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College Fees and your Child!!!

The leaves are turning golden brown and there are a few more of them blowing about each day. It can only really mean one thing – back to the fun of learning for all students, and the financial worries that go hand in hand with this time of year for parents!

It’s hard enough to budget for the kids when they are small but it’s when they get “big” that the real financial pressure kicks in. Registration fees in Third Level colleges are now €3,000 this year. When you add up the various other expenses – not least rent and/or travel expenses; then funding a year of third level can become a cost intensive exercise. Multiply that by a three or four year degree programme and the costs really begin to mushroom!

While a small amount of the population might have the wherewithal to finance these kinds of annual expenditures from cash flow, the costs can really start to mount up when two or maybe even three children are away at university at, or around the same time. The spectre of a US model of borrowing to fund education with loans to be paid back out of the earnings made based on that education is looming and a recent Irish Times article suggested that up to 51% of parents fearing having to borrow to fund the costs of third level education. But it doesn’t have to be this way.

Setting up a savings scheme when your prospective college scholar is still young, even with a relatively inexpensive monthly contribution, can facilitate the creation of sizable fund over time. We have a range of solutions available to allow regular savers access a wide range of funds in the search for a return in excess of the low deposit rates currently on offer. It can be done in a risk controlled way which is aligned with your objective. So whether your child is two or 12, it’s never too late (and certainly never to early!) to start putting something away towards their education – feel free to make contact with Pat to explore how he can help you to save for your child’s future.