The warning follows a new study which looks at the possibility of a Government-backed loan to help students pay for fees.
The Cassells report, shows how the loans might work – if they're introduced.
The 'study now, pay later' proposal would mean no up-front fees, instead students would repay up to 40 euro a week, once their incomes have reached a certain level.
Education consultant John Walshe says it's crucial we find a way to fund the college system.