All you need to know on student loans
26 Jun 2019
It’s no secret that students in Ireland are stressed about the cost of their third level education. Two thirds of students in our 2019 survey said third-level related finance and debt was their most significant worry.
A credit union student loan could go a long way towards alleviating this stress. But why exactly is a credit union student loan better than any other student loan? We’ll tell you exactly why!
A flexible student loan
Students may not know that credit union student loans are very different to loans from other financial institutions, and come with significant benefits. Not least, flexibility. When you take out a credit union student loan, the loan officer will work with you to structure the repayments in a way that suits your financial circumstances best. This means that you will never be under pressure with your repayments as they will be tailored to your student income and lifestyle.
If you find yourself in a situation where you cannot meet repayments, the credit union is willing to restructure your student loan repayments so they are easier for you to meet. Likewise, should you find that you can repay the loan sooner, you can do so without any financial penalty. This is not the case with other loan providers. Many credit unions also offer discounted student loans.
In short, a credit union student loan takes the stress out of the financial side of college, and you can focus on your studies and the fun aspects of student life!
An ethical student loan
Credit unions are not-for-profit, ethical lenders. They are community based and democratic. This means that people who are joined the credit union (the members) have a say in how the credit union is run and operated. When you take out a student loan, the interest you will pay is not making shareholders richer, but is going back into the credit union to help others just like you. See more information on how a credit union works.
When you submit a student loan application to a credit union, you can be guaranteed that your application will be reviewed fairly and in full. The credit union will always go above and beyond to grant your student loan, but will ensure that doing so will not put you under any financial pressure. They may also approve you for a larger amount of money if they feel that you the amount you have requested will not meet all your needs. But again, they will only do this when they are sure you will not be under any financial stress.
In short, a credit union student loan is the human way to get a loan.
A student loan for parents
It’s not just students who are feeling the pinch of third level education. Their parents also admit to being stressed over the costs. Our survey revealed that half are cutting costs on family clothing and goods to cope with third level costs. More than three quarters said they were struggling to meet all of the associated costs.
The good news for these parents is that there are also student loan options available from credit unions for parents of students. These loans are also offered with the same flexible terms as student loans, and like all credit unions, are straightforward with no hidden fees or admin charges. Parents who want to find out more about third level education or student loans can contact their local credit union.
While our blog has all the info on how to get a credit union student loan.
A student loan that benefits your studies
Or, Submit an Online Loan Enquiry
Our national research also revealed that the numbers of students saying they have to work to fund their third level education has increased in recent years. Three quarters now say said they have to take a job to cope with costs, compared with two thirds in 2017.
Having a student job can be a rite of passage and is not worrying in itself. However, what is of concern is that 55% of those working are skipping lectures to make extra cash. Students finding themselves in this situation, where their studies are suffering as they try to cope with costs, should weigh up their options.
Before committing to a time-consuming job that could impact on your studies and stress you out, inform yourself about a credit union student loan. This could be far more beneficial for you in the long run.
*ILCU 2019 Cost of Third Level National Research