Student Loans

The first loan you are likely to need is one to get you through college.

Student loans are offered by all main banks who are always most anxious to sign up students because in the vast majority of cases they will then have a customer for life who will use their services for car loans, mortgages, life assurance etc.

In the past, when credit was easy to get it was possible to get tailored loans that did not have to be repaid until the end of degree course period. All is now changed and most student loans will need security or personal guarantees from parents or guardians. They will usually have to be paid back monthly on at least interest only and in most cases, capital and interest.

This an example of  the conditions attached to a current offer from AIB.

Lending criteria, terms and conditions apply. Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age. Security may be required. A typical EUR1,500 one-year loan to students will have monthly repayments of  EUR131.45 Interest Rate 9.45%, APR 9.79%. If the APR does not vary during the term of the loan the total cost of credit of this loan i.e. total amount repayable less the amount of the, would be EUR77.40. The APR is based on our Variable ‘A’ Loan Rate and amount borrowed. View Related Information section below for rates. Subject to variation. Current interest rates available in all branches. Rates and charges are correct as at 16th December 2008.