College Is Expensive - Get a Student Loan
A bit of helpful advice for newcomers to the College Game.
The new term starts for thousands of students all over Ireland and the UK in just over 5 or 6 weeks’ time, with many of them having barely recovered from the euphoria of being accepted by their first choice College. Students about to begin their courses have plenty on their minds and plenty more to do before become fully fledged students.
They’re going to have to find somewhere to stay, pack up all their clothes, stock up on some of the essentials and prepare for life in a different environment away from mummy and daddy. All this isn’t possible without a little money, which is where Student Loans come in.
Without a Loan, paying for your digs, tuition fees and the basic food and electricity will be difficult, especially in this day and age where there's little chance of finding a part-time job to pay for it all.
Navigating these loans can be difficult so we’ve compiled this handy guide to understanding them:
Student Loans help to cover the cost of tuition fees and day-to-day living, and are meant to last for the duration of your course. They’re paid in three instalments to cover each term, and differ depending on the fees charged by each university, family finances and place of study.
If you're in the north of Ireland or the UK you can visit this website to apply. Most banks in the Republic give loans out to students, although these days in most cases a guarantor is required.
In the North, as with down south, your credit score is determined by numerous factors. Past debts play a big role in a credit score result. “As long as you don’t owe the Student Loan Company anything already, you should be fine. Having a bad credit rating has no impact whatsoever on your eligibility for a loan, which will come as a relief to many people who have a history of bad financial management. You can make any cuts to increase you’re saving, then set up a budget for essentials and stick to it,” says a spokesperson from Yorkshire Building Society. In the UK you are allowed to renew your application every year, however in the Republic it works just like a bank loan.
As with many things we are stuck in the stone age and with the re inroduction of fees on the horizon it would be wise for banks to get their act together, offer students a means to live throughout their college years and reap the benefits after graduation, for them, following the UK model is the only way to go.