Going to college this September? Here, the team at the Letterkenny Credit Union explain the options they have for affordable student loans:
With third-level education costs continuing to spiral in Ireland, the financial pressure of putting a child through college has taken its toll on household budgets. A 2017 Irish League of Credit Unions Survey revealed that money issues were the biggest concern for one-third of parents of college-going children.
Eight in ten parents surveyed said they struggle to cover the cost of third-level, while 75% of parents said increases in college registration fees had adversely impacted household budgets. Well over half, 56%, said they particularly stressed over rental costs.
Letterkenny Credit Union has always been on hand to assist parents in the Letterkenny area with meeting these costs. They offer a student loan at a very affordable 7.2% APR**. The loan is typically approved within 48hours and Letterkenny Credit Union is always happy to work with their members to ensure repayments are structured in a way to suit every individual situation best. There are no hidden payments or transaction fees, and the loan is less expensive than using a credit card or moneylender.
Paul Hume, Chairperson from Letterkenny Credit Union said: “We are keenly aware of the huge financial burden that third level education places on students and their families in the Letterkenny area and we would encourage parents and students alike to contact us.
“We know from the national credit union survey that parents are saving for an average of eight years to put their children through college. 68% of students were working during the college term to help make ends meet. We understand that because of the significant costs, many may have no option but to borrow. We would really encourage them to talk to us about our education loan in the first instance.
“All members are welcome to apply for the loan, including brand new members and those members we may not have seen in a long time.”
*ILCU Cost of Third Level Survey 2016
** Cost of Finance
For a €10,000, 5 year variable interest rate loan with 60 monthly repayments of €197.79, an interest Rate of 6.95%, a representative APR of 7.2%, the total amount payable by the member is €11,867.24 Information correct as at 12/6/2018