THE business of accommodation, feeding and educating students is a big business for cities like Galway and for the families who have to finance them.
As students around the country receive their CAO offers, the Irish League of Credit Unions has announced the results of a study into the cost of third level education in Ireland in 2011. In addition to looking at the issue of financing education, the study also highlights how the current financial crisis has impacted how students view the current jobs market and their future career prospects in Ireland. The survey also focuses attention on parental concerns for their college-going children in terms of finances and future job opportunities.
The iReach research indicates that Irish students (72 per cent ) are still relying heavily on their parents to help fund their third level education. On top of academic fees, average monthly spend (excluding rent and bills ) stands at approximately €480. As expected, rents in Dublin are still the highest in the country averaging at €380, followed by rents in Munster, greater Leinster, and Connacht/Ulster.
Fifty five per cent of students are forced to work throughout the academic year with 33 per cent skipping lectures to do so. Students are making on average €10 per hour and working an average 14.5 hours per week, with male students working slightly longer hours than females.
The study also finds that 50 per cent of students now choose their college course based not on interest, but on current employment gaps in the Irish market with more male than female students making this choice.
Credit unions are available to support both parents and students as they prepare for the academic year. Credit unions offer some of the most competitive personal, student, and education loan rates on the market.
Parental funding
Nine in 10 parents support their child with college related costs by contributing on average €410 per month.
Worries
Not being able to get a job after college is the single biggest worry voiced by parents of college students. Money issues is the second most pronounced worry among parents of the child attending college (25 per cent ).
Student funding
Seventy two per cent of students rely on money from parents as a primary source of funding for third level education. Additionally, 55 per cent of college students also rely heavily on their existing savings to fund third level education. Paid employment is the third most important source of funding and 17 per cent of students choose a loan to fund education.
Rent
A typical student who stays in rented accommodation pays on average €330 for rent per month. A typical student living in rented accommodation pays €70 for household bills on average per month.
Monthly costs
College students spend €480 each month on their daily expenses (excluding rent and bills ). Food is the most expensive bill with an average student spending (€148 ). Females spend more on food (€163 ) compared to males (€128 ) per month. Socialising is the next most expensive part of student life. An average of €82 is spent on commuting to and from college each month. Male students spend more on phone bills per month than females (€42 versus €39 ), while female students spend more on clothing per month than males (€65 versus €50 ).
Working
Fifty five per cent of college students have to work to fund their third level education (58 per cent of males compared to 52 per cent of females )
On average students earn a weekly income of €145 per week or €580 per month. Male students are making slightly more than females bringing in approximately €600 per month compared to €560.
