Survey suggests parents fearful of having to borrow for higher education
Annual costs more than €10,000 for those living away from home
A survey by Standard Life, with more than 1,000 adult respondents, showed that many parents had not prepared for the high cost of their children going to college. Photograph: Dara Mac Donaill
The number of parents who fear they will have to borrow for their children’s higher education has risen, according to a survey. This year 51 per cent of parents said they may have to borrow to fund further education, but last year 39 per cent thought they might have to get a loan.
The student contribution or registration fee will go up this year by €250 to reach €2,500, as indicated by the Department of Education and Skills several years ago, and will go up by €250 a year until it tops out in 2015 at €3,000.
The survey by Standard Life, with more than 1,000 adult respondents, showed however that many parents had not prepared for these costs.
More than 40 per cent of respondents said they had nothing in place to fund their children’s further education and, 28 per cent said they were worried that third level might be ruled out because the money was not available – although this is down from last year’s 34 per cent.
While 43 per cent said they had nothing in place to cover costs, a matching number said they had regular savings.
Other ways of covering the cost included 11 per cent with a lump sum or inheritance, while 8 per cent said they had an investment property.