EDUCATION: Sending the kids to University or College is an expensive task, and can be an extremely stressful time for families.
However, Letterkenny Credit Union have always been there for families, and their latest Student Loan scheme again reiterates their desire to help families send their children to third-level education.
In 2016, many families will see their child or children off to college for the first time, others will see their children return. For these families, this can be an extremely stressful time, as the cost of third level education continues to spiral, having a huge impact on family budgets and household spending.
Letterkenny Credit Union would like to remind our members that the credit union is here to help and have this week relaunched our student loan at 7.2 % APR* which can help families cover these costs.
According to 2015 ILCU research in the Republic of Ireland, 94% of parents were supporting their children financially through college, up from 74% in 2014. These parents were contributing an average of €453 per child per month to cover college related expenses. 72% of parents supporting their children through 3rd level education were struggling to cover these costs with 59% of parents getting into debt to cover college costs.
In 2015 €5,030 was the average debt per child per annum and parents were saving for an average of 8 years to put their child (children) through college.
Paul Hume Chairperson from Letterkenny Credit Union said: “The significant cost of third level education puts phenomenal pressure on both parents and students starting or returning to 3rd level education this year. The student registration fee combined with monthly rent and bills, books and materials, food and day to day expenses are a significant financial burden to many families.”
Paul added: “We are keenly aware of the huge financial burden which 3rd level education places on students and their families in. Letterkenny Credit Union is available to support both parents and students as they prepare for the academic year. We offer a very competitive student and education loan rate of 7.2%. We encourage anyone who is looking to finance their education or who simply want some advice on planning ahead or budgeting to call into their local credit union and speak to a member of staff. Planning ahead where possible is the best way to prepare for these expenses.”
Cost of Finance:
For a €10000, 5 year variable interest rate loan, with 60 monthly repayments of €197.80, an interest rate of 6.95%, a representative APR of 7.2 %; the total amount payable by the member will be €11867.97.
Information correct as at 19/08/2016
For further information please contact: Letterkenny Credit Union 0749124166,