A recent study released by the Irish Universities Association indicated that international students contribute €386m to Irish economy annually from out of the Irish universities’ total yearly contribution of €8.89 billion.
Indecon, an independent Irish economic research organization, released these figures based on research conducted on Irish universities. It indicated that in the 2017 to 2018 period alone, an estimated 16,701 full-time International students are currently living in Ireland.
The study also noted the significant increase in the number of students enrolling for a university education which correlated with the demand for more highly-skilled employees in the Irish economy. It also highlighted that university graduates generate an income premium significantly beyond those with no third-level education and have consistently lower unemployment rates, even during the recession years.
It further reported that the average lifetime net premium for an undergraduate degree holder is €106,000 while graduate degree holders’ net premium ranges from €146,000 to €222,000 especially for those with PhDs.
The Higher Education Authority also reported that 23,127 international students are enrolled in publicly-funded colleges in the last academic year, up from 19,679 two years earlier.
“The number of international students in Ireland is continuously growing,” says EduCo Ireland SVP Jacob Kestner, “especially in light of the best return on a student’s investment.”He points out that with the cost of living being moderately low (€10,000/year or AUD15,900/year), international students can come to Ireland to study and work for 20 hours a week or 40 hours a week on term breaks to help defray their expenses. They can also take advantage of the stay-back option and work after they graduate.
(Sources: Irish Universities Association, Indecon)