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College savings

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    #62
    codrulz
    Registered Users Posts: 369 ✭✭codrulz


    GaryCocs wrote: »
    52 weeks in the college year??? ��

    Yes, college is around 36 weeks but I get maintenance year-round.
    The_Honeybadger wrote: »
    Your parents are exceptionally generous. There are a lot of working folk who have nowhere near € 250 per week to play with after rent and bills.

    We’ve three that are all close in age and we could conceivably have all three in college together for a year or two. Dreading it!

    I know, I'm fortunate that my parents can look after me to such a degree and grateful for my circumstances.
    That's tough, I have 3 older siblings that were all in college together for 2 years overlapping not pretty for the accounts!


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    #63
    pavb2
    Registered Users Posts: 2,988 ✭✭✭pavb2


    Also it might not end after they get a degree. My oldest is finishing a masters next year so that will be six years of college and costs of accommodation. My youngest is going into 4th year, has accommodation costs and will probably also do a masters.

    Both have part time jobs but I reckon it's cost me at least 20 k + per year for the last five years, I had to dip into my private pension to cover costs.

    The questions are really how much time you have to save, how much can you afford to put away and where is the best place to put it.


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    #64
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    listermint wrote: »
    There's jobs everywhere in Dublin presently and has been for a number of years. I know alot of those kids who 'tried' very hard.

    Genuinely they didn't . Assumed sending off a few CVS and sitting back was it. Personal experience helping some.

    Not everyone lives in Dublin though. And plenty kids who live more rurally go to college in Dublin. We also can’t know when another recession will hit and jobs will be scarce again


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    #65
    awec
    Administrators Posts: 53,836 Admin ✭✭✭✭✭awec


    Does Ireland have no student loan system?

    The UK system used to be decent, back before the Tories got their hands on it.


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    #66
    codrulz
    Registered Users Posts: 369 ✭✭codrulz


    awec wrote: »
    Does Ireland have no student loan system?

    The UK system used to be decent, back before the Tories got their hands on it.

    No need, government pays your fees and only if household is above a certain threshold does one need to pay the contribution of €3200 per year.


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    #67
    AndrewJRenko
    Registered Users Posts: 29,006 ✭✭✭✭AndrewJRenko


    Shelflife wrote: »
    self employed so no grant available to us.
    .

    Being self employed does not stop you from qualifying for a grant

    https://susi.ie/quick-links/self-employment-farming-or-rental/


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    #68
    Cork Lass
    Registered Users Posts: 6,855 ✭✭✭Cork Lass


    Sinus pain wrote: »
    You are very generous. I pay college fees and we are in Dublin so no rent- but I expect them to pay for their own bits and bobs and social life from a part time job. My dd is off Monday and Friday and the whole weekend this year - so she works on her days off. I don’t expect them to contribute to the house while in college

    Exactly this. We have 2 daughters. First is finished college and working and the second is just starting second year tomorrow. Live in Cork so luckily no rental fees for them (UCC for both). Still cost €22k in fees for oldest girl + laptop and other associated costs so a total of about €25k. Expect it to be much the same for second girl. Both got part time jobs as soon as they started college and funded their social lives. No housekeeping money expected whilst in college. My husband is in a job where they get share options so we used this to fund college for both. Crazy expensive for people who also have to pay rent.


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    #69
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Masala wrote: »
    Sorry ... I don't understand??

    The PO guarantee your savings and they have have a number of growth schemes if you prepared to lock your savings away for a fixed term. better than the Banks who will apply charges and offer sweet f/a in interest.

    If you want to use the money to 'invest' in 'the markets' and know what you are doing ...so be it.

    Every savings account in the country under 100k is guaranteed by the deposit guarantee scheme, the problem with the post office is that the growth schemes are very low interest overall and the APR given is misleading because they hold your money in a zero interest account for a year first... the scheme advertised as a five year one is actually 6 year, etc. I used one of these schemes at the start and regretted it. They hold your money for a year with zero interest before applying a minuscule amount on top for the first year, then a slightly higher rate for the second, etc. They split the money into various accounts every year creating more accounts, which created an administrative pain cashing them out.

    Inflation meant that I effectively lost money using it.

    Putting it into the mortgage would have saved me far more in interest repayments than the post office schemes. I agree with the other poster, they are a bit of a swizz in my experience.


    For mortgage overpayment calculators, I like this one.
    https://www.ccpc.ie/consumers/tools-and-calculators/mortgage-calculators/extra-mortgage-payments-calculator/


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    #70
    suilegorma
    Registered Users Posts: 94 ✭✭suilegorma


    If you have any high interest debt, including a non tracker mortgage, it makes no sense to save at very low interest rates for 18 years. Pay back the debt, then save closer to the time for college. Run the numbers on overpayment of your mortgage, and see how much sooner it will be repaid.


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    #71
    Bobeagleburger
    Registered Users Posts: 45,481 ✭✭✭✭Bobeagleburger


    The post office had a 10 year savings scheme that paid roughly 47% a decade ago. It's paltry in comparison now.


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    #72
    LuasSimon
    Closed Accounts Posts: 1,208 ✭✭✭LuasSimon


    It’s a bit mad that parents in Ireland are expected to fund all their kids education which could be a 100K each over the degree term .
    Meanwhile in England students have to borrow the money themselves and pay it off over their working years .
    More and more parents in Ireland are unable to afford to pay college costs .


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    #73
    LuasSimon
    Closed Accounts Posts: 1,208 ✭✭✭LuasSimon


    LuasSimon wrote: »
    It’s a bit mad that parents in Ireland are expected to fund all their kids education which could be a 100K each over the degree term .
    Meanwhile in England students have to borrow the money themselves and pay it off over their working years .
    More and more parents in Ireland are unable to afford to pay college costs .


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    #74
    u140acro3xs7dm
    Closed Accounts Posts: 1,512 ✭✭✭u140acro3xs7dm


    LuasSimon wrote: »
    It’s a bit mad that parents in Ireland are expected to fund all their kids education which could be a 100K each over the degree term .
    Meanwhile in England students have to borrow the money themselves and pay it off over their working years .
    More and more parents in Ireland are unable to afford to pay college costs .

    It's crazy money, but parents should be paying for their own kids. Parents and kids can come to an arrangement if they want, but don't expect anyone else to pay for it. That's what happens when student loans go unpaid, it comes from the Government's coffers, i.e. you and me.

    It's been mentioned on here before, but there are so many degrees handed out now that they are losing their value. I've numerous friends who did degrees and never got a job in that field. 50k of the parents money down the drain. There is also anecdotal evidence of students from countries with loan systems, as soon as the degree is over, they emigrate and don't pay.


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    #75
    [Deleted User]
    Posts: 2,078 ✭✭✭ [Deleted User]


    RiseToMe wrote: »
    I

    Otherwise it will more than cover the yearly fees and still leave them with about 200 quid a week during their academic year

    For the love of God don't give a 1st year college student 200 a week... A packed lunch is good enough and let them earn the rest themselves.


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    #76
    RiseToMe
    Registered Users Posts: 1,272 ✭✭✭RiseToMe


    [Deleted User] wrote: »
    For the love of God don't give a 1st year college student 200 a week... A packed lunch is good enough and let them earn the rest themselves.

    With all due respect its our money to do as we see fit and this is a discussion forum where parents are discussing their plans for their kids. I said it works out at roughly that per week and also stated later in this thread that they can use it to buy a car, travel etc. Even a house deposit.

    If they choose to go to college outside of Dublin that money will be used to fund their accommodation.


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    #77
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    pavb2 wrote: »
    Also it might not end after they get a degree. My oldest is finishing a masters next year so that will be six years of college and costs of accommodation. My youngest is going into 4th year, has accommodation costs and will probably also do a masters.

    Both have part time jobs but I reckon it's cost me at least 20 k + per year for the last five years, I had to dip into my private pension to cover costs.

    The questions are really how much time you have to save, how much can you afford to put away and where is the best place to put it.

    I've told my child I will happily help out financially with the degree. If they want to do a masters they will have to fund that themselves.


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    #78
    Anne_cordelia
    Registered Users Posts: 446 ✭✭Anne_cordelia


    [Deleted User] wrote: »
    I've told my child I will happily help out financially with the degree. If they want to do a masters they will have to fund that themselves.

    Absolutely. This would be my thinking too. Most parents didn’t fund Masters when I was in college 15years ago unless they were exceptionally well off.


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    #79
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    For the 4 years I was in college I was paid 250 for working for a business owned by my father and my uncle. The deal was during term time I did the odd bit here and there as required which wasn't much to be honest but during summer holidays and Easter break/mid terms etc I would do a full week and get the same 250 euro.
    Summer holidays the same, 250 euro a week. Drank most of it to be honest.

    At least one cousin got the same deal as me. It was kind of a general Operative job, loading workshop, vans, driving forklift, cleaning up and the lads doing it that weren't in college got about 400 a week for the job full time.
    I'd say I was slightly up to be honest based on hours work and pay received compared to the others but not much in it and it helped me through college hugely.
    I suppose it was a loan which I paid back through working it off when I could.
    Learned the business thoroughly as well though, went off for about 8 years after my degree into the world of accounting and finance and came back as their accountant. Left again after a few years and worked abroad but back now as general manager. Father sold his share to my uncle and retired, uncle is retiring in a few years it's 5 times the size it was when I worked there in college and I'm being groomed for taking it over if I feel up to it, or brokering the sale of the business.
    So worked well for everyone, I paid my way and learned the value of work too.
    Realise not everyone has the option I had and I feel appreciative I had it and that not everyone can find part time work, but I think most can if they really try.


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    #80
    pavb2
    Registered Users Posts: 2,988 ✭✭✭pavb2


    Deleted User wrote: »
    I've told my child I will happily help out financially with the degree. If they want to do a masters they will have to fund that themselves.
    Anne_cordelia wrote: »
    Absolutely. This would be my thinking too. Most parents didn’t find Masters when I was in college 15years ago unless they were exceptionally well off.

    I know what you're saying and agree with you but the reality can be somewhat different. Mine is now going on to full time unpaid placement in a hospital until May 2020. At this stage I'd prefer to pay accommodation costs, living expenses etc rather than risk her failing the course by stressing over money and having to work a part time job as well.


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    #81
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    pavb2 wrote: »
    I know what you're saying and agree with you but the reality can be somewhat different. Mine is now going on to full time unpaid placement in a hospital until May 2020. At this stage I'd prefer to pay accommodation costs, living expenses etc rather than risk her failing the course by stressing over money and having to work a part time job as well.

    That's fair enough I'd help out in those circumstances too.

    But I won't pay for any further educational courses after the degree.


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    #82
    The_Honeybadger
    Registered Users Posts: 4,187 ✭✭✭The_Honeybadger


    [Deleted User] wrote: »
    That's fair enough I'd help out in those circumstances too.

    But I won't pay for any further educational courses after the degree.

    Several of my work colleagues have the same agreement with their kids. They will pay for the degree but after that they will have to get a loan or work for a few years to save for the masters. I think that is fair enough personally.


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    #83
    bunderoon
    Registered Users Posts: 677 ✭✭✭bunderoon


    listermint wrote: »
    I'm a bit confused here.


    I do understand the cost of college.


    But we aren't living in the States folks. Theres the entrance fees and then peripherals. I'd expect my kids to be part time jobs too to like I did to pay for their social activities.


    People on here seem to be clocking up tens of thousands .???

    In about 10 years, it will be like the States. The government squander money here like there's no tomorrow. We alone borrow at interest to pay back the other interest incurred from the 200Bn we 'owe' thanks to Noonan. As it will never be paid back, we'll always have a boot to our neck.

    There will be very few part time jobs available as machines will perform most service based jobs.

    ^^^ There will be hardly any money for education, social welfare, grants, pensions etc as A.I. and robots will take over a large portion of our workforce - from manual labour to most service based jobs. Lower overall tax receipts mean much less in the state's coffers to go around.

    So in 10 to 15 years there will be a huge scramble to get into expensive courses that actually have jobs at the end of them. And they will be few and far between. Most that will remain will be in medical and specific IT and certain trades. Stuff that A.I and robots still wont be able to perform at that time.
    Just a note on one specific trade - The Electrician. This role will be in high demand from now and into the future. Think of all the Solar, EVs, Smart Homes, Domestic/Industrial/Civic demands.


    It's a bleak prediction, but I believe that it's only a matter of time as it is a natural progression from where we were and what we see now.

    So start saving and investing - your kid's futures literally depend on it!!


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    #84
    awec
    Administrators Posts: 53,836 Admin ✭✭✭✭✭awec


    codrulz wrote: »
    No need, government pays your fees and only if household is above a certain threshold does one need to pay the contribution of €3200 per year.

    I dunno, I think it would be beneficial to have a student loan system like the UK used to have. I honestly think their system worked well (I am a customer of it!).

    It's basically a very low interest rate (lowest interest rate you'll ever have, I think the current rate is 1.75%) and it doesn't show up on or affect any credit report. If you don't pay it back within 25 years it's written off. Repayments are a % of your earnings, rather than a set amount, so you only pay more if you can afford more.

    This was back when UK fees were ~3k per year, I've no idea what the system is now.


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    #85
    bunderoon
    Registered Users Posts: 677 ✭✭✭bunderoon


    https://www.thejournal.ie/poll-worried-robot-taking-jobs-4801179-Sep2019/

    Following in from my previous post.


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    #86
    AndrewJRenko
    Registered Users Posts: 29,006 ✭✭✭✭AndrewJRenko


    awec wrote: »
    it doesn't show up on or affect any credit report. If you don't pay it back within 25 years it's written off.
    Why would anyone bother to repay it so?


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    #87
    The J Stands for Jay
    Registered Users Posts: 5,772 ✭✭✭The J Stands for Jay


    AndrewJRenko wrote: »
    Why would anyone bother to repay it so?

    I think it's a statutory deduction from your salary.


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    #88
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Deleted User wrote: »
    That's fair enough I'd help out in those circumstances too.

    But I won't pay for any further educational courses after the degree.

    I can see that making sense most of the time, but I do know some courses these days offer the one year taught masters if you do it directly after the undergrad. It's two years if you come back to it later.
    So, it bears thinking about.


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    #89
    munchkin_utd
    Registered Users Posts: 7,885 ✭✭✭munchkin_utd


    sorry for butting in here, but aren't the main colleges in Ireland fee free or am I missing something ?


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    #90
    The J Stands for Jay
    Registered Users Posts: 5,772 ✭✭✭The J Stands for Jay


    munchkin_utd wrote: »
    sorry for butting in here, but aren't the main colleges in Ireland fee free or am I missing something ?

    Yes, there are no fees, but you need to pay to register. I'm probably out of date on this, but I believe it's about three grand each year to 'register'.


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    #91
    wyf437gn6btzue
    Closed Accounts Posts: 387 ✭✭wyf437gn6btzue


    codrulz wrote: »
    I'm in college atm so I'm happy to give out my costs for the year as an example for reference. Obviously, variable costs change from person to person but still a rough sample of yearly costs for college currently.

    €9500 P/a on accommodation (private student complex apartment)
    €3200 College fees
    €13,000 Maintenance (€250 pw)
    €1000 on miscellaneous/ averaged out cost of laptop, books computer over four years.
    ______
    €26,700

    No offence but you ought studying something pretty serious for your parents to be giving you €250 a week just to exist?

    I went to school with lad who is currently studying medicine who has to work nights in a bar and weekends in a shop just to make ends meet.

    You are very lucky to be in the position you are in.


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