Tuesday, October 23, 2012
For Immediate Publication
Cork’s local economy is set to lose an estimated €33,167,630 over the next four years due to college fee hikes and cuts to the student maintenance grant.
Students and parents who are forced to absorb the harsh fee increases and grant cuts being planned by the government will be left with significantly reduced disposable income, which will have a direct effect on local businesses in Cork.
This issue will be discussed Thursday evening at USI’s Public Meeting on the Cost of College. The meeting will take place at 8pm in The Imperial Hotel and all students, parents and local business owners are invited. Fine Gael TD Jerry Buttimer has confirmed that he will attend.
There are currently 12,578 undergraduate students attending UCC and 6,000 in CIT. 26.2% (3,295) of students in UCC are receiving a maintenance grant while the remaining 73.8% (9,283) pay full fees. In CIT, 60.2% (3,612) receive a grant while 39.8% (2,388) pay full fees.
The Minister for Education, Ruairi Quinn, has already increased fees by €250 and said that he intends do the same this year and every year until 2015, when fees will be €3,000.
University College Cork
Year-on-Year loss to local economy due to grant cuts
Year 1: 3,295 x €59 = €194,405
Year 2: 3,295 x €118 = €338,810
Year 3: 3,295 x €177 = €583,215
Year 4: 3,295 x €236 = €777,620
Total loss to local economy due to grant cuts: €1,894,050
Year-on-Year loss to local economy due to fee increases
Year 1: 9,283 x €250 = €2,320,750
Year 2: 9,283 x €500 = €4,641,500
Year 3: 9,283 x €750 = €6,962,250
Year 4: 9,283 x €1000 = €9,283,000
Total loss to local economy due to fee increases: €23,162,500
Total loss from UCC students: €25,056,550
Cork Institute of Technology
Year-on-Year loss to the local economy due to grant cuts
Year 1: 3,612 x €59 = €213,108
Year 2: 3,612 x €118 = €426,216
Year 3: 3,612 x €177 = €639,324
Year 4: 3,612 x €236 = €852,432
Total loss to local economy due to grant cuts: €2,131,080
Year-on-Year loss to the local economy due to fee increases
Year 1: 2,388 x €250 = €597,000
Year 2: 2,388 x €500 = €1,194,000
Year 3: 2,388 x €750 = €1,791,000
Year 4: 2,388 x €1000 = €2,388,000
Total loss to local economy due to fee increases: €5,970,000
Total loss from CIT students: €8,101,080
Total loss to the local economy in Cork due to fee increases and grant cuts: €33,157,630
John Logue, President of the Union of Students in Ireland said:
“These figures illustrate how cuts to the third level funding have a hugely detrimental effect on local economies. The hardhsip caused by fee increases and grant cuts isn’t isolated to students and their families, it effects the entire community. The thousands of students who populate college towns sustain business both large and small. Landlords, shop owners and other business proprietors rely on these students to maintain a healthy turnover. We are encouraging everyone to attend tomorrow evening’s Public Meeting on the Cost of College because Cork can’t afford to have its students targeted anymore by a Government that is denying the youth of this country the same opportunities that were promised to previous generations.”
For more information contact USI Media and Communications Executive, Ronan Costello, on 085-1164263 or email firstname.lastname@example.org