Finance

Funding Success

Fees

Thankfully for Leaving Cert students everywhere the spectre of a return to full college fees was lifted in late 2009. The usual system of free fees for undergraduate applicants who meet the conditions (EU citizen; resident in EU for three of past five years; not undertaking a second undergraduate programme) will continue for the foreseeable future. However, Registration Fees (which is required by most colleges and nominally used to cover the cost of student services and examinations) remain a significant cost. The amount charged by different colleges varies, but the maximum fee is currently set at €1,500.

In addition, given the ongoing and sweeping cutbacks by the Government, it is advisable that readers keep an eye on this issue in the news, as neither free fees nor the Registration Fee can be considered to be set in stone in the current economic conditions.

Full fees are of course, applicable to all private undergraduate colleges. There are no fees for PLC/further education courses with students only paying a small course charge that varies from college to college.

Living Costs

Unfortunately, the damage to your family’s wallet does not stop there. There are also the expensive living costs to factor into your budget, which as the following tables illustrate, nearly double in size if you intend on living away from home.

In this area at least the recession has some silver lining for students as the cost of living, and private rented accommodation in particular, looks set to continue falling. The above totals of €7,470 and €3,789 are down from €7,767 and €3,897 in 2009/2010 and it is likely that these figures will fall further by the time readers enrol in 2011/2012.

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, and scholarships.

Maintenance Grants

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 students’ parents (or of the students themselves in the case of mature students), whether you already have a further or higher education qualification, how long you have resided in your locality, and your nationality status.
The following are the current family income limits that indicate eligibility for a maintenance grant:

As illustrated above, the actual amount of the grant varies hugely according to the level of financial assistance (ranging from 25% to 100%) that the ‘powers that be’ deem you to be in need of, and whether you live adjacent (within 24km) to the college you are attending. Below are the current maintenance grants rates, which were reduced by 5% in the 2010 Budget:

Payment of the Higher Education Grant is made in three annual instalments while plc students receive their payment on a monthly basis. A special ‘Top-Up’ Grant is available to students coming from a disadvantaged background. It is worth €1,245 to adjacent students (bringing the total to €2,545) and €3,105 to non-adjacent students (total: €6,355).

The currently enforced 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.
Students applying for a Higher Education Grant should apply with their local authority, while all other applicants (including for the Post-Leaving Certificate Maintenance Grant) should contact their local VEC.

Students should note that anyone who qualifies for a maintenance grant of any level will have their college Registration Fee (also known as the student services charge) paid in full by the grant authority – so it is ALWAYS worth applying.

Another change brought about by the 2010 Budget is worth noting by mature students and those in receipt of social welfare. Unfortunately the maintenance grant is no longer awarded to those in receipt of the VTOS or BTEA allowance. However, application is still advised in order to receive exemption from Registration Fees.

Part Time Work

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 exhausting, and working part-time doesn’t necessarily mean that you will fail your course, but it could, for example, mean the difference between a First and a 2.1. It is generally recommended that students do not work over 15 hours a week.

Many students work hard during the summer to accumulate as much money as they can to keep them going through the year. Working all summer however can cut into your J1 or other travelling plans.

Scholarships

Most colleges offer a small number of scholarships or bursaries for students to help cover costs of living. These are generally linked to particular subjects, and go to students with outstanding academic results. Those with sporting or excellence in other subjects, or a disadvantaged background, can also take advantage of special schemes designed to reward high achievers in their particular fields.

The All Ireland Scholarships Scheme for example, is a government programme that awards scholarships to the 120 top performing Leaving Cert students from disadvantaged backgrounds. Read college prospectuses and web sites closely, and visit www.studentfinance.ie, to find out what you may be able to receive.

Every year the government provides a Student Assistance Fund to higher education providers, including all universities, institutes of technology and teacher training colleges, as well a number of other colleges. Full time undergraduate students who are experiencing financial problems can apply for assistance.

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 budgetary 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 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 phone 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 releasing your inner Scrooge and taking advantage of all the money-off opportunities available. Do some research into student discounts 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, taking advantage of subsidised meals in your college, cycling rather than forking out on public transport or petrol for your car, 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. Identifying and utilising all sources of funding, and good budgetary habits should get you through college without incurring too much debt.