The Cost of College Education in Ireland 2022

While the average cost of sending a child to primary school may seem excessive and worse still when it comes to the rising cost of secondary school, the expenses associated with third level education are in a completely different ballpark. All 'free-fees' third level institutions charge a mandatory student contribution the maximum rate for 2017-2018 is €3,000 per year. Unfortunately, this student contribution is just one of the costs likely to be incurred. Add to this the increase in travel expenses and the rising cost of rent for students living away from home, and you can see how quickly the cost of putting your child through third level education can add up.

The Zurich Cost of Education Survey 2017 found that when it comes to third level, unsurprisingly accommodation represents a substantial average annual cost. The average annual cost for a student renting accommodation is €3,866, and a marginally cheaper alternative is student accommodation, which costs around €2,628*.

Of those in rented accommodation, 26% pay €6000+ per academic year. Given the cost of accommodation it's not surprising to learn that 60% of third level students currently live at home. But living at home might not be an option, depending on the desired course and college location.

Over 80% of parents who took part in the Zurich Cost of Education Survey 2017 research study said that they support their children financially outside of rent, transport and college fees. Over the course of an academic college year, the average spend on financial support was €2,016.

The Zurich Cost of Education Survey 2017 heard from parents nationwide and nearly half (46%) said they use savings to pay for their children's education with 39% using their monthly income.

More than two thirds (69%) of parents said that their children have a job as well as attending college, which is understandable given the mounting cost of college. Although university students may be able to help out by undertaking some part-time work, given the increase in the cost of living it's unlikely they will be able to contribute in any significant way.

Building up funds

A great education is the best possible start in life and for most parents ensuring they can provide for their children's education, from primary school right through to third level, is crucial. Our Cost of Education research clearly shows that college education doesn't come cheap and by the time a teenager reaches third level, parents are really feeling the pressure of funding their children through university or college.

While accommodation is the biggest financial drain for college students, other costs such as transport and living expenses can quickly add up. There are ways to reduce the financial burden such as limiting the use of public transport, and indeed if a third level student has a part time job, that will certainly help.

However, only 25% of parents surveyed for this research into the Cost of Education in Ireland feel Irish third level establishments do enough to help them to keep the costs of their children's college education down. Nearly half of parents of third level students use savings to pay for their children's college education with 39% using their monthly income.

In third level, 73% of parents find covering the cost of this level of education a financial burden. While the figures for parents getting into debt for primary and secondary school are much lower, when it comes to funding university students, over 50% of parent find that they get into debt to cover the costs.

One measure families can take to help avoid putting their households under severe financial pressure, or pushing them into debt, is to ensure early planning around their children's education, adopting measures such as early life savings schemes. Of those surveyed for the Cost of Education report two thirds (66%) of parents have or plan to set up a savings account for their children.