Reform could see graduates paying €25 a week in 15-year loan scheme
College graduates could face loan repayments of around €25 a week over 15 years as part of major reforms to the third-level funding system.
A draft report, seen by the Irish Times, recommends the introduction of a new income-dependent loan system, higher maintenance grants for students from low income families and more contributions from the State and employers.
Graduates would begin to pay back tuition fees once their income reaches a maximum level.
The report estimates that the scheme could yield an extra €1bn for the third level sector.
The findings are in a confidential 70-page draft report called "Funding Irish Higher Education: A Virtuous Circle of Investment, Quality and Verification".
The report recommends that interest should be charged on State-backed student loans at a rate lower than the cost of commercial borrowing, allowing for “very affordable” repayments.
