling them. We would like to remind all members that we also still have the chance to recieve the Tony Burke Memorial Student Bursary of €1,000 to help cover the costs. More details can be found on our website.
If you would like to get an estimate for a education loan or any other loan for that matter please take a look at our loans calculator here.