![]() If the student is from a larger family, there may be more assistance available, as the thresholds rise for families with between four and eight children and again for families of more than eight. There is a sliding scale of grant and fees paid between those two figures, you can get the full details at susi.ie/undergraduate-income-threshold-and-grant-award-rates. ![]() This is still a significant help for the year. The award at that income level is 50% of the student contribution, so €1,500 for most students. However, this size of household is entitled to some element of finance support once the income is less than €54,240. Many look at the income threshold for the full maintenance grant plus fees or student contribution, currently €40,970 if you have up to four children, and presume they are not eligible for help. One important point to mention for those who cannot afford college without borrowing is to make sure to check if you are eligible for any support from the SUSI grant system. Previously, AIB and BoI also offered specific loan products for parents of students but these are no longer available. The loan can be taken for up to five years for loans of €2,500 to €12k, or up to seven years for loans of €12k to €40k. Ulster Bank does not offer student loans but has a parental education loan suitable for those who wish to borrow for their child’s education. Students can expect to be asked to provide a guarantor (normally a parent) to get loan approval. BoI offers the option to defer payments for three months, but the loan must be fully repaid after 60 months. Students can borrow up to €10,000 at this rate. The maximum term is nine years (up to four years with flexible payment options and five years full capital and interest repayments on the balance).īank of Ireland also has a student loan option, with an eye-catching variable interest rate of 5.0% annual percentage rate. You would then begin making full repayments on the total amount you owe over a maximum of five years. Students can make extra payments at any time with no penalty.Īt the same rate, AIB also has a specific product to cover the cost of your student contribution charge and other expenses (four annual drawdowns of €3,000, totalling €12,000).īorrowers can choose an interest- only repayment option and make minimum monthly interest repayments for the duration of your course (maximum four years). Students can avail of loan terms from one to five years and must make repayments on the loan every month which are made up of the amount you borrowed plus interest. However, while credit cards may be appealing to students, and several of the banks offer them, the interest rates mean they are not suitable to cover a long-term, predicted shortfall in college funding.ĪIB offers student loans from €600, up to a maximum loan amount of €50,000, with an annual percentage rate of 8.45% (variable). KBC and Permanent TSB do not have specific loan options for students, although KBC does have a student credit card. ![]() Products for college finance with Irish retail banks vary quite a bit. ![]()
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