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DIT Cost of Living Guide 2018

The advice comes as DIT launches its annual Cost of Living Guide for students and their families

DIT Cost of Living Guide 2018

Students and Families could be missing out on millions by failing to claim tax relief on college fees - 
The advice comes as DIT launches its annual Cost of Living Guide for students and their families

Dublin Institute of Technology (DIT) has released its annual Cost of Living Guide for students for 2018-19. The guide is designed to help those starting Higher Education in September with tips and advice for students on how to cut costs on housing, travel and other day-to-day expenses.

Dr Brian Gormley, Head of Campus Life at DIT, urges students and their families to ensure they are getting their full entitlements.  "It's clear from talking to students and their families that it is not widely known that 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 lower (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, either for a post-graduate 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

Other money saving tips include:

  • Not a lot of people realise that the Child Leap Card is valid until a student turns 19, and this can reduce the weekly cost of travel by over 60%.
  • When finding somewhere to live, the advice is to consider better value options, such as Home-stay or “Digs”. Surveys have shown that students who live in home-stay arrangements are more satisfied with their living arrangements than students who live in campus-style or private rented accommodation.
  • Many students tell us that it’s more cost-effective to commute, even long distances, than pay the high rental prices in the bigger cities. The Eurostudent survey showed that between 2013 and 2016 the percentage of students staying at home with parents or relatives went from 40% to 44% in Ireland.
  • Check out if there are scholarships for which you may be eligible. Last year DIT and the DIT Foundation gave out over €500k in scholarships to students. 

Dr Gormley also asks that families with a spare room consider renting it to a DIT student. “Last year our accommodation service, DIT Student Pad, had over 400 host families with accommodation for first-year students, and we have advertised looking for more host families for the next academic year.  Any family interested in hosting students should contact studentaccommodation@dit.ie.  A person renting a room can earn up to €14,000 in rent before paying tax on the rental income

Cost of Living Guide for 2018/19

Accommodation is the main area where prices have increased; however, the average monthly accommodation cost has not increased as much as might be expected.  Last year the average national monthly rent for students was €427 while this year the average figure is projected to be around €430.  In Dublin, the average figure is projected to be €541, compared with €508 last year.  The less than expected increase may be because of lower demand for private rentals, with more students opting to commute from home or choosing from the increased supply of purpose-built student accommodation. 

Cost of Living for Student’s Living away from Home

Monthly (€)

Annual (€)

Rent (National – for Dublin see below)

430*

3,870

Utilities

35

315

Food

169

1,521

Travel

135**

1,215

Books  & Class materials

71***

639

Clothes/Medical

40

360

Mobile

25

225

Social life/Misc.

76

684

Student Charge

333

3,000

Total

1,314

11,829

Cost of living for Students living at home

Monthly (€)

Annual (€)

Contribution to Utilities

29

261

Food

60

540

Travel

135

1,215

Books & Class Materials

56

504

Clothes/Medical

44

396

Mobile

25

225

Social Life/Misc

71

639

Student Charge

333

3,000

Total

753

6,780


Sources used to produce the DIT Student Cost of Living Guide included the Daft. i.e. rental report Q1, 2018, Consumer price index March 2018, HEA Eurostudent V (2016), Money Guide Ireland (2018). If referencing the Student Cost of Living Guide, please cite DIT Campus Life

On average 40% of students receive Higher Education grants, and their Student Contribution charge will be paid by SUSI.

* The rent figure is the mean of National City regions single rent a room cost.  The above guide is a national guide, and the average rental figure for students in Dublin is higher at around €541 Rent in Dublin can vary widely from less than €483 per month for a shared room, up to €1,784 or more for a one bedroom unit in Dublin 2. (€541 Figure mean of Dublin region single rent a room cost)

**The travel cost is based on the capped student LEAP fare which has remained at €30/week on an average month of 4.5 weeks.

*** Class materials and equipment cost can vary greatly, particularly for students in Arts, Sciences and Catering. For more detailed information you should contact your programme co-coordinator

Find out more information on student finance and budgeting at www.studentfinance.ie and https://www.ccpc.ie/. To get detailed information on rental costs in your search area, the RTB publish a national rent index. More detail can be found at https://www.rtb.ie/.

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