Third level education costs continue to take their toll on students in Ireland. New research shows that more than two thirds struggle financially while at college. Three quarters are working to cope with costs. A substantial 55 per cent are skipping lectures in favour of paid work. This is understandable when students living outside of home are spending €1,047 per month. Those living at home also spend a significant €738 each month.
The findings were revealed in a recent national survey on third level costs carried out by the Irish League of Credit Unions. Students reported that finance/debt issues are their biggest worry while at college. As many as six in 10 said these worries were having a negative impact on their experience at college (ILCU Cost of Third Level Survey 2019 ).
With finance such a huge aspect of third level life, many students or their parents will need to borrow to meet costs. It is important that they know some lenders are more prudent and cost effective than others. An Educate loan from Ballinasloe, Naomh Breandain, Loughrea, or Gort credit unions, for example, is a far less expensive way to borrow money for college than using the credit card or going to a moneylender. In fact, most credit unions will offer discounted interest rates on their student loans.
Credit unions want to do as much as possible to ease the financial burden of third level. That is why the new Educate loan pack, recently launched by the three credit unions, has an inbuilt flexibility feature. A popular loan with students and parents, it can be applied for online, in the branch, or over the phone. The credit unions are always happy to work with students to ensure loan repayments are structured in the best way possible for their circumstances. There are never any hidden payments or transaction fees with a student loan. Nor are there any penalties for repaying the loan early.
Credit unions will never recommend that the student borrows more than he/she can repay, or that the loan will put them in unnecessary debt. Credit unions are not-for-profit so the only motive is to help the student, and not to profit from their needs. The credit unions are encouraging students in the Galway area to get in contact if they need a loan to get them through college.
For further information contact: Ballinasloe Credit Union Limited, 090 9643179, www.ballinasloecreditunion.ie; Naomh Breandáin Credit Union Limited, 091 841773, www.naomhbreandancu.ie; or Gort Credit Union Limited, 091 631 250, www.gortcreditunion.ie
