HOW much?! College graduates may be looking at a debt of €16,000

They say your university years are the best of your life, but when you’re scraping by on a part-time job and facing looming deadlines at every turn, your college career can seem like one endless stress-fest.

And with the publication of a new report on third-level funding, students' stress levels might be set to rise as they potentially face into a debt of €16,000 upon graduation.

Under plans drawn up by Minister for Education Richard Bruton, a university’s ability to meet skill gaps in the economy in addition to increasing participation among disadvantaged students might determine future funding. 

Further to this, the Minister’s plans suggest that third-level colleges will have to meet performance targets in order to secure additional funding.

According to The Irish Times, a report, which highlights the need for urgent reform within the funding system, has outlined three main funding options; a ‘free fees'; system, retaining the €3,000 registration fee or an income-contingent loan.

The latter would see graduates repay their fees when their income reaches a particular threshold, with the report suggesting a middle-income earner might repay €16,000 over 15 years at €25 per week.

Commenting on the potential options, Mr. Bruton said: “There are no easy solutions here but I believe that if we are to prosper and grow as a society and an economy we must build a consensus and make some big decisions in this area.”

‘”Do nothing’ would be to fail future generations,” he insisted. “I look forward to discussing these issues with colleagues in the Oireachtas and other stakeholders and building a plan that can deliver on our goals in this area.

The plan, which has been met with considerable criticism, will now be brought to the Oireachtas education committee.