For parents and students alike, college puts serious strain on financial resources. College fees, accommodation and living costs mean it is an expensive time. Student loans are sometimes necessary for many to ensure they can stay afloat. But for those interested in taking out a student loan for college, what does the bank offer?
>> AIB
AIB offers two student-related loans – their Student Personal Loan and a Student Contribution Loan.
APR
• Student Personal Loan: 8.45% (subject to variation).• Student Contribution Charge Loan: 8.45% (subject to variation).Minimum amount
• Student Personal Loan: €1,000.• Student Contribution Charge Loan: €1,000.Maximum amount
• Student Personal Loan: €50,000.• Student Contribution Charge Loan: €12,000.Minimum Length
• Student Personal Loan: One year.• Student Contribution Charge Loan: One year.Maximum length
• Student Personal Loan: Five years.• Student Contribution Charge Loan: Nine years (see below).Guarantor
• Student Personal Loan: A parental/guardian guarantee may be required.• Student Contribution Charge Loan: A parental/guardian guarantee may be required.What is the difference
between both loans?
Student Personal Loan : This loan term is from one to five years. Students may make monthly capital and interest repayments and may have the option of making unscheduled, additional repayments to their loan at any time with no penalty.
Student Contribution Charge Loan: According to AIB, this option is a flexible payment solution for students to fund the Student Contribution Charge (registration fees) and other expenses. Students can choose to make interest-only repayments for the duration of their college course, so while students are in college they don’t need to worry about making the full repayments on their loan. When students complete their course, they start repaying the balance of their loan with capital and interest repayments.
Students can apply for up to €3,000 for each year of their course duration, for up to four years, to cover the cost of their Student Contribution Charge and other. A new credit application is required each year to draw funds down. The loan cannot be used to fund exam resits, repeat a year of study, or fund any post-graduate study. Subject to approval, students can choose an interest-only repayment option and make minimum monthly interest repayments for the duration of their course (maximum duration of four years).
On completion of their course, students must then commence full repayments on the outstanding balance (capital and interest) over a maximum term of five years. The maximum term of the loan is nine years (up to four years with flexible payment options and five years full capital and interest repayments on the balance).
>> Bank of Ireland
Bank of Ireland offers a standard student loan and its 1% student loan as well as other packages for interested students.
APR
• Standard student loan: 9.7% (subject to variation).• 1% student loan: 1%.Minimum amount
• Standard student loan: €300.• 1% student loan: €300.Maximum amount
• Standard student loan: €10,000.• 1% student loan: €1,000.Minimum Length
• Standard student loan: One year.• 1% student loan: NA.Maximum length
• Standard student loan: Five years.• 1% student loan: 12 months.Guarantor
• Dependent on the amount looking to be borrowed, parental guarantee may be required for both. Both of these loans are multi-purpose loans for students and are available throughout the year to fund expenses such as travel, living expenses and general back to college expenses.
What else is available?
Preferred Faculty Loan: Students in the final three years of studying medicine, dentistry, veterinary, pharmacy, accountancy, science, law, B. comm, computing (including business information systems) and engineering (non-civil) are eligible to apply for a preferred faculty loan to cover college and living expenses.
Students can borrow up to €2,500 each year (from year two in college) up to a maximum of €7,500 over seven years with a 0% interest and no repayments while in college.
College Finance Loan: Parents can borrow up to €3,000 at 7.5% APR each year to cover the Student Contribution charge at flexible loan terms. Outside of this parents could apply for a standard personal loan.
>> Ulster Bank
At this time, Ulster Bank does not provide loans directly to undergraduate students.
They do, however, offer a fixed-rate parental loan. This is up to €40,000 and can be taken out by the parent to cover the cost of their son or daughter’s studies.
It includes funding of the yearly contribution fees and living costs and it can be taken for the same term as the duration of the course.
Minimum borrowing term is one year. Rates on the loan are dependent on the amount the parent borrows as follows:
• €2,500 - €4,499: Standard APR 15.3%.• €4,500 - €7,999: Standard APR 10.9%.• €8,000 - €11,999: Standard APR 8.5%.• €12,000 - €40,000: Standard APR 7.9%.For parents who are private banking customers (or those who hold a U First/U First Gold account which are no longer on sale) the rates are:
• €2,500 - €4,499: 14.3% APR.• €4,500 - €7,999: 9.9% APR.• €8,000 - €11,999: 7.5% APR. CL• €12,000 - €40,000: 6.9% APR. CL
For parents and students alike, college puts serious strain on financial resources. College fees, accommodation and living costs mean it is an expensive time. Student loans are sometimes necessary for many to ensure they can stay afloat. But for those interested in taking out a student loan for college, what does the bank offer?
>> AIB
AIB offers two student-related loans – their Student Personal Loan and a Student Contribution Loan.
APR
• Student Personal Loan: 8.45% (subject to variation).• Student Contribution Charge Loan: 8.45% (subject to variation).Minimum amount
• Student Personal Loan: €1,000.• Student Contribution Charge Loan: €1,000.Maximum amount
• Student Personal Loan: €50,000.• Student Contribution Charge Loan: €12,000.Minimum Length
• Student Personal Loan: One year.• Student Contribution Charge Loan: One year.Maximum length
• Student Personal Loan: Five years.• Student Contribution Charge Loan: Nine years (see below).Guarantor
• Student Personal Loan: A parental/guardian guarantee may be required.• Student Contribution Charge Loan: A parental/guardian guarantee may be required.What is the difference
between both loans?
Student Personal Loan : This loan term is from one to five years. Students may make monthly capital and interest repayments and may have the option of making unscheduled, additional repayments to their loan at any time with no penalty.
Student Contribution Charge Loan: According to AIB, this option is a flexible payment solution for students to fund the Student Contribution Charge (registration fees) and other expenses. Students can choose to make interest-only repayments for the duration of their college course, so while students are in college they don’t need to worry about making the full repayments on their loan. When students complete their course, they start repaying the balance of their loan with capital and interest repayments.
Students can apply for up to €3,000 for each year of their course duration, for up to four years, to cover the cost of their Student Contribution Charge and other. A new credit application is required each year to draw funds down. The loan cannot be used to fund exam resits, repeat a year of study, or fund any post-graduate study. Subject to approval, students can choose an interest-only repayment option and make minimum monthly interest repayments for the duration of their course (maximum duration of four years).
On completion of their course, students must then commence full repayments on the outstanding balance (capital and interest) over a maximum term of five years. The maximum term of the loan is nine years (up to four years with flexible payment options and five years full capital and interest repayments on the balance).
>> Bank of Ireland
Bank of Ireland offers a standard student loan and its 1% student loan as well as other packages for interested students.
APR
• Standard student loan: 9.7% (subject to variation).• 1% student loan: 1%.Minimum amount
• Standard student loan: €300.• 1% student loan: €300.Maximum amount
• Standard student loan: €10,000.• 1% student loan: €1,000.Minimum Length
• Standard student loan: One year.• 1% student loan: NA.Maximum length
• Standard student loan: Five years.• 1% student loan: 12 months.Guarantor
• Dependent on the amount looking to be borrowed, parental guarantee may be required for both. Both of these loans are multi-purpose loans for students and are available throughout the year to fund expenses such as travel, living expenses and general back to college expenses.
What else is available?
Preferred Faculty Loan: Students in the final three years of studying medicine, dentistry, veterinary, pharmacy, accountancy, science, law, B. comm, computing (including business information systems) and engineering (non-civil) are eligible to apply for a preferred faculty loan to cover college and living expenses.
Students can borrow up to €2,500 each year (from year two in college) up to a maximum of €7,500 over seven years with a 0% interest and no repayments while in college.
College Finance Loan: Parents can borrow up to €3,000 at 7.5% APR each year to cover the Student Contribution charge at flexible loan terms. Outside of this parents could apply for a standard personal loan.
>> Ulster Bank
At this time, Ulster Bank does not provide loans directly to undergraduate students.
They do, however, offer a fixed-rate parental loan. This is up to €40,000 and can be taken out by the parent to cover the cost of their son or daughter’s studies.
It includes funding of the yearly contribution fees and living costs and it can be taken for the same term as the duration of the course.
Minimum borrowing term is one year. Rates on the loan are dependent on the amount the parent borrows as follows:
• €2,500 - €4,499: Standard APR 15.3%.• €4,500 - €7,999: Standard APR 10.9%.• €8,000 - €11,999: Standard APR 8.5%.• €12,000 - €40,000: Standard APR 7.9%.For parents who are private banking customers (or those who hold a U First/U First Gold account which are no longer on sale) the rates are:
• €2,500 - €4,499: 14.3% APR.• €4,500 - €7,999: 9.9% APR.• €8,000 - €11,999: 7.5% APR. CL• €12,000 - €40,000: 6.9% APR. CL 
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