Helping you get through tough times

Student loans

50 euro notesThere are a number of actions to do to help with the process of getting a student loan. For many of you this will be your first time availing of credit in this way.

Make sure your current account is in order and that you have been using it on a regular basis as your main account. This means paying in any allowance you may have been getting and part-time wages and using your ATM / Laser card to withdraw cash.

Banks will be looking to see that you have money coming in and that you can manage your finances sensibly.

Shop around

Many banks offer different loan types and rates, for both students and non-students. So, do your research and talk to them before you apply.

A face-to-face meeting will explain a lot of the jargon associated with loans like ‘interest rate’, ‘APR’ etc and your bank is normally happy to make an appointment to talk you through the process and answer any questions you might have.

Parental guarantee

In most cases your age and lack of proof that you can repay the loan will mean that some banks will insist on your parents completing an ‘indemnity’ on your behalf before agreeing to give you a loan.

This basically means that your parents / guardians agree to repay the loan if you don’t. So it’s a good idea to talk to them before you decide to apply for a loan.

Make sure you are over 18 years-old when you apply as no one can lend to you until this age.

Affordable repayments

Only apply for the amount that you need and that you can afford to repay. There’s no point taking more than you need and being stressed about having to make monthly repayments

Make sure you understand the monthly repayment required from you and length of the loan before you agree to take out the loan.

If you’re going to a third level college there’s usually a bank branch on or near campus, with specialist Student Officers to help and support with any questions you may have about managing your finances during college.

This article was last reviewed on 03 May 2017

What can I do now?

  • Talk to someone about what kind of financial support you will need
  • Do your research about what different banks have to offer

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