With third level education costs continuing to spiral in Ireland, the financial pressure of putting a child through college continues to take its toll on household budgets. A national survey in 2017 found that eight in ten parents said they struggled to cover the costs of their child’s third level education. The study, commissioned by the Irish League of Credit Unions (ILCU) also found that one third of parents report money concerns to be their biggest third-level-related worry.
For students themselves, financial issues are also a huge concern. The same study found that six in ten reported money issues and debt to be their biggest concern while at college. Two thirds of students said financial worries were negatively impacting their overall college experience, while 66% said they were working through the college year to help make ends meet.
Ciaran Haran Chairperson from Letterkenny Credit Union said: “College is an exciting time for students and parents alike, but at
Letterkenny Credit Union we understand that it can also be a stressful time. It can place a huge financial burden on the household. Indeed the 2017 survey showed that 75% of household budgets have been adversely impacted by college registration fees which can be as high as €3,000. We would really encourage any parents and students struggling to cope with third level costs to talk to us here at Letterkenny Credit Union where our friendly staff are on hand to assist with budgeting guidance or can chat to you about our great value student loan.”
Ciaran continued “Our student loan is typically approved within 24 hours, and like all the loans we offer, there are no hidden fees or transaction charges, and no penalties for paying a loan back early. We are also happy to offer the loan to brand new members, or those members who might not have interacted with us for years, as well as our existing members.”
** 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 €11,869.21 Information correct as at 16/7/2019
For further information please visit our website: www.letterkennycu.ie or contact Letterkenny Credit Union on 0749102126 or email : loans@letterkennycu.ie
