While everyone seems to be focused on getting kids back to school this month, less thought has gone into the 246,000 or so college students entering and returning to third-level institutions across the county. Is not …
The situation regarding accommodation, or lack thereof, has focused the minds of all concerned (more on that next week) and paying all other costs is what accounts for all 3rd level applicants and their parents.
This week we’ll take a look at the types of loans and support available from banks and others to help with all the extra expenses you need, from books to transportation to the all-important social life and accommodation.
Compared to some other countries, especially the UK and US, the cost of 3rd and 4th levels here is relatively cheap. But tell the thousands of people returning home this month. They are squeezing their hands wondering where the money is coming from in a time of rising household spending and rampant inflation. is.
Sushi
It’s never too late to apply for a Student Universal Support Ireland (Susi) grant. Preference will be given to early applicants, but state grant schemes awarding half or all of the student contribution (€3,000) and/or monthly maintenance fees are still available. More than half of all students succeed because the means by which it is tested is fairly generous. You don’t need to know results, courses or even colleges. See susi.ie.
student loan
Pillar banks and credit unions are the main outlets for certain student loans. Both major lenders may ask or claim a guarantee, which means an adult backer, but interest rates are so low that it makes more sense to apply for a loan as a student rather than a parent. often
AIB has a ‘Student Contribution Loan’ of €3,000 per year for courses of 3 or 4 years, costing between 8.15 and 8.45 per cent per year. You will be repaid with interest only while you are studying, and full payment will not begin until graduation. Five years later. As a result, you are warned that the cost of the loan will be higher, but the terms are still better than other types of loans.
The Bank of Ireland charges only 5% annually over 5 years on student loans capped at €5,000 for university-related expenses. Payments can be deferred for the first three months.
We offer postgraduate loans of €2,000 to €5,000 for 1 to 5 years in 5pc. Also, their postgraduate loans are up to €10,000 deferred for the first 12 months.
This covers a one-year course such as a master’s degree and costs 5.6 percent. But a long postponement takes the immediate pressure off.
In both cases, interest rates are variable and may rise. Conversely, you can repay or overpay without penalties as a result.
Since interest rates are capped at 12% per annum (this is about to change), most credit unions are reducing interest rates on education loans. Proof of course may be required.
A typical 7.63pc borrowing 10,000 euros for 5 years will cost you 201 euros per month.
Many also run scholarship programs and grants for their members on a random draw basis or using evidence of retirement certificates and exam results.
Becoming a member is easy, helps with future credit sourcing and can start from a few euros.
student support
The Student Aid Fund is designed to provide financial assistance to students experiencing difficulties while attending college. They can apply in addition to her Susi grant, which is intended to help provide books, food, necessary travel and rent.
Tuition and loan repayments are not covered. Full-time or part-time approved NFQ course (levels 6-10) students can apply through the University’s Access or Student Services Office. Some have deadlines, so it’s worth going early. You may be required to provide supporting documentation such as proof of your or a parent’s income and receipts for certain bills.
back to education allowance
Individuals receiving certain social welfare benefits, unemployed or raising children alone, or persons with disabilities who have returned to education are entitled to a weekly allowance equal to the level of benefits. You will not lose money because you will be paid. If you have dependent children, you can receive €500 a year for their education.
1916 Scholarship
In this 100th anniversary decade, a scholarship to mark the birth of a nation seems appropriate. However, while this is nothing new, anyone from certain minority groups with low levels of participation in higher education, such as economically disadvantaged people, members of the traveling community, survivors of domestic violence, or the care system Annual scholarships are available.
It also includes former full-time caregivers, refugees and former prisoners. This is called a “second chance” grant.
Although the means are tested (the Susi qualification is also required), successful undergraduate and graduate students are paid between €1,500 and €5,000 per year. Apply at your university, but see www.hea.ie for more information.
Tuition tax reduction
Tuition fee waivers are available at 20% for expenditures up to €7,000 per course, per person, per year.
Waivers are granted only for the tuition fee itself, not for additional costs such as course materials or association membership fees.
The first €3,000 (€1,500 for part-time courses) will be ignored, but this is a per-family limit, so if you have more than one person in full-time education, it’s worth it .
You can only claim for courses approved by income, which includes most Irish universities, private and public.
Example 1
John participates in the 8,000 Euro full-time Masters for one year. Of this he can claim tax relief of €4,000 (€7,000 minus €3,000 for him), resulting in a tax relief of €800 (€4,000 x 20pc).
Example 2
Mary pays school fees for her children Padraig and Emma in a third level facility.
Padraig’s tuition fee is €9,000 per year for a four-year L8 degree at a private university. Emma is paying her €3,500 for her L7 course part-time. The eligible fees are €7,000 for Padraig (the maximum allowed) and €3,500 for Emma, for a total of €10,500. Her first €3,000 is ignored.
The total tax relief for the remaining €7,500 is €1,500. Tax deductions are applied through Revenue’s ROS or MyAccount.
