As the new college year begins, many parents will be concerned about how to cover the cost of their child's third level education.

A survey by Zurich estimates that that the average cost of third level for students living at home is €4,600 per year.

For those living in student accommodation, this figure is much higher.

Just 44% of students qualify for a grant, and the survey also found that roughly four out of ten parents get into debt as a result of sending their children to college.

Charlie Weston, personal finance editor with the Irish Independent, joined us to give some advice on easing the financial pain.

When it comes to taking out a loan, Charlie recommends credit unions as they often offer good rates. He also advises being wary of interest-free loans from banks and student credit cards, as students will often have no experience of managing money.

There is also tax relief available for parents who have two children in college at the same time.

Listen to the interview in full by pressing the play button on this page.