Range of loan options on offer
MOST student current accounts will have some kind of overdraft facility, but what if you need to borrow a larger amount, perhaps even to help pay registration fees or just to keep you going until the end of the academic year?
Student loans from banks will typically offer a lower or discounted interest rate than standard personal loans.
Bank of Ireland offers a discounted rate of 11.9pc APR (annual percentage rate), while AIB pegs its rate at 9.45pc APR, a discount of 1.5pc.
Ulster Bank offers a discounted loan of up €1,300 a year or €2,750 a year if you can get your parents to be guarantors. Interest rates start from 9.9pc.
Credit unions also offer student loans. The standard credit union student loan rate is 8pc (8.3pc APR), but some offer more competitive terms. The Athenry Credit Union, for instance, offers a rate of 5.4pc APR.
If you need a loan to travel during the summer, Bank of Ireland offers a travel loan of up to €2,000 interest-free for nine months, or no payments required for nine months.
AIB has a similar offer, but with no payments required for 12 months.
Ulster Bank offers a €2,000 travel loan at the low rate of 7pc APR if paid back over one year.