Got a teenager at home? We hope you’re sitting down for this…
The expected cost of sending a child to third-level education in Ireland has been revealed and it’s downright insane.
If your university student lives at home, the expected cost per year is €5,122.
But if they need to move out for college, you can expect to fork out almost double – €10,125, to be precise.
Multiply those figures by two, three or four (depending on how many years their course is) and by how many kids you have to put though college and you’re left with quite a bill.
Perhaps more worryingly, almost half of parents are not financially prepared for third level.
Forty-nine per cent of parents admit that they have not put any money aside to meet the costs of putting their kids through higher education, while 35 per cent have a savings account specifically for this reason.
One in two families expects to receive a grant for college, while 18 per cent say they would rely on grandparents or other family members to help out.
Three quarters of parents who plan on sending their kids to university said that a student loan system was “at least worth exploring as a funding option” – something that’s unsurprising, given how unprepared a lot of us mums and dads are!
These figures come from Aviva’s new Cost of Education Report.
“Parents want to give their children the best possible chance in life and in Ireland that has always meant giving them the best education you can afford,” said Aviva’s Ann O’Keeffe.
“In that context, it’s not surprising that parents want to explore all options for funding Higher education, including the option of a student loan system.
“Putting even a small amount of money into a dedicated education savings plan each month is a great way of investing in your children’s future.”
