You can forgive your average financially harassed student for thinking the term ‘free third-level education’ is a misnomer. Even though the government now pays tuition fees, there are plenty of other costs to consider for students moving on to college or university. Rent, books, travel, food, various student charges and even a bit of a social life all require money. And inflation appears to be biting hard at the student’s wallet also.

 

 

This DCU-supplied cost of student living survey for 2006/2007 shows a marked increase on last year’s findings. The monthly cost of living away from home has jumped a staggering €97, from €837 to €934. ‘Living at home’ has also undergone a substantial increase of €65, from €504 to €569. It is also worth noting that these figures do not include the student registration or service charges that non-grant holders must pay each year. These charges vary from institution to institution, but are generally €700 to €800. If anything, we would argue that this is a conservative estimate of the costs involved; so you can see that ‘free third-level education’ is only half true.

Students should also remember that not all courses are created equal. Many private colleges do not qualify for the free fees scheme – even if they are in the CAO system.

 

Funding

 

While there are significant costs involved in studying at third level in Ireland, there are also ways in which students can get some money to pay these costs. Most students survive thanks to a pick ‘n’ mix of the maintenance grant, family support, savings, work, loans and scholarships.

 

The government maintenance grant is the first funding opportunity that most people consider. Unfortunately, not everybody is eligible for ‘The Grant’. Eligibility depends on the annual income of the student’s parents (or of the students themselves in the case of mature students). The amount available also depends on whether a student lives within commuting distance of his/her institution or not. The full rate of the maintenance grant for 2006/2007 was €3,110 with the amount for “adjacent students” only €1,245. There was a considerable increase in 2006/2007 for students who qualified for the top-up maintenance grant – they received €5,970.

 

Higher Education Grants are paid by your Local Authority (corporation or county council). Forms and conditions are available from the local authority’s web site, or by ringing up and asking them to send you the information in the post. The closing date is August 31st, so students generally submit their forms before they are sure of their college place. The form is detailed and asks a lot of questions about your parents’ income and assets, so it’s important to give yourself plenty of time to get the information together.

 

Even if you do qualify for the maintenance grant, it is unlikely to cover the entire cost of a year at college or university. Many students rely upon parental or other family support, but not everybody is in a position to avail of this assistance.
 
Many students take on part-time work during college, but it can be difficult to juggle work and study commitments. Some higher-level courses are very work-intensive, and when students aren’t in lectures or the laboratory, they are supposed to be in the library or studying at home. Other courses are less exhaustive. Working part-time doesn’t necessarily mean that you will fail your course, but it could, for example, mean the difference between a 1st and 2.1.

 

Many students work hard during the summer to accumulate as much money as they can to keep them going through the year. This is an especially good option if you can secure a job related to your course or area of study. Working all summer can cut into your J1 or other travelling plans, however.

 

Taking out a loan is another option to consider. There are some flexible repayment plans available for students, which allow you to pay money back when you start earning a proper salary after graduation. It’s not ideal for students to rely too much on borrowing, as accumulated debts can cause you problems in the future.

 

Most colleges offer a small number of scholarships or bursaries for students to help cover costs of living. These are generally linked to particular courses or subjects, and go to students with outstanding academic results. Those with sporting or excellence in other subjects can also take advantage of special schemes designed to reward high achievers in their particular fields. The Irish government award scholarships to the students who get the best results in the Irish Leaving Cert each year (you are looking at 590 odd points to be eligible). Read college prospectuses and web sites closely to find out what you may be able to receive.

 

There are also other schemes where students from less advantaged backgrounds can be offered extra support to enable them to move in to higher education. All universities – and some colleges – have Access Offices that support students in financial matters and in other ways.

 

Managing Your Money

 

There are plenty of costs involved in third-level study, and there are also a good few ways of earning some money to cover these costs. It’s good practice to work out some sort of system to balance the outgoings with the incomes, so that you can concentrate on your studies and enjoy yourself, without worrying too much about money.

 

Most students work to a budget. They might not write everything down in a carefully ruled notebook, but they have a fair idea of how much they can afford to spend each week or month. It is a good idea to keep a hold of bank and credit card statements, so you can sit down occasionally and look at exactly how much you are receiving and spending. Then you will know whether you are doing okay, or whether you need to keep a tighter grip on your purse strings.

 

It can be useful to divide your outgoings between necessities and non-necessities. Things like rent, food, medical bills and commuting have to be paid for in full, while socialising, clothes and call credit costs are easier to adjust depending on how much money you have available each month. This way, you can retain some kind of control over your financial situation.

 

Living on tight finances doesn’t mean that you have to sit in every night darning your classmates’ socks for lunch money. Part of the fun of being a student is taking advantage of all the money-off opportunities available. Do some research into the discounts that students are entitled to and use them well. Other handy schemes include leaving your credit or ATM card at home on nights out, buying food and household supplies in bulk from the supermarket rather than from the more expensive convenience store on the corner, and getting hold of second hand textbooks. It’s all common sense, really.

 

If you find you are having difficulties financing yourself through college, don’t despair. There are ways to get additional help. Your students’ union can provide you with practical advice on how to cope, and most colleges operate a hardship fund that will allow you borrow some extra money if you are in need. If you are careful, you will be able to get through college without offering yourself up to the loan sharks, and you will do what you came to do – finish that course!