STAY-AT-HOME STUDENTS COULD SAVE €5K A YEAR
A STUDENT living at home could save as much as €5,000 a year, it was claimed yesterday.
Accommodation, travel and food top the list of outgoings, with fees also playing a big part.
But living at home could dramatically cut these bills, with the downside a more lengthy commute.
Dublin Institute of Technology’s annual cost of living guide also revealed students and their families could be missing out on millions of euro by failing to claim tax relief on college fees.
Spokesman Brian Gormley said: “It’s clear from talking to students and their families it is not widely known you can get tax relief on college fees paid. Less than 12% of students claim back tax, and for full-time undergraduates that figure is 7%.
“If you are paying for more than one student in full-time education you can claim tax relief on the student charge for the second or subsequent children.
“Also, if you are paying tuition fees for a postgraduate programme, a part-time programme or for repeating the year, you may be entitled to tax back. We estimate that Irish families are missing out on millions of unclaimed tax relief.”
Money saving tips like using a Child Leap Card until you turn 19, commuting instead of renting or taking advantage of student “digs” are all recommended as well as looking into scholarships.
Accommodation is the main area where prices have climbed but the cost has not increased as much as might be expected.
Last year the average national monthly rent for students was €427 while this year it is projected to be around €430.
In Dublin, the average figure is expected to be €541, compared with €508 last year.