DIT publishes Student Cost of Living Guide 2014/15

  • Dublin rents increasing significantly
  • 18% of students in serious financial difficulty
  • Living at home can save families €3893 per year

30 July, 2014:       The closing date for new applications for student grants is on Friday, August 1st, 2014. With this in mind, DIT Campus Life have released their ninth annual Cost of Living Guide for students.  The guide is designed to help those who will be starting higher education in September.  The most significant issue this year is the increase in rents, particularly in Dublin, which is primarily due to a shortage of suitable student accommodation.  Brian Gormley, the Manager of Campus Life in DIT said, “We are urging students to book their accommodation for the coming year as soon as possible.   Due to the shortage in accommodation, many students are commuting longer distances, and the increase in transport costs has not helped”.  The Cost of Living Guide has been developed using data from the Eurostudent V survey which was published by the HEA last month.  This survey found that 18% of students were in serious financial difficulty.

homepageCostOfLiving14

To see the full infographic please click here

The guide shows that staying at home is nearly €4000 cheaper for students and their families. A student in rented accommodation should budget €10976, while a student living at home will need just €7083 - a saving of €3893. The most significant cost for students is rent, and with Dublin rents rising by 11% in 2014 this trend seems set to continue.

The March Consumer Price Index indicates an increase of 4.6% in the cost of education. This follows on from a 4.5% increase last year. This is mainly due to the increase of the Student Charge which will be €2750 this year.

  • The ‘living costs’ associated with attending college have breached €8000 for the first time since 2008. However in 2008 the Student Charge was €900 compared with €2750 this year, so the total cost is now over 1500 higher than it was in 2008.
  • Transport costs have also increased, mainly due to increases in public transport costs.

In addition this year DIT Campus Life has, for the first time, compiled an infographic which shows how the annual costs for a student in Ireland living away from home are split between the student and their family.  The Infographic also offers some tips on managing your budget.  The infographic uses information from Eurostudent V to show how the costs are split between students and their families.  While some costs are mainly covered by students (e.g. Social Life / Miscellaneous), major costs such as rent and the student charge are mainly paid by parents. The infographic is available to view here.

DIT Cost of Living Guide

The following is a guide to the cost of living for a student in Ireland for 2014/15

Cost of Living for Student’s Living away from Home

Monthly (€)

Annual (€)

Rent (National – for Dublin see below)

307*

2763

Utilities

33

297

Food

172

1548

Travel

119

1071

Books  & Class materials

74**

666

Clothes/Medical

45

405

Mobile

32

288

Social life/Misc

132

1188

Student Contribution Charge

306

2750

Total’s

1220

10976

 

Cost of living for Students living at home

Monthly (€)

Annual (€)

Contribution to Utilities

33

297

Food

65

585

Travel

119

1071

Books & Class Materials

55

495

Clothes/Medical

45

405

Mobile

32

288

Social Life/Misc

132

1188

Student Contribution charge

306

2750

Total’s

787

7083

Sources used to produce the DIT Student Cost of Living Guide included the Daft.ie rental report Q4, 2013, Consumer price index March 2014, HEA Eurostudent V (2013), 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 €372 Rent in Dublin can vary widely from less than €302 per month for a shared room, up to €1,013 or more for a one bedroom unit in Dublin 2. (€372 Figure mean of Dublin region single rent a room cost)

** 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

Additional information on the Cost of Living Guide can be found on www.dit.ie/life Students will also find out more information on student finance and Budgeting @ www.studentfinance.ie  and www.itsyourmoney.ie . To get detailed information on rental costs in your search area, the PRTB have launched the national rent index more detail can be found at http://www.prtb.ie/landlords/rent-index

To see the DIT Cost of Living Guide 2013/ 2014 see attached

To see the DIT Cost of Living Guide 2012 /2013 see  http://www.dit.ie/news/archive2012/ditstudentcostoflivingguide201213/

 

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