Credit Unions Student Loans

Starting college is an exciting time in any person’s life, and often marks the beginning of your financial independence. Part of the fun of being a student is learning how to make ends meet – no matter how limited the means may be.

For most people, the transition into third level education is a major change. Whether you're living at home with your folks, in lodgings, an apartment or a house-share, it means a whole new way of living. You have more choices to make - when to work, when to have fun, how to look after your money. For this important time in your life, your credit union is here to help you. A credit union student loan can help you in many ways. Fees and books for example or living expenses, particularly for those going to college in another area.

Every credit union is owned by the members – the people who save with and borrow from it.  People like you. When you become a member and start saving with your credit union you have access to fair and reasonable rates on savings and loans. But there’s another reason why saving with your credit union is a good idea.  Your savings contribute to your credit union’s loan fund.  So your savings are helping other members.  Members like you.

Your credit union doesn’t make a profit.  Surplus income generated is returned to the members by way of a dividend or loan interest rebate or is directed to improved or additional services required by the members. So, whatever you’re saving for – a car, school or college fees, or just a rainy day – your credit union will give you a fair deal.

Why is a credit union student loan better?

Before taking out a loan of any kind, it's worth taking the time to understand how lending works. That way you can compare the benefits and be aware of the risks. Here are some of things that make a credit union loan different:

  • Loans are insured (subject to terms and conditions) at no direct cost to the eligible member.
  • No hidden fees or transaction charges.
  • Fair and resonable interest rates.
  • Repayment terms to suit your particular circumstances.
  • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!


How much does a credit union student loan cost?

Some financial institutions try to attract students by offering short term gimmicks to open an account or offer an interest free period on a loan before a higher rate kicks in. This is not how credit unions operate. Credit unions offer loans at fair rates with flexibility to meet your needs. Your local credit union can give you details of their current student loan interest rates. 

What about repayments?

Because credit unions represent the members who save and borrow with them, you’ll find your credit union is very flexible.  Your credit union can help you with a repayment plan which suits you.  If your circumstances change and you want to alter your repayment plan, your credit union is there to help.  It’s also worth remembering that you can repay your loan in full, at any time, without any penalty or additional charges.

Find your local credit union

To make the wise choice for student loans, talk to your local credit union. To find your local credit union, click on the credit union locator.


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