3rd Level Fees Cut - Budget 2022

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fayf

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Reported on rte:
“There will be a €1,000 cut to third level fees this year and a €500 cut for 2023 subject to a family income cap of €100,000 annually.”

Assume 3rd level college will have to receive a confirmation from Revenue to apply credit to eligible students, so possible issues, linking student, up to the parents paying for it.

Is this based on Taxable pay, (eg after Pension deductions), or USC’able pay(eg before Pension deductions) ?
 
Heard this on the radio and thought finally a break.Now I see a cap of 100k (combined family income) which is not a lot in the greater scheme of things with (husband and wife working) and rules me out completely.
 
Knuttell said:
Heard this on the radio and thought finally a break.Now I see a cap of 100k (combined family income) which is not a lot in the greater scheme of things with (husband and wife working) and rules me out completely.
Click to expand...
You might think differently in this middle class echo chamber,but yes 100k.a year is a lot.
"Nearly two thirds (62.6%) of Irish households had a gross income of less than €60,000 in 2016. In contrast, only 14.1% had an income above €100,000.."
 
vandriver said:
You might think differently in this middle class echo chamber,but yes 100k.a year is a lot.
"Nearly two thirds (62.6%) of Irish households had a gross income of less than €60,000 in 2016. In contrast, only 14.1% had an income above €100,000.."
Click to expand...
That's an interesting statistic, one I was unaware of. Thanks for highlighting.
 
Its not a lot at all.

I hope this is a rumour.

(Hardworking parents funding 2 hardworking sons in university)
 
Apologies, this year is ok, 1000 off for all students.
Its 2023/24 thats setting the income cap.
Great news.
 
Very disappointed. Single parent who has worked extremely hard to advance in my career often at the detriment of family. I'll have three in 3rd level next year with no reduction in fees next year. Every cent over the last 20 years has gone on childcare, mortgage, health insurance, and saving for college fees. €250 reduction p.a. per student would have been fairer.
 
vandriver said:
You might think differently in this middle class echo chamber,but yes 100k.a year is a lot.
"Nearly two thirds (62.6%) of Irish households had a gross income of less than €60,000 in 2016. In contrast, only 14.1% had an income above €100,000.."
Click to expand...


SILC 2021 data on household gross income, incl social transfers

6th decile = 1,223 pw or 63.5k pa

7th decile = 1,511 pw or 78.5k pa
 
On a related point, anybody know if the €500 tax credit for renters is of benefit to non-tax paying students, i.e., can their parents avail of the credit if the parents are coughing up the rent?
 
Protocol said:
SILC 2021 data on household gross income, incl social transfers

6th decile = 1,223 pw or 63.5k pa

7th decile = 1,511 pw or 78.5k pa
Click to expand...
An interesting statistic would be the income (dual or single) of families with college age children. That tends to be peak earning ages.

Age - CSO - Central Statistics Office

www.cso.ie www.cso.ie

Here's one 2018 stat which if I cherry pick some data, says that males aged 50-59 earn 1059 and females 40-49 earn 758 in mean income. That's a mean of 94,000 in dual income in 2018. Median for that group of dual incomes would be 74k.

I expect we'll see the anticipated cost somewhere so should be able to work out how many people the DoF expect this to benefit.
 
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