August & September 2017 – Education Loans @4.99% APR (variable)

Education Loans for August & September 2017 Only

It’s time to start thinking about college fees and expenses. We know that college years are tough for parents and we want to provide you with the best possible value and support. We are offering once again this year outstanding value with our special student loan. As college fees can be paid incrementally over the academic year we are further helping by giving you initial loan approval and letting you draw down the loan as and when you need it so that you only pay interest on the outstanding balance.

Outlined below is just one example of how our flexibility can assist you with funding your child’s college education but please note that this is just one example, please call and speak to one of our experienced Loan Officers and they will give you the best possible advice on how to structure your educational borrowing requirements….and that’s a promise!

Example

Orla is commencing an undergraduate programme in September 2017. Her total fees will be approximately €4,000. The first instalment of her fees of €2,000 are due for payment in September 2017. The second instalment of her fees are due for payment in January 2018. Orla’s mum applies and is approved for a Special Student Loan of €4,000 at 4.99% in August 2017.

Option 1

She can repay the loan over 12 months or 25 fortnightly repayments at €157.77 per fortnight and a final payment of €157.14, the total cost of the loan of €4,000 if drawn down in September 2017 is €101.68 at 4.99%.

Option 2The Clever Choice

Following confirmation of Orla’s place in college, her mum draws down €2,000 in September and pays the first instalment of her fees. She will only pay interest on the outstanding amount of €2,000. Orla’s mum makes 10 payments off the loan between September 2017 and January 2018. In January 2018 Orla’s mum needs to pay the second instalment of €2,000. She knows that she has already received approval for this loan. She has also made 10 repayments off the original amount which has now reduced from €2,000 to €446.65. Orla’s mum tops up this amount by an additional €2,000 bringing her total outstanding loan to €2,446.65 which she continues to repay at €157.77 per fortnight. Orla’s mum makes 16 more payments, her final payment in August 2018 is €118.40.

 

Because Orla’s mum drew down the loan in increments just when it was needed she paid 38.81 less in interest which totalled only 62.87 for the year. She has cleverly used incremental draw-downs to maximise savings and has availed of a fantastic low interest rate, she has also cleared the loan in time for the next academic year!*

 

Call and speak to one of our experienced Loan Officers today for the best possible advice on how to structure your educational borrowing requirements!!

 

Competition & Consumer Protection

The following terms & conditions apply: All applications are subject to credit assessment. All approved loans will be issued upon receipt of college registration documentation confirming registration. Loans for accommodation costs to be substantiated with backup documentation. The rate of 4.99% applies only to loans approved in August & September 2017, these loans may be drawn down in instalments as outlined in our example over an agreed period not exceeding 12 months. Ongoing approval for loans being drawn down in stages are subject to ongoing credit checks, no negative change in a members financial status and no arrears on the loan account. All loans are subject to free loan protection cover being approved by our insurers. This rate is exclusive to new Education Loan applications in August & September 2017. Commission Website 15 June 2017