Credit Union will help students waiting for grants

By TOM GILMORE STUDENTS who are waiting for their delayed grants this year should contact their local credit union which may be able to help through the current crisis according to Mick Culkeen, CEO of St Jarlath's Credit Union. Much concern has been raised about the delay in processing student grant applications for the 2012/2013 academic year. It is already November and many students and their families who rely on the grant, are finding managing the financial burden of third-level education very difficult. 'The significant cost of third-level education puts phenomenal pressure on both parents and students starting or returning to it.[private] 'The delay in processing grant applications this year has put many students and families in a very stressful and challenging situation as registration fees need to be paid as does rent, books and all the other essentials. We encourage anyone who is looking to finance their education or who simply wants some advice on planning ahead or budgeting to call into their local credit union and speak to a member of staff,' he says. Research carried out by the Irish League of Credit Unions in the last 12 months indicates that students (72%) are still relying heavily on their parents to help fund their third-level education. On top of academic fees, average monthly spend (excluding rent and bills) stands at approximately €480. Half of the students surveyed rented accommodation during the college year paying €330 for rent plus €70 in bills per month on average. This is significant expenditure for which many find assistance through the grant system 'If you are in a situation where there has been a delay in processing your grant application, call into St Jarlath's Credit Union. Sit down and speak to a member of staff and discuss what options might be available to you,' says Mick Culkeen. He added that St Jarlath's Credit Union offer a very competitive rate on education loans of 5.66 % APR. 'Loans with St Jarlath's credit union are different and there are no hidden fees or transaction charges. Interest rates are fair and reasonable and capped by law. Repayments are calculated on your reducing balance, so you pay less interest with each repayment,' he added. The CEO of the Credit Union also says that once a person is eligible for a credit union loan, repayment terms can be designed around specific needs. 'Your credit union loan is insured - subject to terms and conditions - at no direct cost to you. Other lenders charge for this. 'You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster,' he added. According to Mick Culkeen a €3,000 loan over a period of three years at 5.6 per cent APR costs the person taking out the loan a total of €3,255.15. [/private]