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, student life means a whole new way of living. You have more choices to make – when to study, when to work, when to have fun and how to look after your money. A student loan can help in many ways, whether it’s to pay for registration fees, rent, books, course material or just living expenses.
At this expensive stage in life, you’ll find that St. Canice’s Credit Union is here to help members with a low cost SmartOption Student Loan package. Here’s what makes the SmartOption Student Loan different:
- Very competitive variable rate – 6.4% (APR 6.6%)
- Loans are insured by the Credit Union’s Loan Protection Policy. This gives parents the comfort of knowing that their child will not be left with the burden of loan repayments in the event of their death. This cover is available at no extra cost. (Terms & Conditions apply)
- No hidden fees or transaction charges.
- Flexible repayment terms to suit your particular circumstances.
- Pay off your loan early, make additional lump sum repayments or increase your regular repayments without penalty. Other lenders may charge you extra for paying them back faster!
- Interest is charged on your reducing loan balance, so you only pay interest on what you owe.
- The amount you can borrow is not based on the value of shares held in the linked student account.
- This loan package is available for those starting or returning to third level education.
Repayments on an €8,000 student loan over 3 years are €56.39 per week. Total cost of credit is €801.23. Calculations accurate as at 5th May 2018.
Interested? Here’s how to get started.
Firstly, you need to open a Student Account which is usually a joint account in the name of a parent/guardian and student. Please note that parents or guardians who are already Credit Union members can also take out a SmartOption Loan linked to their existing account on behalf of their son or daughter.
Next, work out how much you need to borrow to cover your fees and other expenses. Students living away from home will also need to consider the additional costs associated with renting or living on or off campus.
Finally, speak to a member of our Loans Team who will help you get started with your loan application. You can contact us by phone, email or just drop into your nearest office.
What you need to bring with you when applying for a loan?
To provide members with an efficient service where full loan assessment can be completed (for the most part within 48 hours), the following documentation may be required (depending on the amount of the loan required);
PAYE WORKER – recent pay slips, up to date bank statements and loan purpose backup e.g. course acceptance.
SELF EMPLOYED PERSON – most recent audited accounts (or unaudited accounts if audited accounts are greater than one year old), P21 Balancing Statement, Tax Clearance Certificate, loan purpose backup e.g. course acceptance.
Student Scholarship Draw
Students who avail of a SmartOption Student Loan should also enter our annual Scholarship Draw to be in with a chance to win one of five prizes of €3,000 each. €15,000 prize fund in total.