Going to College - The Financial Lowdown

College is costly. Even if you do get a grant, it is unlikely that it will cover all your expenses – rent, books, travel, food and even a bit of a social life will soon put a major hole in whatever allowance you receive.

Those not in receipt of a grant must also pay the student services charge. It stands at €775 (up €25 from last year) and bear in mind that certain institutions add on an additional fee to cover the cost of new building work, for example. And remember, 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.

According to a nationwide survey from the Union of Students in Ireland (USI), for students living away from home, the average cost of going to college is over €6,500 per academic year - more than double the maximum ordinary grant rate. The figure for those who are living at home is about half this amount.

So what is a poor student to do? Basically, unless your family has the means to finance your college career, the only option is to make up the shortfall yourself.

Taking out a loan is one option to consider, but flexible repayment plans are essential to ensure that the debt doesn’t get too unwieldy to handle. Many students take on part-time work during college, but this too can prove problematic, as it can be difficult to juggle work and study commitments. And while working part-time doesn’t necessarily mean that you will fail your course, it could, for example, mean the difference between a 1.1 and 2.1 degree.

Students, insofar as it is possible, should try to accumulate as much money as they can during summer holidays to keep them going throughout the year. However, if a job during term-time is necessary, then working hours should be tailored so that revision doesn’t fall by the wayside.

Managing the Money

If you are finding that you are having difficulties financing yourself through college, then 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 funds if you are in need. There are also some practical ways that you can ensure that your finances don’t run out.

First of all, work out how much money you have coming in and how much you have going out. Then make up a budget – and stick to it. In the time-honoured tradition of students past, you will have to learn to get the most out of the little you have. For example, try and get as many course books as you can second hand. If you can’t find what you are looking for in the bookshops, put a request up on your department’s notice board – there may be dozens of second-years who have held on to the books you need.

Living on tight finances doesn’t mean that you have to sit in every night doing batik, but planning ahead is important. Do some research into all the discounts that students are entitled to and use them well. Learn to love Lidl and Aldi. Bring only as much money as you can afford on a night out – and leave the ATM card at home. If you are careful, then 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!

By Aoife Rogers