The rising cost of college fees: Some practical advice - Kilkenny Live

As a dad-of-three, I recently celebrated a milestone that many parents look forward to with my youngest child completing her degree.

It’s a huge relief knowing I won’t have any more college fees to worry about. But I also know firsthand the financial stress that comes with paying for third-level education in Ireland today.

There’s fresh uncertainty at the moment around the future of student fees. The Minister for Finance, Paschal Donohoe, has confirmed that the government has not yet decided whether it will continue the temporary €1,000 reduction introduced in last year’s Budget. If not extended, undergraduate fees will return to €3,000. This represents a significant jump for many families.
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Speaking on Newstalk, Minister Donohoe said: “We’ll be deciding if it goes back from €2,000 – it is currently €2,000. Before it’s a temporary deduction in place, that would make it €3,000 – but the government has to decide what that level of fees will be, and (we) haven’t done it because we haven’t done the Budget.”

He went on to say this would be part of the usual Budget Day decisions and that no additional once-off measures were planned this year. Higher Education Minister James Lawless had earlier indicated that ‘as it stands’, the €1,000 universal fee cut for all undergraduates will not be repeated – reinforcing the likelihood of a return to €3,000 annual fees unless a change is made in the October Budget.
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This uncertainty, combined with rising rents and ongoing inflation, creates a perfect storm for students and their families. Many are already struggling to balance the cost of living, and the prospect of increased education costs adds another layer of stress.

Students often work long hours to afford college, sometimes at the expense of their studies and wellbeing. Parents, meanwhile, are left trying to find ways to fund education without compromising other financial goals.
With decades of experience as a financial advisor, I’ve helped many families navigate this difficult landscape. Planning for college fees is no longer just about putting money aside – it requires smart, tax-efficient strategies that take the entire financial picture into account. Some key areas I focus on with my clients include:

Smart saving plans tailored to changing costs and family budgets
Understanding tax implications around education funding and inheritance, to avoid surprises down the line
Practical advice on managing cash flow and expenses to reduce stress during uncertain times
Parents don’t have to face this challenge alone. Even small changes in planning now can make a big difference over time. I encourage families to start conversations early and get clear on realistic options.

Gerry Farrell is a financial advisor at Castle View Financial Services and is a regular voice on KCLR where he answers listener questions on personal finance. To get in touch, email: Gerry@cvfs.ie.