Low-rate student loans at credit union
Cavan Credit Union is offering low-interest rate student and educational loans for its members to help spread the cost of college and relieve the financial burden.
Speaking to The Anglo-Celt, Therese Conway, CEO of Cavan Credit Union, advised: “We are keenly aware of the financial burden that third level education places on students and their families. As a credit union, we have always offered a discounted interest rate on our student loans and last year in response to rising inflation and living costs, we lowered the interest rate on our Educational Loans to 5.9% (6% APR). We are maintaining this lower interest rate again this year."
She added: “We also understand that going to college is a stressful time, with lots of arrangements to be made and we make every effort to ensure that our members have a straightforward and stress-free loan experience. Once the member has proof of their college offer, the loan is dealt with quickly."
Applications can also be made online, using the credit union app, over the phone or in person at the Cavan Credit Union branch at 83 Main St, Cavan.
"We are always happy to work with students to ensure loan repayments are structured in the best way possible for their circumstances. Also, like all credit union loans, there are no hidden payments or transaction fees with a student loan,” reassured Ms Conway.
She added: “Cavan Credit Union, as a member-owned financial lender, is very conscious of the importance of providing good value college loans to our members, which helps promote education, which is a central tenet of the Credit Union movement.
"As part of this, we will never recommend that the student borrows more than they can repay, or that the loan will put them in unnecessary debt. We are not-for-profit so our only motive is to help the student, and not to profit from their needs. So, we would really encourage students in the Cavan area to come and chat to us if they are in need of a loan to get them through college.”
In addition, Cavan Credit Union have three student bursaries of €1,000 each to student members of Cavan Credit Union attending a third-level course for the upcoming academic year. Two of these bursaries are open to students studying anywhere in the country and the third, the Tony Coyle Bursary, is open to students attending Cavan Institute. Application forms for all three scholarships can be obtained in the Credit Union or downloaded from our website www.cavancu.ie