With third level education costs continuing to spiral in Ireland, the financial pressure of attending third level continues to take its toll on students and annual household budgets, according to the Eurostudent VI study published earlier this year. Over 20,000 Irish higher education students participated in the study, the sixth report of its kind which aims to assess how students experience university life.

More than one-third (about 36%) of the total student population said they are experiencing serious or very serious financial problems, and the degree to which they are experiencing this appears to be related to their age. Older students were more likely to experience financial difficulties, with 42% of students over the age of 24 saying this is the case for them. Accommodation was the largest single expenditure which accounts for over 40 percent of all expenditure, and the average spend on accommodation was €365.

The figures also reveal that for full-time undergraduates and all postgraduates the distribution of costs is now less likely to be borne by the students themselves; there is a greater reliance on parents or partners.

Here at First Choice Credit Union, we have always been, and will continue to be on hand to assist parents in the Mayo area with meeting these costs and offer their student education loan at a very affordable 6.5% (APR 6.71%*). Loan terms are structured in a way to best suit every individual situation. There are no hidden payments or transaction fees, and the loan is less expensive than using a credit card or moneylender.

For a €3,000, three year variable interest rate loan with weekly repayments of €21.18, an interest Rate of 6.50%, a representative APR of 6.71%, the total amount payable by the member is €3,302.70. The total cost of the loan is €302.70. Information correct as at 27/06/2018.

For further information drop into any of our branches in Castlebar, Balla, Ballyhaunis and Achill, call us on 094 9022 969 or email at loans@fccu.ie. Alternatively, you can apply online by clicking the below button.

*Cost of Finance