The annual budget was released this year on October 1st by the Minister for Finance, Jack Chambers, but what is it that makes this budget relevant for Irish college students… What does this mean for them?
It is easy to get lost in the terminology and numbers when the budget is released and can be quite confusing for students to understand what it is that this budget actually does for them?
However it is something we should all be enlightened on, as these changes hold a level of impact for Irish college students.
For starters, students should keep an eye on a refund soon. As of this year there will be a reduction of €1,000 for student fees for the 2024/2025 academic year.
Further, the “Standard Rate Maintenance Grant income thresholds and Student Contribution Grant income thresholds for the Student Grant will increase by 15% (in September 2025).” This increase will allow further support for students and families. (citizensinformation.ie)
For Ireland’s post-graduate students, a contribution fee of €5,000 will apply. So if you are thinking of enrolling in a post-grad course, remember you can get financial support under the student grant scheme.
The “postgraduate fee contribution threshold will increase to match the new 100 per cent Student Contribution threshold of €64,315 (September 2025)”, meaning that the new income limit will now match that of the increased income threshold for under-graduate students! This raises even further support for post-grad students, and provides extra financial relief towards the next stage of their studies. (citizensinformation.ie)
Moving on to rent, any Irish college students who are renting may qualify for the renter’s tax credit. For 2025, the tax credit has been brought up to €1,000 for individuals and €2,000 for people who are civil partners who are treated as a single tax unit.
As the 2024 budget renter’s tax credit was €750, the 33.3% increase in 2025 now means that if students have paid rent in the year 2024, they will now benefit from the larger credit.
For Irish students who are working part-time or full time, the budget brings an increase in wages. The national minimum wage for people aged 20 and over will be raised by 80 cents, becoming €13.50 per hour. For those aged 19 it will rise to €12.15 per hour, and for those aged 18 it will rise to €10.80 per hour. The increase in minimum wages will be implanted on the 1st of January 2025.
Although these aspects of the budget will add some sort of relief to Irish college students, some believe it is simply not enough for the current state of the Irish economy.
Student representative Katie Halpin-Hill said to Breakingnews, that she believes the government has “failed” to address the key issue among many Irish college students in relation to the ongoing accommodation crisis.
“Of course the tax credit is welcome as it will put money back in students’ pockets but in terms of long-term measures to fix the accommodation crisis, it doesn’t go far enough.”, Hill said to Breakingnews. (breakingnews.ie)
With little to no implications towards the accommodation crisis that exists for Irish college students, we must wonder if the budget 2025 if in any means is enough for the benefit of students?