Ireland Education Minister announces relief for parents paying for their children's housing

As per the new Ireland budget, parents can now save the rent tax credit on their student children's housing. Widening the rent tax credits to parents for paying for their kids shared student housing will bring a lot of relief and help them save a little more. This news came out when the Higher Education Minister, Simon Harris, said that the parents can save €1,750, which they can claim €750 rent credit for 2024 and backdated payments of €500 for both 2023-22. Furthermore, he stated that the tax break will benefit the higher and third-level education sectors. 

Adding to that, the USI (Union of Students Ireland) has warmly welcomed some of the major steps included in the 2024 budget. One of the widely applauded steps is the reduction in the student contribution to tuition fees by €1,000, down to €2,000. 

Additionally, families earning less than €100,000 can claim an additional discount of €500. However, USI also stressed some of the loopholes in the budget, such as the budget failing to handle the significant student accommodation shortages. It further noted that the budget needs to take into account the medium to long-term challenges faced by students. 

Harris further praised Finance Minister Michael McGrath for making this move, extending the budget, and thinking about the parents paying rent for their student children. "So that means someone who has a child in digs for the three years is 1,750 euros better off as a result of the budget just in relation to that rent aspect," he said. We are looking forward to how this move will help the parents save up a little on their children’s housing rent.