College costing parents average of €421 a month

The number of third-level students who can afford to live away from home has plummeted over the last two years as parents struggle to to pay for their children’s continuing education, a new survey has revealed.

The Irish League of Credit Unions survey published this morning has found that just 32 per cent of third-level students are now living away from home compared with 49 per cent in 2011.

Excluding rent and bills, students are set to spend €516 a month on daily expenses, up from €484 in 2011, with parents continuing to foot most of the bill in the vast majority of cases. Eighty per cent of parents say they will pay the bulk of college- related costs, with an average contribution of €421 a month.

More students are working their way through college now than was the case two years ago, 66 per cent compared with 55 per cent in 2011.

In last December’s budget, the Government announced an increase of €250 in the student registration charge, taking it to €2,500 from next month. Unsurprisingly, 71 per cent of parents told researchers that family budgets had been adversely impacted by the increase.

Nearly one in 10 said their children would either not be able to go to college or will have to drop out as a result of the increased registration fees.

The credit union survey also found that 53 per cent of students who were due to get a grant last year experienced a delay, with one in three families saying they had to sacrifice essential household spending because of the delays.