Third-level students living away from home will need well over €1,500 each month, or more than €14,000 to get through an academic year, new research suggests.

The cost of living study for 2023/24 from TU Dublin suggests that rent makes up the largest portion of the €1,566 that students living away from home can expect to pay out each month, followed by utilities, food, travel and other expenses.

For students living at home, the monthly cost of living is projected to be €701, resulting in an annual total of €6,309. The cost of utilities, food, travel and other expenses contributed to this estimate.

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While the student rental market has undergone significant changes over the past three years, influenced by factors such as the increased availability of purpose-built student accommodation, inflation and the lingering effects of the Covid-19 pandemic, rent remains the largest difference maker for those living away and at home.

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However, rents seem to have marginally stabilised in comparison to in previous years.

“We release this cost-of-living guide every year to help students and their families prepare for the financial costs associated with third-level education,” said Dr Rachel O’Connor, deputy head of student support at TU Dublin.

“While these costs are undoubtedly high, it is important to note that approximately 40 per cent of students receive higher education grants, with SUSI covering their Student Contribution Charge.”

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Dr O’Connor encouraged students and their families to investigate the various schemes on offer to support them at university, whether Government incentives such as rent relief, or supports provided by third-level institutions such as laptop schemes, bursaries, scholarships and other financial supports.

“We have facilities on campus for students to make and eat their own lunches, and there are travel discounts available,” Dr O’Connor said of TU Dublin. “We advise all students to look into these possibilities to make sure they are getting the support they require to succeed at TU Dublin, and we will support whatever way we can.”