Need to save for school / college

Hi there,
I may need to send my son to Institute of Education. Fees are expensive so I need to start saving. He'd be starting in 1.5 years. Think it's 12k a year so I need to start savings and then to be able to withdraw it then.

Was hoping to get at least half of it saved in advance and then pay the other half as he goes So say save approx 400 a month now and then have around 6k by September 2026.

I am with Bank of Ireland.

Any help for what savings account to use would be appreciated

Get the exact figures of what it costs. Look to see what you can afford to put by monthly until then. If not in a credit union consider joining one as I believe some offer preferential rates for educational loans.

The amount of interest gained in 1.5 years will be nominal and won't make much of a difference. You may get a better rate with Raisin but you have to go through the anti money laundering regulations, set up a new account and then file and pay the DIRT received by the higher interest paying bank in another country. And what will the gain be? €20 maybe? Or you can open a regular saver on the Bank of Ireland app on your phone and start saving in minutes.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

To save, I would review all your expenses (perhaps use a money diary).
In terms of education, you said "you may have to"...
Perhaps try to identify the reasons why you would think you have to make that choice, what can be improved in the next year and half with for example additional help and support... A lot of standard schools also achieve good results if the student is focused.
The reason I say that is that really, it's only the start of expensive educational years. University years can be costly even when the student lives at home. The fees, transport solutions (we quickly discovered that the bus and the 3.5/4 hours commute involved was not really a long-term option), the computer and other things needed add up quickly while working is not necessarily feasible for students at least during the terms. I evaluated the costs at 6k before the budget fees reduction and with very limited extras.

I'd be inclined to concur with Premos on this. In all honestly, if you haven't already got the readies to pay for what is a grossly expensive LC grind school for priveliged students then it's a bit of wishful thinking pipe dream at this stage (Presuming it is the Dublin Institute we are talking about rather than the 3rd level institute connected to University of London?). Undoubtedly the USP of the IOI and what draws students with well heeled parent to it, is it's guarantee of LC success and third level entry qualification. But if it's the case that you don't have the readies in hand to fund that, then how on earth are you going to fund third level education going forward? And if the aim is not to get to third level then what exactly is the point of going to IO?

It also begs the second question of what do you feel is forcing you in this direction? Is the present secondary school not adequate and if so would the less expensive option of supplementary grinds not suffice and if your child is not succeeding in the current secondary school arrangement, what is the guarantee that they would equally succeed even in the IOI?

OP just a thought experiment. I am making an assumption that your child wants to get into a high points course and therefore probably highly paid career. Can you offer to fund the grind school on the basis that they repay you when they start earning the big salary that's ahead? That should focus their thoughts on why they might need this investment in their education and might make them reassess if they can achieve it in their current school with a change in routine.

I have no doubt that the grind schools students achieve the high points as they are entirely focused on academics and their students are all highly focused and have plenty of supports at home to enable their success (eg not having to work a part time job, not having to care for siblings, private study space etc). But it can only go so far if the core motivation is not there.

They are many reasons parents chose to send their children to grind schools. It is not a ‘rounded’ education and as our points for entry to 3rd level are not either it is what it is.
My experience of the grind school in D2 is the notes break down the syllabus. Adverts.ie on any given day have young entrepreneurs selling their notes.
One to one tuition for certain subjects is best obtained from a high achiever from last years LC. They still have their notes. It is still fresh in their minds and can relate to another young person.
Points to bear in mind are the class sizes are akin to lecture halls. The maturity of the student should also be taken into consideration. If they are part of the cafe culture it will not be for them.
Wishing the OP the best of luck.

My experience on the notes: in some subjects the notes are in such quantities that they become irrelevant. One of my children took additional grinds with one of these grinds school. He received so many notes that he simply didn't go through them. We sourced a couple of books that ended up being more useful. That same child would appear to be a high achiever on paper if you looked at his LC results. I don't think he would be able to help anyone to achieve better grades and he would say so himself.

Thanks for all replies. Like many things in parenting there is no perfect answer.
My preference was for a community school - as I prefer that model. So he is currently in 3rd year in local community school. However, community schools are mixed some are good some aren't so and just more about crowd control. It can depend on your class and your teachers. I agree a really driven and really smart child can get 640 points no matter what school they go to but most aren't.

I estimate - there's a swing about 50 - 100 because of the school. But it's not just points. You need to find something you actually like. That can be harder if you are in an environment where the teachers / school / culture don't help you. It can also dent your confidence.

So Plan A is community school all the way and I need to save for a Plan B which will be switch over to institute school. Need to start the saving now so I have some of the money should it be needed. If it isn't it will go to college funds. If it is, well then better to have something saved then going back to bank.

Thanks a mill everyone! Happy parenting.

If he is in third year, is there a chance he could transfer to another school ?
Yes smart kids can get 625 points no matter where they would go but being driven is also require to succeed at the Institute of Education. I would say the choice of options and subjects are also absolutely key. Some subjects (particularly practical) might not be available in the Institute of Education and might be interesting to your child.
The Institute of Education is something to consider anyway.
To finish, at the middle of the third year, Leaving cert is still a long way. Results change when students begin to develop interest, maturity and motivation to reach their goal. Sometimes they absolutely surprise you in a good way.

Can understand your concerns, but think about it another way.

First off, additional one-to-one tutoring for a couple of months esp in 5th year will often pull up a grade or so. And even if final LC points aren't where they need to be, there's always an alternative route.

Yes it might add on a year or so to getting that primary degree, but honestly that's often just as well. A rounded education is as much about maturity as it is about exams.

Bear in mind that high demand courses can often end up in a lottery; which I personally think is a shocking kick for young people who've worked so hard.

Plan A is stay local - instead of grinds, do institute revision courses
Plan B is to 5th and 6th year institute - no grinds
Plan C - if can't afford institute for two years just do 6th year

I am beginning saving now incase something happens.

I don't care as much about 625 points, but say let's say you discover a passion for Chemistry and it leads to something. Study it at third level and who knows become a passionate Chemistry secondary teacher. It's not really about getting into medicine or law. Can't see either of kids going those routes.

I loved Maths and ended up in IT. I am good at it. But I hate the company politics and bureaucracy. At times I wish I had more education so I could switch out of it, into something else. For example, Lecturer. Also, in school I wish I could economics but it clashed with something else I wanted to do, so I ended up doing Geography and it was a waste of time and I gave it up. I also did Applied Maths but teacher was really poor so I completely underachieved in it.

Son is an A / B student, feedback from teachers is good but I am not seeing a passion. Sometimes you need a spark from peers, or from a teacher, or from an environment or from someone you just fancy - just something.

Anyway, let's see thanks for all the advice. Really appreciate it.

It will be as much say as it will be mine.

The implied suggestion that schools don't make much of a difference is just wrong. Schools make a big difference.

The culture in The Institute is that all the students there want to do well and it's competitive so they drive each other on.

In some schools, the students aren't that motivated so it's demotivating for a driven student.

So if he is a school which is not that motivating, moving to the Institute is a great move.

Put your savings in a Credit Union as @niceoneted suggested. The ability to get a loan may be much more important than getting an extra 1% on a deposit in the meantime.

Brendan

I know from having a child in a reasonably good secondry school and studying for the leaving at the minute, a lot comes down to the teacher. She's taking grinds in one subject as her teacher is utterly useless and indeed most of her class in that subject are taking grinds. So it may be that you need to focus on subjects rather then the overall solution

TBH I would not invest that amount of money in the Institute if my child wasn't chasing the top end of points, otherwise they might not thrive there. I would focus my efforts more on support where they need it eg a language course, specific subject grinds. And consider that performance can be enhanced by out of classroom activities like friendships, extra curricular activities and sports too.

We had some great and some woeful teachers, as most do and the truly dedicated students just got on with it...these days most LC students are already 18 so hopefully mature enough to work as hard as they need to for what they want. And those that didn't perform well in the LC mostly went on to do great things in their lives too, just not the LC->college->job route.

Tim Robbins said:

Son is an A / B student, feedback from teachers is good but I am not seeing a passion

Click to expand...

Your son is young, he has decent results, the passion might or might not come even in the institute. Is he planning to do TY? I had mixed feelings about this year. It can be the opportunity for youngster to discover a world outside school and give them ideas in terms of path. However, I think that for it to be positive, an active role needs to be taken in researching opportunities available.

misemoi said:

I would not invest that amount of money in the Institute if my child wasn't chasing the top end of points, otherwise they might not thrive there.

Click to expand...

I would agree with that. The pace is quick, the demands are high.

Agree on TY. I have heard of some kids using it to do a language programme for eg. And there are loads of volunteer opportunities and work experience. You get out what you put in. My 2 week stint in a primary school led me down an entirely different career path for example!!! So it can also help you to try out and not like something as well.

misemoi said:

Agree on TY. I have heard of some kids using it to do a language programme for eg. And there are loads of volunteer opportunities and work experience. You get out what you put in. My 2 week stint in a primary school led me down an entirely different career path for example!!! So it can also help you to try out and not like something as well.

Click to expand...

DCU do a programme for TY students where they do 1 day a week on campus for a term doing what in effect is a paired back module of a degree course with other TY students, it's a great way for someone to dip their toes into a course and also get an idea of what Uni life is like.

Lots of programs available around in DCU, Trinity, the public services, online workshops... But most of the research needs to be done by yourself. My eldest did lots of things outside school planning (3 days in a university, 3 days with the Garda, a couple of stem workshops in addition to his placement and courses organised by the school). Some third level courses that he was interested in didn't appeal as much as he thought and decided on the course he is now after his work experience and workshop in a university. As he knew what he wanted to do, he was extremely motivated during 5th and 6th years.

And this next generation have so many resources that simply were not available to prior ones. Outside of education, travel is cheaper, information is more accessible, and they probably have within their, or more likely their parents networks, people in all types of careers they can speak with, thanks to our booming economy and the highly skilled roles available in Ireland. I would nearly start there if your child has expressed any kind of interest or inclination eg languages, science or maths skills. See who you know who they could chat to about potential careers and then research routes. Not all of them are accessed by the LC.