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Funding further study

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  • 05-06-2018 3:30pm
    #1
    linguist
    Registered Users Posts: 615 ✭✭✭


    I've been thinking about further study options lately - MEd, the Masters in leadership, something more subject specific. I'm at an early stage in my thoughts.

    What really jumped out at me though is the cost of these courses. The MSc in educational leadership courses all seem to come in at about €11,000 over two years. The net tax relief will be about €800 it seems and the latest figures for the Teacher Fees Refund Scheme show applicants getting about €500 each. I cannot imagine that there are many teachers with the normal mid-career commitments who can easily come up with that amount of money. Am I missing something?

    Could I ask how people have gone about funding further study? Did many people take out loans or are there other supports in place? Many thanks for your help.


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    #2
    Moody_mona
    Registered Users Posts: 1,107 ✭✭✭Moody_mona


    linguist wrote: »
    The net tax relief will be about €800 it seems and the latest figures for the Teacher Fees Refund Scheme show applicants getting about €500 each. .

    The Teacher Refund is not a flat refund, it's a percentage. Its has been 18% and 15% for the last two years. I imagine the tax refund would be more also. It's 20% back after you disregard the first 1500 per year. I'm not sure if you can receive both refunds simultaneously, you certainly have to declare on the refund of fees form that you have claimed tax.


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    #3
    linguist
    Registered Users Posts: 615 ✭✭✭linguist


    I've done a bit of research and the amount of the teacher refund has been falling as more teachers have been applying for it. It has fallen every year for the past few years and was actually less than €500 last year. That's based on a parliamentary question to Minister Bruton.

    Regarding the tax refund, it is also capped at €7000 per course - so you are claiming on €7000-€3000 for a two year course as I see it which is €4000x0.2 = €800. If you can claim on more than €7000 in fees after the disregard I'm wrong but that's not how it came across. Thanks for your reply. In any case, it's still a big outlay and I'm just interested as to how people have done it and whether they have sourced other funding or taken out loans etc.


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    #4
    Moody_mona
    Registered Users Posts: 1,107 ✭✭✭Moody_mona


    I never knew about the 7000, thanks for that info. My course for the last two years was last than 6000 so I think I'm "lucky" regarding the price. I have availed of the Marino refund though and like I said it's been 15% and 18% of my fees.

    I used savings and just repaid my savings account, if that makes sense. I took a loan from myself. I unsuccessfully applied for an ASTI bursary and also the Teaching Council research fund. I think both of those would be more applicable if your course involved a lengthy thesis.


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