Dáil Éireann Debate, Wednesday - 17 September 2014
1406. Deputy Pat Deering asked the Minister for Education and Skills if she will consider reviewing the funding model for third level education with a view to introducing a UK-style student loan system, whereby the money would be paid back to the Exchequer from future earnings, in order to help those families which earn more than the grants threshold but which are not in a position to fund their children's college expenses. [34237/14]
View answerUnder my Department's student grant scheme, eligible students may receive funding towards maintenance provided they are attending an approved course at an approved institution as defined in the scheme. In addition tax relief is available for tuition fees. Full details of this relief are available from the Revenue Commissioners.
Following discussions with my Department, with support and advice from the National Treasury Management Agency, a specific loan initiative was introduced by Bank of Ireland in 2012 to provide finance for fees and living costs for postgraduate students. While developed in conjunction with the Department of Education and Skills, it is a Bank of Ireland product and further information on the terms and conditions of the loan is available from the bank.
A number of financial institutions offer loans to assist students with costs associated with their studies.
I have no plans at present to depart from the current funding model for third level education.
