Want the Best Student Loan Around? You Need a Credit Union Student Loan

Education 4 min read

21 Sep 2019

There’s no loan that can change your life quite as much as one that helps with your education.  And while we’re usually quite modest in the credit union, sometimes you just have to leave the modesty behind and tell it like it is. Quite simply, a credit union student loan is the best student loan you will find in Ireland.

As a student borrowing money, interest rates are hugely important. Literally every penny counts when you’re at third level. Credit unions understand this. That's why many credit unions offer discounted or low interest rates on their student loans. We want to make the cost of education just that little bit more affordable for you. After all, we’re all about making life easier!
 

Low student loan interest rates

There are so many reasons why a credit union student loan is the best type of student loan around, It’s not just because of the outstanding service offered to credit union customers (known as members), or the not-for-profit ethos, or even the range of benefits that come with credit union loans.  As well as all of that good stuff, credit unions are offering some of the very lowest student loan interest rates.

So, let’s take a look at some of the low student loan interest rates that credit unions are offering.

• Public Service Credit Union Ltd. has a standard loan rate of 8.35% but offers a 4.9% (5% APR) student loan interest rate. This means that a €1,000 student loan over one year with weekly repayments will see just €27 paid in interest.  Now that’s a seriously low student loan interest rate!

• Athenry Credit Union Ltd in Galway has a standard rate of 8.3%, but offers student loans at just 5.4% (5.54% APR). A €1,000 loan repaid over 12 months will see the student paying  just €29 in interest over the course of the loan.

• Rathmore and District Credit Union Ltd in Kerry has a 9% standard loan rate, but offers 6% (6.18% APR) interest rate on student loans. Again, a €1,000 loan with 12 monthly repayments will have an interest rate payment of €33.

There you have some of the discounted student loan interest rates on offer in just three credit unions. You can read our short blog on how to apply for a student loan for more info. Or,  for more detail on the interest rate offered on student loans by your local credit union, simply visit their website or send them an email to enquire.
 

Flexible Student Loans

When it comes to student loans, flexibility with repayments is hugely important. Many students will work during the summer months and might want to pay back their loan faster than originally agreed. And that’s not a problem at the credit union. Another four-lettered financial services provider that starts with a B (we don’t use offensive words in our blogs which is why we can’t actually spell it out) might well charge you a penalty for doing this. Your local credit union never will.   

Other students might struggle more financially at college than they thought, and might find that they can’t afford the monthly loan repayments. Again, there is no problem with the credit union. You can talk to them about restructuring the monthly repayments so they are easier for you to manage. There’ll never be a penalty for doing this either.

This flexibility, coupled with the low student loan interest rates on offer, really make credit union student loans the best in the country! You can send an online student loan enquiry to find out more about the low interest rates and other benefits on offer.
 

Local Student Loans

This is another factor to bear in mind when you’re thinking about credit union student loans. Credit unions are connected to their local communities in ways other organisations can only dream of.  Credit union loan officers love nothing more than hearing about someone they’ve helped with a student loan graduating from their course. That’s because it’s not about profits, targets or margins at the credit union. It’s about local people helping other people in their community to achieve their goals and dreams.

If you want to talk to your credit union about helping to finance third level education, you can contact your local credit union