It’s about this time of year that many young Irish people and their parents start to turn their attention to University and getting prepared for what is an exciting new chapter in a young person’s life. However, as well as the excitement there can be quite a lot of stress for parents when it comes to finding the money to pay for college.
In recent years approximately 90,000 3rd level students per year have been paying fees for the privilege of attending college. Approximately a third of these students have had a tax rebate claimed for the fees paid. Therefore, it is obvious from this that there is a serious under-claiming with most of the fee payers not making the requisite tax rebate claim.
What is the tax rebate entitlement? Relief is provided at a rate of 20% on a maximum of fees per student per course studied. This applies to certain part or fulltime undergraduate and postgraduate courses at certain designated 3rd level institutions. It is important to note that there is no relief for the first €3,000 (in other words there is no relief on the student contribution charge) but for any subsequent fees the relief is applicable.
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