In 2015, many families will see their child or children off to college for the first time, others will see their children return. For these families, this can be an extremely stressful time, as the cost of third level education continues to spiral, having a huge impact on family budgets and household spending.
Slane Credit Union would like to remind their members that the credit union is here to help and have this week launched a new education loan at 5.5% (APR 5.64%) which can help families in the Slane cover these costs.
According to 2014 ILCU research in the Republic of Ireland, 79% of parents are supporting their children financially through college. These parents are contributing an average of €428 per child per month to cover college related expenses according to 2014 ILCU research. 64% of parents supporting their children through 3rd level education, struggle to cover these costs. 44% of students now living away from home compared to 32% in 2013, paying an average of €346 in rent Parents are saving for an average of 8 years to put their child (children) through college.
Barbara Markey, Manager of Slane 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 student registration fee combined with monthly rent and bills, books and materials, food and day to day expenses are a significant financial burden to many families.”
Barbara “We are keenly aware of the huge financial burden which 3rd level education places on students and their families in the Slane area. Our 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 5.5% (APR 5.64%) 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.”