The Dublin Institute of Technology prepare a Guide every year for students to inform them of the cost of their third level education.
The report last July (2015) highlighted the fact that due to the cost of increasing college fees, the annual expected cost for a student living away from home would be €11,000.
That’s the annual cost – multiply that by 4 years (a typical Degree programme) and that equates to €44,000. If you have 2 children to put through college that totals €88,000! Or 3 children would equate to €122,000. These figures are based on average college fees applicable presently and these may change in the future.
Quite a startling figure and one which we really have to pay heed to if our ambition is to afford our children a third level education.
So what can we do? The best advice is to start an Education Saver and as early as it is affordable to you. The early years can be expensive particularly with full time child care to pay for if both parents work away from home. But we would urge anyone with young children to save as much as they can from as early on as they can. There are many different savings options. As it is a long term savings plan, we would recommend a diversified approach with a mix of equities, bonds and deposits. Over the long term equities have been proven to outperform deposits.
If you wish to discuss an Education Saver for your children, contact us today.