• Skip to content
  • Skip to primary sidebar
  • News
  • Features
  • Opinion
  • Arts & Fashion
  • Photography
  • Health & Lifestyle
  • Cainte
  • Sports
  • Archives
    • Volume 24: 2022-23
    • Volume 23: 2021-22
    • Volume 22: 2020-21
    • Volume 21: 2019-20
    • Volume 20: 2018-19
    • Volume 19: 2017-18
    • Volume 18: 2016-17
    • Volume 17: 2015-16
    • Volume 16: 2014-15
    • Volume 15: 2013-14
    • Volume 14: 2012-13
    • Volume 13: 2011-12
  • About
    • Get Involved
    • Contact Us
    • Disclaimer
    • Privacy Policy

Student Independent News

NUI Galway Student Newspaper

Long-term student loans for Ireland suggests IMF

March 7, 2013 By SIN Staff

Students are no strangers to financial difficulty. The IMF has suggested that a loan scheme be brought into effect. Dominick Crosbie reports…IMF

As student fees continue to rise, along with lower cut-off points for the grants available, many students are struggling and face the possibility of having to drop out of college.

In the latest report evaluating Ireland’s performance, the International Monetary Fund (IMF) has suggested that, within the next two years, the government introduce a solution to the financial problems of students: a long-term student loan scheme.

These loans are the norm in the US and Australia. They allow students to repay loans through tax, when they are working and earning enough to afford repayments.

This is not the first time an “affordable loan scheme for tertiary education”, has been suggested. The Organisation for Economic Co-operation and Development suggested a sustainable funding model for higher education that could include student loans.

In a recent report, the Economic and Social Research Institution (ESRI) pointed out how much more Ireland spends on education than countries with the system, noting that Ireland was “in stark contrast to countries such as New Zealand, Canada, Australia and the UK.”

The Minister for Education Ruairi Quinn ruled out the idea back in 2011, pointing out that this scheme takes 17 years to become self-financing.

A spokeswoman for Minister said; “This issue has not been raised directly with [the Government].”

The IMF report does not specify whether or not the loan scheme would cover fees or the grant available to students whose families cannot afford to pay for third-level education.

Photo via digitaltrends.com.
SIN Staff
+ posts
  • SIN Staff
    https://sin.ie/author/sin-admin-2/
    Match Report: University of Galway Maree continue winning ways with victory over Moycullen
  • SIN Staff
    https://sin.ie/author/sin-admin-2/
    Flirt FM Galway Events Guide
  • SIN Staff
    https://sin.ie/author/sin-admin-2/
    Flirt FM Galway Events Guide
  • SIN Staff
    https://sin.ie/author/sin-admin-2/
    Shannon Airport and Ireland West Airport crowned winners of Age Friendly Transport Award

Related

Filed Under: National News Tagged With: banks, financial difficulty, IMF, loans, students grants

Reader Interactions

Primary Sidebar

Read our latest issue:

  • Facebook
  • Instagram
  • Twitter

Copyright © 2023 SIN Student Newspaper. All rights reserved.

 

Loading Comments...