BUDGET DAY - WHAT UCD STUDENTS NEED TO KNOW
So what’s that all about?
The Irish government's annual budget is basically a big financial plan that outlines how the country will manage its money for the next year.
After months of hearing from various sections of society and internal discussions, the final budget is reviewed, debated, and approved by the Oireachtas (Irish Parliament).
Everyone has an opinion and some voices get listened to at the expense of others, but more on that later!
What’s in this year’s budget for students?
Student Finance
Students from families with an income of less than €100,000 will have college fees for undergraduate students halved to €1,500. Others will see college fees for full-time UG cut by €1,000. From September 2024, student contribution fees will be abolished for all incomes under €55,924
Student grants will increase by €300 from January 2024; meaning the highest student grant will rise from €6,971 to €7,313. Postgraduate maintenance grants will be fully restored for the next academic year for the first time since the financial crash.
SUSI grant increase on non-adjacent maintenance by €615. Adjacent rate to increase by 10%.
€60m will reportedly be allocated to “address sustainable funding” of higher education, as well as increasing capacity for medicine places.
An additional €8.1 million will go to the Student Assistance Fund, bringing the total to over €17 million.
Nothing has been said yet in relation to increasing IRC/SFI stipends for PhD researchers. Minister Harris has indicated that there may be information to come on this at a Budget Briefing on Thursday 10 October.
Accommodation/Housing
The rent tax credit will be increased from €500 to €750. Reports suggest that parents who pay for their child’s tenancy will also be allowed to claim the credit. Landlords will benefit from a tax break worth between €600 to €1,000. It will go up every year they stay in the market up to 2027. The full year cost of income relief for landlords €160m, while the cost of the expanded rent credit is €88m.
Parents who pay for their children's rental accommodation in the case of rent a room accommodation or "digs" are now eligible to claim the rent tax credit. This change will also apply retrospectively to the years 2022 and 2023.
No change to the ‘Rent a Room’ Relief Scheme Criteria and no sign of ‘digs’ regulation to protect vulnerable students.
Nothing has been said in relation to the provision of on-campus or affordable, purpose built student accommodation.
Student cost of living
Minimum Wage increased to €12.70 per hour (up by €1.40).
No clarity on whether the Government will abolish sub-minimum wage rates for workers aged 17, 18 and 19.
50% public transport fare cut for young people will be extended to 25-year-olds.
So what next?
Sure, there are a few tidbits that will relieve some of the pressure on some students. Budget measures present the Government with choices and we feel that students have not been adequately listened to on this occasion.
Minister Harris has indicated that there may be information to come on this at a Budget Briefing on Thursday 10 October.
From what we have seen so far, there is no doubt that some of the measures will do some good for some students and young people, but signs are that this budget won't be a genuinely student-friendly budget, will not unlock the potential of students by way of a pathway to genuinely affordable student housing, and a core ask of the student movement - implementing measures to protect students living in digs appears to have not been addressed.
UCDSU would have preferred to have seen the funding shortfall in the Higher Education sector addressed once and for all rather than the staggered approach, so as to ensure quality for students in the system right now.
Lastly, while Thursday's briefing may reveal more, that there was no specific announcement for PhD research stipends today has laid the grounds for further disappointment.
When the budget doesn't speak directly to us, we have to keep building the pressure.
Registering to vote - Make a difference by being part of the biggest student voting bloc in the history of the state at the next elections. We will be doing this all the way in the run up to the next Local, European and General Elections. Follow this link to make sure you are on the register.
But it’s not all about election time - Stay informed and speak out. Discuss pressing issues with fellow students, educate yourselves, and together, let's amplify our voices to make a real impact on student concerns. Empower change, make the student voice resound louder than ever.
