What it might mean for our students of the future

• Name: Mary

Family background: Her father is a Garda, mother is a primary-school teacher

Educational background: Mary completed her arts degree three years ago.

Loan arrangements: Under the loan scheme, Mary borrowed €6,000 to complete her three-year course. Because of her parents' income, she did not receive any grants or other supports. She would have received a 25 per discount on her total fees bill if her parents had been in a position to pay the fees "upfront" - but they do not have that level of income.

Current status: Mary now works in marketing, earning €23,000 per year. Every month, four per cent of her salary goes to repay the loan. Mary tops up the levy with other payments. She hopes to close her loan account in three years.

How she feels: Mary is delighted with her job and grateful that her degree has delivered a great education and a decent job. Does not resent paying back the loan.

• Name : Barry

Family background: Father is a doctor, mother works as a manager

in a local hospital

Educational background: Barry followed in his father's footsteps; he completed a degree in medicine.

Loan arrangements: It was not cheap. Courses like medicine, law , dentistry and veterinary science are the most expensive under the Government's loan scheme. A loan of €4000 per year was required to do medicine. The good news is that Barry's parents were able to pay some of this up front; so his total fee bill was reduced by 25 per cent.

Current status: Barry has done really well. After working in his Dad's practice, he has just recently established his own. With luck, he could earn over €100,000 this year. The bad news is that he must repay six per cent of his annual income in return for the college. He hopes to top up the loan and finish off the whole business within the next year.

How he feels: Barry has 'done well and he has no strong views about the loan arrangements. One slight quibble; some of his friends who went to work in the US have

• Name: Helen

Family background: Father is an unskilled worker in a local

factory, mother works part-time in a shop

Educational background: Helen is the first of her family to proceed to university. Two years ago, she completed a business degree.

Loan arrangements: Helen was able to benefit from a Government access programme which targeted school leavers from her inner-city area. She availed of the generous new maintenance grants introduced by the Government to help widen access. Helen did not have to enter into any loan arrangements. She was given free fees.

Current status: Three years after graduation, Helen is doing well. She works in the human resources section of a US hi-tech company, earning over €30,000 a year when bonuses and share options are included. The only bad news is that she is now repaying some of the cost of her degree programme, but at a much lower rate than other students. About one per cent of her total income is clawed back.

How she feels: Helen is delighted with her situation. Better still, her brother has also gone to college.

• Name: Peter

Family background: Father is a college lecturer, mother works in

admininstration in another college

Educational background: Last year, Peter completed a science degree.

Loan arrangements: Under the loan scheme, science attracts a mid-range cost of €3,000 per year. This is broadly the same as courses in maths, computing and business. Peter secured a loan of €12,000 to cover the loan advanced to him by the Government.

Current status: With the economic downturn, Peter has struggled to find a job since graduation. He has worked part-time here and there, but since his annual income is less than €17,000, he is not liable for the levy on income. If and when he starts to earn some good money, he will be liable to pay four per cent of all income to the State.

How he feels: Peter is very fed up. His job prospects are not good and he remains saddled with a heavy debt. Once he gets a decent job, he will start saving for a new home with his girlfriend. But he will also have to start repaying that college loan. He much prefers the old free fees system.