The cost of third level education is putting increasing pressure on parents in Galway, according to Padraig O’Callaghan from St Columba’s Credit Union.
In 2015 many families will see their child or children off to college for the first time, others will see their children return, but for many families, this can be an "extremely stressful time as the cost of third level education continues to spiral having a huge impact on family budgets and household spending".
According to 2015 ILCU research in the Republic of Ireland, 94 per cent of parents are supporting their children financially through college. These parents are contributing an average of €453 per child per month to cover college related expenses. Seventy-two per cent of parents supporting their children through third level education struggle to cover these costs. Some 62% of students now live away from home compared to 44 per cent in 2013. Parents are saving for an average of eight years to put their child (children ) through college
Padraig O’Callaghan says the significant cost of third level education puts phenomenal pressure on both parents and students starting or returning to third level education this year. The student registration fee combined with monthly rent and bills, books and materials, food and day to day expenses are a significant financial burden to many families.
“We are keenly aware of the huge financial burden which third level education places on students and their families in the Galway area. St Columba’s Credit Union is available to support both parents and students as they prepare for the academic year. We offer a very competitive student and education loan rate of six per cent.
"We encourage anyone who is looking to finance their education or who simply want some advice on planning ahead or budgeting to call into their local credit union and speak to a member of staff. Planning ahead where possible is the best way to prepare for these expenses.”