Living at home, or away it'll cost you, so check the options, says Louise Holden
The cost of living is not famous for falling. But for students living away from home this year there's hope. A slight drop in rental prices means that this year's wild geese can expect to save €300 over the course of the year, compared to 2004 estimates.
DCU Student Services draws up an annual "Cost of College" survey, and according to Barry Kehoe students in rental accommodation can be confident of a slight decline this year. No major price hikes in utilities are expected, and general living costs have only risen in line with inflation.
"To give an indication of the cost of living for a third-level student is quite a difficult exercise, as the cost depends on each individual," says Kehoe, DCU director of student services. "For example, spending on travel and social life can vary widely. However, the annual cost of living estimate for the academic year 2005/06 is €6,700 - a drop of €300 on last year for a student living away from home."
Students living in the family home are looking at average monthly expenses of €504, although some of this may be absorbed into the family budget.
These estimates do not include the lamented Student Service Charge which stands at €750. There have, as yet, been no indications from the Department of Education that the charge will be raised this year.
Some of the neediest student grant recipients will get a bonus this year, as Minister Hanafin has announced a 22.5 per cent increase in the "Top Up" grant. The maximum rate for 2005/06 has increased to €5,355 and the annual income threshold for the top up grant has also been increased by 6.35 per cent to €15,626. This could effect up to 12,000 of the 56,000 student grant recipients.
Ordinary maintenance grant schemes have been increased by 2.6 per cent, giving a maximum grant of €3,020 in the 2005/06 academic year. Students who qualify for grants also have the €750 student service charge paid on their behalf.
The figure of €3,020 still leaves grant recipients thousands shy of the estimated cost of college, rental decreases and grants increases notwithstanding. We are each an economy of one, and inflation is subject to the peccadilloes of the individual. If you've a fondness for double brandies or gilded stationery your personal cost of college estimate may be far higher.
With economic makeovers all the rage, why not have a stab at your own personal cost of college survey? When you're done, ask a friend to dress up as Eddie Hobbs and give you a good talking to. Base your personal cost of college table on eight months of rent and all the other expenditure you can think of, from textbooks to alcohol to utility bills. Use some of the following averages as your guide.
According to the latest figures from DCU Student Services, average monthly food bills now sit at €200. If, after the first month away from home you have gone way over this average, it could be time to review your shopping habits. Utilities such as electricity and gas average out at €54 per month.
Monthly travel costs for the average student have gone up to €74 a month, with the monthly cost of books and stationery currently estimated at €45. Clothes, laundry and medical expenses average out at €47 a month, but we all know people who can spend that much on clothes every week.
According to DCU figures, the average student spends €117 on socialising every month.
If you live at home, don't get complacent about living costs. According to DCU figures, home-based students still spend an average of €100 a month on food on campus.
These are the broad costs of college. Some students have to factor in the cost of a loan to live off, while waiting for the grant cheque to arrive - there is usually a two month time lapse between the start of the academic year and the arrival of the grant. Enquire about an interest-free loan until the grant money comes in - banks have a soft spot for future captains of industry, I mean, students.