Student Loans at 4.99% APR
We are offering a very special market-leading student loan deal all year round!
At Education Credit Union want to help take the worry out of preparing for college. We also want to provide you with the best possible value!
Not only are we offering this very special loan rate, but we have outlined below how you can save even more money by paying the college fees as and when they fall due. Which means you only pay interest on your loan as you draw it down.
Below we set out two examples of how an EDCU Special Student Loan can help you. Please note that these are just examples and your circumstances may have different requirements.
Please feel free to contact us for a no-obligation chat to discuss your own situation and ﬁnancial needs and we promise that we will give you the best possible advice and we can be ﬂexible in meeting your own speciﬁc needs.
Orla is commencing an undergraduate programme in September 2020.
Her total fees for the year will be approximately €4,000.
The ﬁrst instalment of her fees, €2,000, is due for payment in September 2020. The second instalment of her fees is due for payment in January 2020. Orla’s mum applies for an EDCU Special Student Loan and is approved for €4,000 @4.99% in August 2020.
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 2020 is €101.68.
Option 2 – The 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 2020 and January 2021.
In January 2021 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 2021 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.
Sean has been accepted on a 1 year Master’s programme at a total cost of €12,000. The programme can be paid in 3 instalments of €4,000 in September 2020, January 2021 and May 2021.
Sean’s dad wants to support him while he is undertaking the Masters course, but hopes that Sean will get a job and start helping to make repayments with the loan when he is finished his studies.
Sean’s Dad applies and is approved for a Special Student Loan of €12,000 @4.99% in August 2020. He can repay the loan over 60 months or 129 fortnightly repayments at €104.07 per fortnight, and a final payment of €102.12; the total cost of the loan of €12,000 if drawn down in September 2020 is €1,527.34.
Option 2 – The Clever Choice
Following confirmation of Sean’s place in college, his dad draws down €4,000 in September and pays the first instalment of his fees. He will only pay interest on the outstanding amount of €4,000.
Sean’s Dad makes 10 repayments off the loan between September 2020 and January 2021.
In January 2020 Sean’s Dad needs to pay the second instalment of €4,000. He knows that he has already received approval for this loan. He has also made 10 repayments off the original amount which has now reduced from €4,000 to €3,025.87.
Sean’s Dad tops up this amount by an additional €4,000 bringing his total outstanding loan to €7,025.87 which he continues to repay at €104.07 per fortnight.
In May 2021 Sean’s Dad needs to pay the third and final instalment for the Masters of €4,000. Sean’s Dad has made 9 additional repayments and the loan has reduced from €7,025.87 to €6,201.26.
Talk to us today to see how we can tailor our Special Student Loan to suit your specific requirements.
Apply Online (in the CU Online Members area)
Call us on (01) 675 0670 to see how we help you manage the cost of your/your families education.
Loans are subject to approval, terms and conditions apply.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may affect your ability to access credit in the future.