Going to College? How a Student Education Loan could help with the cost

For many students and their families, heading to college or university is an exciting new chapter, but it can also bring significant financial pressure. From college registration fees and accommodation to laptops, books, transport and everyday living costs, the expense of third-level education can quickly add up. At South Dublin Credit Union, we understand that every student’s circumstances are different, which is why our Student Education Loan is designed to provide flexible personalised financial support for the costs associated with being a student.

If you’re considering getting a Student Education Loan but aren’t sure where to start, we’ve answered some of the most commonly asked questions to help you understand what the loan can cover, who can apply and how repayments work.

1.Who can apply for a Student Education Loan?

 South Dublin Credit Union offers Student Education Loans to our members who are students or parents/guardians of college going students. If you are not yet a member of South Dublin Credit Union please click here.

2. What can a Student Education Loan be used for?

South Dublin Credit Union offer Student Education Loans to cover all essential educational expenses from registration fees, accommodation, living and travel expenses to laptops and books or any education related expenses.

3. How much can I borrow for a Student Education Loan?

South Dublin Credit Union will allow you to borrow up to €100,000 for a Student Education Loan. We assess all loans on a case by case basis and will work with you and your personal circumstances to ensure you get a loan that covers all your Student Education requirements. If you have a certain amount in mind that you’d like to borrow, why not submit a loan enquiry to us here?

4. Can a student take out a Student Education Loan themselves or can a parent/guardian apply?

A Student Education loan can be taken in the student’s name, in which case we may need a parent or guardian to act as guarantor or the loan may be taken in the name of a parent or guardian. All loans are based on your ability to repay, not on your savings or how long you have been a member of South Dublin Credit Union.

5. How long do I have to repay a Student Education Loan?

The maximum amount of time a member has to repay a Student Education Loan is 5 years (60 months).

6. Can I top up my Student Education Loan if I have further costs next year?

Yes South Dublin Credit Union give you the option to top up your Student Education Loan in subsequent years after your initial loan, subject to our lending criteria, terms and conditions.

7. How much will my loan cost and what will my repayments be?

The low interest rate for our Student Education Loans is only 6.31% (6.5% APR).

Your loan repayments will depend on the value of your loan and over what time period you want to repay the loan. To calculate how much you could borrow for your personal circumstances and what your repayments will be check out our Loan Calculator.

For example if you want to borrow €10,000 and repay it over a period of three years (36 months) your repayment will be €306 monthly with total interest payable of €1,002 and a total repayable of €11,002.

8. What documents do I need to apply for a Student Education Loan?

The documents you need are . A passport or driving licence . A current utility bill, bank or credit card statement (dated in the last 3 months) . Your 3 most recent payslips or social welfare receipts . Proof of any other household income. Your bank statements for the past 3 months

Self employed applicants must prove that their tax affairs are in order and up to date by providing their most recent Notice of Revenue Assessment or a copy of their Form 11.

To avail of this special Student Education loan rate of 6.31% (6.5% APR) we may also require you to provide proof of college fees, equipment etc in addition to the above documents.

9. How do I apply for a Student Education Loan? 

Members can apply for a Student Education Loan via our Mobile App, our online banking service, over the phone on 01 288 4877 or in our office at 63-65 Lower Kilmacud Road, Stillorgan A94 AX71.

10. How long does it take to get a Student Education Loan?

We offer quick loan approval times with the bulk of our standard loans approved within 24 hours of all required correct documentation being provided to us.

11. Is a Student Education Credit Union Loan a better option than using a Credit Card?

Many people think using a credit card for student education expenses is easy and convenient. Credit card fees and interest rates however can be very high with some companies charging interest rates up to 22.9% APR. The interest rate on a South Dublin Credit Union Student Education Loan at 6.5% APR is much lower than credit card interest. We therefore recommend that to save money on student education costs that you avoid using a credit card to fund these expenses.

You can also pay back your Student Education Credit Union Loan earlier than agreed without any financial penalty. In fact, there are never any hidden fees or charges with a credit union loan.

If you need a little financial support to help with the cost of going to College, then apply for a flexible low rate Student Education Loan from South Dublin Credit Union today. Call us on 01 288 4878, contact us online here or drop in to our office in Stillorgan for any queries you may have on our Student Education Loans.

Terms & Conditions Apply. All loans are subject to approval. If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future. South Dublin Credit Union Limited is regulated by the Central Bank of Ireland.