In 2016, 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.
People First Credit Union have this year increased their Student Bursary Award from €1,000 to €4,000 to help support a student attending third level college for the first time. It can be a very stressful time for both students and parents financially and People First Credit Union would like to remind their members that the credit union is here to help. To apply for the Bursary Award simply visit www.peoplefirstcu.ie/downloads.
People First Credit Union have just launched a new education loan at 6.5 % which can help families in the Portlaoise and Abbeyleix areas cover these costs.
Research commissioned in 2015 by the Irish League of Credit Unions, found that 72% of parents who support their children through 3rd level education struggle to cover these costs. Monthly income and savings continue to be the most popular way in which parents fund their child’s college education with credit union loans being the next most popular method.
Sean Dunne, CEO, 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.”
“We are keenly aware of the huge financial burden which 3rd level education places on students and their families in our area. People First 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 6.5 %. 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.”