Cost of College for middle earners

Quitelife

First child started college last September with another doing the leaving this year and going to college the coming September with our other child 3 years later.

Have a ok job on 50K and wife has part time job circa 20K. Between our mortgage 1K a month , feeding and clothing a family of 5 and running two cars and paying all the standard bills we never really had much savings . Our first child paid 7K for a years accommodating and 3K fees thats 10K , shes a part time job to cover her living costs more or less but thats about it or else she'll fall behind in her studies. so thats 40K cash we've to come up with and another 40K for the second one from this september and the same in 3 years time. WE had 15K in savings which is now 5K after the first year for child 1, we are awake at night worrying about the coming September with 2 going to college and a 20K cost and for subsequent years .

So thats 120K we've to find over 7 years and thats if they manage to have part time jobs to feed themselves etc. Covid has helped as in we have stopped having any social life or going out , no holidays, got rid of sky sports, stopped buying newspapers , cut back on some grocieries , no new cloths for us, ...but im still struggling . Any suggestions

Supercell

Can only empathise with you OP. We are in a similar situation, foreign holidays are now a thing of the past for us, Irish AirBNB's, kids dont seem to mind but they are younger than yours. We are trying to pay our mortgage off before the first one does their leaving (we have three) to try and use that money for college fees etc but its going to be very tight as is i feel. My wife has a e-scooter now instead of a car which saves a fortune especially as petrol is so expensive these days. We would love to get a bigger house in the countryside but then we would need to pay accomodation fees for the kids which is just not going to be a runner.

Every spare euro goes into investing and saving for their college years, its tough but we will muddle though eventually.

We shop in Aldi and Lidl and since MUP i've taken up home brewing which actually is quite good fun and saves quite a bit too. The cider is suprisingly good ( made from Lidl and Aldi apple juce), the wine not so great but drinkable - plenty of wine kits out there though which i'll enjoy testing, hic!

Its funny, i seem to be living a very similar life to when i was growing up in the 80's but in those days it was a single income, now its two needed for a similar lifestyle.

Best of luck OP, life will find a way.

There is not a lot you can do, it's better, to be honest with your children without worrying them, one child might have to delay college for a year and get a job, save for college themselves, student loan from the credit union which they pay back when they graduate just for the fees would be another option.

Feisar

Goodbody style fund in which all children's allowances plus money gifts go into, our lad is 2.5 years and has 10K to his name. On the other hand I put myself through college, four year degree course during the boom in Dublin with bar work. I used to work 6-close on Friday, 1-close on Saturday and 12-6 on Sunday and then get the train back up to Dublin. Might pick up a shift or two in Dublin during the week as well. During the summer I'd be full time.

Gant21

https://www.boards.ie/discussion/comment/118574194#Comment_118574194

I feel for you that you have to shop in Lidl and Aldi with the rest of us peasants.

Wanderer78

https://www.boards.ie/discussion/comment/118579933#Comment_118579933

...what if every penny is currently being used to get by? again, generational differences can be so great, they simply cannot be compared, i.e. what worked for you, may not work now, living costs have skyrocketed since the boom.....

Quitelife

https://www.boards.ie/discussion/comment/118579942#Comment_118579942

To be fair on a saturday i go to Lidl/Aldi/Dunnes/Sper Value /tesco getting groceries across all of them depending on whats cheapest where..cheapest mince/ rice cereals whatever ive to get ......thinking of taking redundancey which is coming up at work altogether and clearing most of my mortgage and just get fees paid and grants for the kids college ... i know ill pay this years and next years but after that the lads would be sorted more or less....

Feisar

https://www.boards.ie/discussion/comment/118579983#Comment_118579983

Fair point and to back up what your saying a friend of mine is back in a house share in Dublin and it's twice the price of what it was back in the day.

Wanderer78

https://www.boards.ie/discussion/comment/118580795#Comment_118580795

yea, its a train wreck

https://www.boards.ie/discussion/2058231100/cost-of-college-for-middle-earners

Make sure you're jointly assessed for tax with your wife and adjust your standard rate bands, in case you haven't done so. You'll pay less tax.

backwards_man

Its a tough situation alright OP. Can your wife increase her hours to full time? Have you looked around to see if you can get a job that pays more for the same role? You can control two things here, the amount of money coming in if you can get higher paid work, or you can reduce the outgoings. There comes a point where you cannot trim off any more costs or life becomes unpleasant, so try to increase money coming in.

timmymagoo

Put myself through uni, worked part time since 16

My parents did not give me a choice and I won't give mine one either

BrianD3

When I see those costs I think back to my own college days in the mid 90s-early 00s, i.e. the start of the free fees era. IIRC the registration charge was about 250 pounds in my first year and went up to about 350 by year four. I remember plenty of complaints about this from those who assumed that free fees meant no charge at all.

With fees and accommodation costs being so much higher now, it is much more important to avoid "useless" degrees. Many degrees are of very dubious benefit. If I had my time again I'd concentrate on degrees which lead directly to a particular career and where there is professional status/accreditation and barriers to entry.

vriesmays

Send your kids for an apprenticeship. It's cheaper and they'll get a job at the end.

kerryjack

My oldest lad is 14 so we have 3 years, good head on him doing great at school we have started to discuss it and are making plans for it, myself and herself has a joint bank account every thing goes in and everything goes out, got him bank card out of same account which he uses for school and other bits and bobs he uses it very sparingly in fairness. I set up the banking app for him and he knows exactly what's coming in and what's going out so he knows the crack that it's not a magic pot. Myself and herself transfer x amount to our revolut cards for ourselves for a bit of living FFS we need it we work dam hard. Scarafices will have to be made and he will know the Scarafices that we will be making so hopefully he will appreciate it and work hard and achieve his goals of making something of himself.

leaving aside the goody-two-shoes who have been saving since the child was born.

It must have occurred to you at some time there was no way you could subtract 20k of after taking income each year from a before-tax income of 70k.

Have you talked to your children about this at all?

lau1247

Have you tried switching your mortgage lender (if possible) or see if there is one with lower rates with the same lender? There might be a bit to save there.

Does your current account charge you money (Like BOI for example)? Maybe it is time to switch to free banking type like EBS + fintech for the entire family.

What about other utilities providers (Electricity, gas, internet)?

Can you consider selling the 2nd car is you don't use it that much. Price of second hand car is holding up quite well at the moment.

Check your tax returns, see if there is anything and everything that you can claim, claim it (Like WHF stuff if you are working from home at some stage)

Got Netflix?? Time to 'move' to Turkey as some might say.

https://www.boards.ie/discussion/2057802168/get-netflix-cheaper-see-op-for-details

These won't get you to where you want to be but it will be a start.

The only tip I can give is, don't buy anything that your family can do without, train your mindset to ask yourself each time, can I do without these or is there an alternative? (Like clothes [unless really necessary], cup of coffee in shops, bottle of water from small shops [Try to buy in packs from the like of Dunnes/Tesco and keep in car instead]). Every little bit helps.

Donald Trump

https://www.boards.ie/discussion/comment/118574194#Comment_118574194

Its funny, i seem to be living a very similar life to when i was growing up in the 80's

Would have been fairly extravagant to be going to Aldi for apple juice in the 80's!

Donald Trump

https://www.boards.ie/discussion/comment/118586193#Comment_118586193

They could also take them out of school at 14 and send them down the mines

xzanti

https://www.boards.ie/discussion/comment/118589598#Comment_118589598

You'd be surprised how lucrative a trade can be. Plenty of plumbers/electricians etc earning great money.

Mad_maxx

https://www.boards.ie/discussion/comment/118589621#Comment_118589621

My son is only five but I'd be delighted if he chose to do a trade instead of going to a university , hoping he takes after his mother's side in terms of being handy

Donald Trump

https://www.boards.ie/discussion/comment/118589621#Comment_118589621

Well if you are going to "send" your kids for an apprenticeship anyway, and if earning capacity is your only factor, then take them out as soon as they get their Junior Cert results. That is what used to be done. I almost did it myself as a few of my friends did it but my parents wouldn't let me. They were right.

That same kid that does his apprenticeship at 16 straight from the Junior Cert can also start it at 18 or 19 after their Leaving, or can also start it at 22/23 after their degree if they do one. College is about more than exams.

My previous comment was more a response to the "send them" part of the post

embraer170

This is a good thread for those on normal incomes wondering if they should have more than one child.

I don't think cutting a bit here and there will do much towards putting three children through college (especially if you have only realised the issue recently).

Can you substantially increase your household income?

Remortgage the house?

Can any go to a college close to home to save on accommodation?

Have a serious conversation with all three and establish a clear limit to how much you will support their college education (it could be a substantial amount in year 1, and a lot less in year 2 / 3 / 4 when they are more settled). I think most students have enough time for a serious part time / evening / weekend job to do more than just feed themselves, without impacting academic potential. It also has the benefit of them getting more prepared for the workplace.

My kids worked their summers & worked weekends for the bit extra.

We also reduced our own personal spending which wasn't a lot either way

but it all adds up I suppose! Do ye need two cars I would ask?

Montage of Feck

https://www.boards.ie/discussion/comment/118589598#Comment_118589598

Maybe let them work the mines for a few years and then when they have some savings built up go back as a mature student.

Donald Trump

https://www.boards.ie/discussion/comment/118589637#Comment_118589637

Always a positive having a "handy" missus

joe40

I'm in a very similar situation.

One of my kids is considering Queens in Belfast. That would help us financially because she could then access a student loan to cover fees. We would still have to cover accomodation costs but they're less in Belfast.

We really need some sort of student loan scheme like the UK. People only pay it back as a proportion of their salary (past a certain threshold) and any unpaid amount disappears after 30 years.

Donald Trump

https://www.boards.ie/discussion/comment/118589775#Comment_118589775

Not to mention that it also acts as a great incentive to push those people out of the country.

Trained as a nurse? Not happy with the Irish system? Well come to work in Australia for better conditions and you can additionally now avoid paying back those nasty loans! Thanks Ireland for paying to train your people up for us for free!

mistersifter

Sorry to hear that - a sign of the times and I don't expect things will improve in the coming years for students.

One option would be try get full time work in a half decent company, say in customer service or something and study in the evenings, they could pay for their own tuition in a private college and a lot of companies will give contributions to their studies too.

Doing it that way, they can progress professionally while also getting their degrees. In many ways this beats studying in a public university while working in a min wage job on weekends.

What do your kids want to study?

I'm intrigued that no one has mentioned being honest with their children and involving their children. At 18 they are adults. The parents cant put themselves to the point of almost not being being able to pay the mortgage or jeopardise there own future just so children can go to college with out having to take a year out work and save for college or not havie to take out a loan.

I know it is probley hard to be in your 40/50s and not have the money to put your child through college.

Mad_maxx

https://www.boards.ie/discussion/comment/118589734#Comment_118589734

Leggy too

Ficheall

What are they going to uni for?

If it's for the life experience, maybe they could just do a diploma for a couple of years.

If it's for the education, they could learn as much online for free in less time for the vast majority of courses.

If it's for the piece of paper, they could consider doing an online course - many free courses are available from Scandinavian unis.

If it's for a job.. well, hopefully many employers will soon realise that degrees are pretty much worthless as a barometer of ability, and stop asking for, say, a degree to do a glorified data entry job.

This will vary for certain fields, but many, many degrees are not worth it. The colleges are businesses - they want to sell as many pieces of paper to as many people as possible.

There is tax relief available to you on Tuition Fees. The first €3,000 is disregarded, but where you have more than 1 child in third level at the same time you will likely get some tax back (20% of qualifying expenditure).

https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/education/tuition-fees-paid-for-third-level-education/index.aspx

vriesmays

https://www.boards.ie/discussion/comment/118589598#Comment_118589598

Better than a useless arts degree:

https://www.irishtimes.com/business/economy/planned-reopening-of-galmoy-mine-could-deliver-190-jobs-1.4651264

cozar

there are a lot more apprenticeships now other than the usual plumbing, electrician etc. you can do apprenticeships in sales, ICT, property, finance and get paid which is a great plus when strapped for cash.

vriesmays

A teenage girl training to be a beautician has greater potential than most 3rd level students. She can go on to be self-employed, then set up a business, then sell it and become an investor. That would earn a lot more than working as a school teacher.

AndrewJRenko

https://www.boards.ie/discussion/comment/118590606#Comment_118590606

What's her chances of achieving that goal, compared to the chances of the average business graduate working in a €100k role?

Kerry25x

Isn't there plans to reduce college fees from 3k down to 2k a year? It's some small help.

Ginger83

I don't understand people who are merely existing rather than living to hand the kids a silver spoon. I mean we all want our kids to do well but when I read stuff like we gave up going out and stopped buying clothes I have to wonder what's the point.

Who's to say whether a child will want to go to college? There would also be options of commuting to college and also part time work

Jequ0n

It never ceases to amaze me how many people cannot plan ahead, and suddenly see themselves facing a conundrum that had been utterly predictable.

Ginger83

https://www.boards.ie/discussion/comment/118591249#Comment_118591249

And also worrying unnecessarily on what ifs

Donald Trump

https://www.boards.ie/discussion/comment/118590468#Comment_118590468

Arts degrees can often be useless alright but where would we get the teachers of the future if that avenue to do a makey-uppy course wasn't available?

angela1711

Wow isn’t it shocking that people earning 70k cannot afford sending their kids to college ? Another reason to wonder if it is even worth to work in this country. I went to college around 10 years ago. At the time my mum and stepfather had accepted redundancy payments and were out of work. Not only did I get my full fees paid by SUSI but also got a monthly payment of 650e or around that. Was able to live in a penthouse with my than boyfriend and another friend costing us 300e a month each. Monthly Dart ticket was about 80e. 50e a week on food shared between myself and my boyfriend. Rest was used on drink, clothes , make up, going out and enjoying myself. Never needed to have a job throughout my college years. Got 650 a month from SUSI, 250e per month maintenance from my father, and 400e a month from my mum and step dad. If my parents had not lost their jobs at the time they would not be able to afford sending me to college or it would be seriously difficult for them. People here advising your wife to increase her hours at work I would be wondering if ye both should not decrease them in order to be able to afford your kids education.

Ficheall

https://www.boards.ie/discussion/comment/118590694#Comment_118590694

Is that what the average business graduate is on?

Still stihl waters 3

Maybe they might not want to go to college, ask them, if they're intent on college but want to do some airy fairy bullsjit degree then I'd be trying to steer them towards an apprenticeship or a course that will earn them a living, heritage studies in gmit or anything gender related would see me withdrawing funding from that particular child🤣

LapsypaCork

OP surely you’d be entitled to some part of SUSI, even if it’s the registration fees or half of it, it would be some help. Make sure you apply when it opens up this year, if your children must live away from home, you may also be entitled to something for that.

As others have said, do speak with all of your children together and explain the situation, teenagers tend to think that us parents have fortunes stacked away so no harm to let them know this isn’t the case. Also, your children could work full time each summer and should be able to pay at least half the college reg fees from their earnings. I’m sure they wouldn’t mind if you explain the financial situation.

Also, as some have mentioned, make sure they do a decent course to give them a good foundation.

And finally, the credit union offer student loans with very low interest, if you have a good relationship with your local branch, they’d do everything to help.

JustJoe7240

https://www.boards.ie/discussion/comment/118591323#Comment_118591323

No, Average business grads earn around 35k starting out. It's a long way to 100k.

@OP Are there no 3rd level institutions within a commuting distance? My parents made it very clear that they'd cover tuition but living expenses were on me if I wanted to live away from home and I see no issue with that.

Still stihl waters 3

https://www.boards.ie/discussion/comment/118590694#Comment_118590694

Do business graduates walk into 100k jobs regularly

CianRyan

At a certain point you'll have to accept that you can not afford to pay for everything, for all of them.

That doesn't mean thru can't go to college but it does mean you'll have to change expectations.

In my experience, those who have had to plan and pay for themselves at a younger age often do better and are more resourceful when they stepping into a career. If they need to work part time to study in Dublin instead of Athlone (for example), this will be a choice for them and will stand to them.

Then ask, what I'd their goal and what courses are they attracted to?

If they plan to work for ESA, then a STEM course will be needed. Research grants to help.

Do they want to be an engineer? A 3 year course in many of our ITs may be enough.

Accountant? Consider an apprenticeship.

If they only want to study the arts so they can have fun, that's less an education and more an experience. This, in my opinion, should not carry the same burden of support if the parents simply can not afford it.

c.p.w.g.w

https://www.boards.ie/discussion/comment/118591354#Comment_118591354

I earn €35,000, I have a business degree that I've never used, it was certainly a waste of tax payers money(my entire ride was covered by grants, lived within walking distance to my college)...

Thankfully I'm well able to live on €35,000 very comfortably