Latest news with #educationcosts
Irish Times
16-07-2025
- Business
- Irish Times
Third of parents expected to go into debt to fund back-to-school costs
Parents sending children back to school next month are likely to see a spike in associated costs, with one in three expected to go into debt and more than a third forced to deny their children at least one back-to-school item, new research suggests. The Irish League of Credit Unions ' (ILCU) annual Back to School survey indicates parents of primary schoolchildren will spend more than €350 more this year than in 2024, while parents of secondary schoolchildren will see costs rise by just under €200. The 2025 survey of 729 parents conducted by i-Reach found that one in three parents will get into debt to cover the costs, with the average amount of debt coming in at €376. In 2024, the survey said 25 per cent of parents would go into debt compared with the average debt said to be €368. The research reveals that 35 per cent of parents will be forced to deny children at least one back-to-school item this year. READ MORE The total back-to-school spend this year is put at €1,450 for primary school parents and €1,560 for secondary school parents. This is an increase of €364 for primary school parents compared with 2024, and a €159 rise for secondary school parents. Sixty-one per cent of parents contacted said schools do not do enough to minimise back-to-school costs. David Malone, chief executive of the ILCU, said the survey findings reflect the 'broader pressures being felt across society associated with the increasing cost of living '. 'While the fact that one in three are taking on debt is significant, the research also shows that more and more households are sacrificing to pay for back to school, particularly when compared to recent years.' At 74 per cent, general monthly income remains the top method of payment, but it has dropped from 80 per cent in 2024. There has been a significant increase in parents using savings, rising from 7 per cent last year to 42 per cent. The number of parents saying they are taking out credit union loans has tripled to 12 per cent. The 2025 research also looked at the role and impact of free hot meals for schoolchildren, with most parents welcoming the continued implementation of the scheme 'It is telling that the top reasons were financially driven,' Mr Malone said, noting 60 per cent said the meals reduced food insecurity while 56 per cent welcomed the reduced cost to parents. The study found that 78 per cent of schools ask for a 'voluntary' contribution, while after-school care was identified as being the top expense for parents of children in primary schools. Almost two-thirds of parents said they felt pressured to buy branded clothing, footwear and other items, while 35 per cent said they were forced to deny their children at least one back-to-school item. New gym gear was the most likely item parents would forgo.
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CNA
24-06-2025
- Business
- CNA
Money Talks - Your financial checklist for studying abroad
Money Talks Play The financial costs of studying overseas may seem daunting but it can be manageable with the right planning and a buffer for unexpected costs. In this week's Money Talks, Dr Chan Khai Leok from education consultancy theRightU walks us through the key financial planning essentials - from funding options to major expenses.
CBS News
20-06-2025
- Business
- CBS News
How to get a low student loan rate for fall 2025
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Finding the lowest student loan rates could take some work this fall, but it's also likely to pay off over time. Getty Images The cost of higher education is continuing to climb, making it tough to pay out of pocket for all of the expenses associated with getting a college degree. The price tag for college now averages $38,270 per student per year, including books, supplies and daily living expenses — so for many college students, a critical piece of the back-to-school puzzle is securing student loans and getting the best rates possible to keep the costs down. Luckily, federal student loan rates are actually decreasing for the 2025-26 academic year, which automatically offers some modest relief. Federal undergraduate loan rates will drop to 6.39% for loans disbursed between July 1, 2025, and June 30, 2026, down from 6.53% the previous year. This federal student loan rate decrease won't dramatically lower your monthly payments, but any rate decline is welcome in today's economic environment. And, if you're planning to turn to private student loans to fill in the funding gaps, there's a good chance that you could find more competitive rates, especially if you have good credit or a creditworthy cosigner. But while lower student loan rates are available to many borrowers this fall, chances are that they won't just fall in your lap. You typically have to do a bit of legwork to find them. Below, we'll show you how to get started. Start comparing your fall 2025 student loan options online now. How to get a low student loan rate for fall 2025 Here's how you can find a low rate on your student loans for the fall 2025 semester: Start with federal loans first You may not think that you qualify for federal loans or grants, but before you borrow privately, it's important to maximize your federal funding options. So, you should take time to complete the Free Application for Federal Student Aid (FAFSA), which could give you access to FAFSA-based grants, scholarships from your university or local community and federal unsubsidized and subsidized loans. Federal undergraduate loans for the 2025-2026 school year carry a 6.39% fixed rate, while graduate loans come with 7.94% and PLUS loans have 8.94%. These rates apply to everyone regardless of credit score and federal loans come with valuable protections like income-driven repayment plans and potential forgiveness programs. Find out how affordable a private student loan could be now. Shop around among private lenders for better rates Banks, credit unions and online lenders all offer a wide range of student loan products, so compare APRs, fees and repayment terms and use online loan comparison tools to determine which options are available (and most affordable) to you. Different lenders may also specialize in different borrower profiles and degree types. Some offer better rates for STEM fields, for example, while others may offer better rates for graduate programs or borrowers without cosigners. It could also make sense to apply to several lenders within a short timeframe to minimize the impact on your score while maximizing your rate options. Optimize your credit profile before applying Private lenders evaluate multiple factors when setting your rate, including your credit score, debt-to-income ratio, degree type and sometimes even your field of study and future earning potential. So, if your credit score is below excellent, it could pay off to take time to try and improve it by paying down credit cards, avoiding new debt and catching up on any late payments. For example, raising your score from 690 to 720 could move you from a "good" to "very good" rate bracket, potentially saving you thousands in interest charges over time. Use a cosigner if possible Many students are just starting to build their credit profiles and may not have steady income streams yet, and if you're one of them, you could qualify for far better rates if you have a cosigner who has strong credit. Talk to parents, legal guardians or trusted mentors to see if any are willing to cosign for you. Even if they step aside later through cosigner release options, their initial support could lock you in at a better fixed or variable rate. Take advantage of rate discounts and incentives Most private lenders offer automatic discounts when you enroll in autopay from a checking or savings account, so inquire about these opportunities as you shop around. Some lenders also provide loyalty discounts for existing customers, academic performance bonuses for maintaining high GPAs or profession-specific rate reductions for in-demand fields. These small percentage point reductions can add up to meaningful savings over the life of your loan. Consider shorter repayment terms for lower rates Many private lenders offer their best rates to borrowers who choose shorter repayment periods, typically five to 10 years instead of the standard 10- to 15-year terms. While this increases your monthly payment, it can also significantly reduce your interest rate and total interest paid. So, if you can afford higher monthly payments, this strategy can save thousands in total borrowing costs. The bottom line Getting a low student loan rate for fall 2025 typically comes down to timing, preparation and comparison. Start with federal aid, which still offers the most borrower-friendly terms, then explore private loan options with a strong credit profile or a qualified cosigner. The more you prepare now by improving your credit, researching lenders and locking in rates before potential increases, the more you'll save over the long haul.
Irish Times
17-06-2025
- Business
- Irish Times
Rules covering school uniforms, tech and supplies could be increasing costs for parents, warns CCPC
The rules covering uniforms, supplies and technology put in place by many schools could be needlessly increasing costs for parents while harming competition across the education sector, the consumer watchdog has warned. The Competition and Consumer Protection Commission (CCPC) has written to primary and post-primary schools, outlining a series of recommendations on back-to-school costs. It is advising schools to use generic uniform items and ensure a competitive process underpins the appointment of any exclusive suppliers for school uniforms, tech devices and software. The CCPC has also asked schools to consider whether arrangements are likely to restrict competition and increase costs for parents and guardians during the upcoming back-to-school season. READ MORE The recommendations have been made on foot of a CCPC survey of primary and post-primary schools, which revealed 75 per cent have at least one uniform item that must be bought in a recommended retailer. The research also shows that while 84 per cent of parents support uniforms, almost one-third believe they are not getting good value for money. A similar percentage said the requirements put in place by their children's schools were 'not fair and reasonable', while 41 per cent told CCPC researchers that they did not believe there was sufficient choice. 'Back to school can be an expensive and stressful time for families. By promoting competition among suppliers, schools can help to reduce costs and deliver good value,' said CCPC spokeswoman Úna Butler. 'By having branded uniforms and exclusive suppliers, schools can unwittingly suppress competition between businesses and drive up prices,' she continued. She said there were 'very simple steps schools can take to create more competitive markets for school supplies, allowing parents to shop around and secure better back-to-school value'. Ms Butler stressed competition was at its 'most intense when consumers have options, so we recommend that schools appoint multiple suppliers and avoid exclusive suppliers. Where a specific supplier needs to be appointed, schools should regularly review their arrangements to ensure that the supplier is offering the best mix of quality, price, and service to parents and guardians.' The CCPC also asked schools to make sure they did not increase costs for parents 'by requiring them to buy non-essential products as part of a bundle when they purchase a device'. The most recent study published by the Irish League of Credit Unions on the impact back-to-school costs have on parents revealed that almost two-thirds describe them as a financial burden, with one in four going into debt to ensure their children will have what they need when schools reopen. The annual research published last summer put the total back-to-school spend in 2024 at €1,086 per child for primary school parents and €1,401 per child for secondary school parents.
The Sun
04-06-2025
- Business
- The Sun
I've forked out £3,000 a year to help my son's primary school – but I'm fed up and already struggling to make ends meet
SINGLE mum Nilufer Atik, 48, a PR and writer from London, is at her wits' end over her nine-year-old son's school asking for money to cover the cost of trips, fundraisers and even books. With half-term costs adding to her woes, she asks why has school become so expensive? 4 WALKING through my front door after the morning school drop-off, I hear my phone ping. I groan inwardly, knowing who the WhatsApp message is from before I've even glanced at the screen. 'Ice lolly sale outside the school gates at pick-up today. Please bring your spare change,' the text reads. It's from the class rep at my son's school and it is the fourth money request I've received on the parents' WhatsApp group in the space of a week. While I know it's not unusual for mums and dads to get together for the odd bake sale or fundraiser to pay for a school trip or a nice treat for the kids, the number of times I'm asked to donate to my nine-year-old son Jake's school is bordering on the ridiculous. Just last month, a report from the Child Poverty Action Group and the Centre for Research in Social Policy revealed that it now costs more than £1,000 a year to send a child to state primary school in the UK. That figure has gone up 16 per cent since 2022, when the cost was around £865. For secondary school, it is even higher, at £2,275 a year. In the past four weeks alone I've been asked to buy doughnuts at the gates, a brick to commemorate an anniversary and raffle tickets for a bingo night as well as make two voluntary donations for school trips to locations that are free. SCHOOLKIDS were left devastated after hardline council chiefs tore down banners made by pupils to help save a cycle and walking path But most shocking of all was the request from the head teacher to pay for my son's reading books. When I got the message, my jaw hit the floor. Despite paying taxes that are meant to cover my little boy's primary state education, I'm now expected to fund all of his reading books which, once all the kids in class have finished reading them, remain at the school. Jake doesn't even get to bring the books I've bought home. It may sound like only a few pounds here and there, but it all adds up. JAW HIT THE FLOOR Over the past year, I reckon I've spent at least £500 forking out for extras on top of essentials like his uniform, lunches and wraparound care while I work two jobs to make ends meet. This means I often flop into bed at 1am, exhausted. But when you are a single parent with multiple bills and an extortionate rent to pay, not to mention new school clothes and shoes every few months, daily packed lunches and after-school clubs, there is no choice. And frankly, I'm fed up of it. It's not a recent thing, either. The Parent Teachers' Association has been putting on the pressure to pay out around £10 a week since Jake first started school aged four. 4 That means I've handed over more than £3,000 so far — money I simply can't afford to shell out as a single parent on an average income. Parents will have just forked out a fortune to get through the recent half-term break and when summer comes in a few weeks, I will have to cover the cost of holiday clubs at £40-£50 a day. I know other single parents struggle with this too and, come September, when you have to pay out for new school uniforms, many of them will be broke, like me. For some parents the extra costs are manageable. I rent a small, two-bed flat in an affluent area where the majority of residents live in their own homes valued at over £1million. Throwing the odd £20 note away is no big deal for them and probably makes them feel charitable but it's not the same for me. Many of the mums don't work because their partners have top-paying jobs. Throwing the odd £20 note away is no big deal for them and probably makes them feel charitable. But it's not the same for me. That money could cover a day's travel to the office or Jake's school snacks for a week — yes, I have to pay for those too. The Child Poverty Action Group report stated that for parents of secondary school pupils, one of the drivers behind this rise in costs was having to supply materials and equipment for some of their subjects, as well as textbooks and stationery. But I'm already having to do this now, so God knows how I'm going to manage when Jake is older — I can just about survive each month as it is. Books should surely be a basic provision in any classroom, part of the school fixtures and fittings. It makes me wonder what I'm actually paying my taxes for. UNDER PRESSURE Then there are the never-ending events to raise additional money — quiz nights, school fairs, discos, raffles and end-of-term gifts for the teachers who earn a lot more than I do. The list is relentless and I feel constantly under pressure to hand over money I simply don't have. While a lot of the time these 'donations' are listed as optional, nobody wants to be the parent who is too tight to pay for anything. It makes me feel like the poor relative if everyone else in Jake's class has donated a fiver for a school trip and his mum is the only one who hasn't. It's the same if he can't enjoy extra-curricular activities because I'm unable or unwilling to pay. I don't want my son to feel different to his peers. While none of the rich mums say anything, the snootiest ones don't acknowledge me or Jake at the school gates and never let their children play with him. It makes me feel like the poor relative if everyone else in Jake's class has donated a fiver for a school trip and his mum is the only one who hasn't. I can tell by the hushed silences sometimes as I approach that they talk about me behind my back. I know it's not the school's fault. Despite being in a well-to-do area, I'm told that the head increasingly struggles to make ends meet each term. For this financial year, the Department of Education gives heads £8,210 per pupil to last the year. FLEECING MUMS This needs to cover all the essentials — staffing, equipment, maintenance and energy bills. The only extras are if a child is Pupil Premium, meaning from a disadvantaged background, or they have an Education, Health and Social Care Plan. There are a few extra pots of money they can apply for, but they are battling the cost-of-living crisis like the rest of us. The Government needs to pull its finger out. Tax money needs to properly fund our most vital services — like educating the next generation. Fleecing hard-working mums and dads isn't fair and isn't going to plug the gap.
