Sweet Deals on Student Loans from Kenmare Credit Union

Going to college is an exciting time but it can also be very stressful for both students and parents alike. The increase in the third level registration fees combined with the very significant day to day costs of going to college are forcing many to borrow in order to meet these costs, according to Kenmare Credit Union.
Eileen Dineen, Loans Officer, Kenmare Credit Union said, “The significant cost of third level education puts phenomenal pressure on both parents and students starting or returning to 3rd level education this year.  The increase in the student registration fee combined with monthly rent and bills, books and materials and day to day expenses are a significant financial burden to many families”.
Research carried out by the Irish League of Credit Unions in August 2013 has highlighted that strain which both parents and students are experiencing in attempting to finance third level education. A summary of the findings is below
84% of all parents struggle to cover the cost of third level education.
8 in 10 Irish parents support their child with college related costs by contributing €421 per month.
Monthly income continues to be the most common way in which parents fund their child’s third level education – 44% in 2013 compared to 39% in 2011.
42% state that they will dip into savings, 25% say they will use a credit union loan, 6% will use a credit card, 4% will use a bank loan and 2% will use a moneylender.
A typical parent who has been saving for their child’s third level education has been doing so for a total of 8 years on average.
The biggest worry voiced by over one third of parents of college students is the fear that their child will not be able to get a job after college. Money issues are the second most pronounced worry amongst a third of all parents (increase from 25% in 2011 to 33% in 2013).
College students spend €516 each month on daily expenses (excluding rent and bills).
66% of college students have to work to fund their college education.
The biggest worries that students have are passing exams (75%), not getting a job (55%) and financial debts (53%).
Given the huge financial pressure on parents and students, Kenmare Credit Union is there to help.
She went on to say, “We are keenly aware of the huge financial burden which 3rd level education places on students and their families. Kenmare Credit union is available to support both parents and students as they prepare for the academic year. We offer a very competitive student and education loan rate of 8.9% APR. We encourage anyone who is looking to finance their education or who simply want some advice on planning ahead or budgeting to call into their local credit union and speak to a member of staff. Planning ahead where possible is the best way to prepare for these expenses.”
For further information on Kenmare Credit Union student loans, phone 064 6642111 email info@kenmarecreditunion.ie or log on to www.kenmarecreditunion.ie.