The Best Student Loans in Ireland

Compare the best options on the market and choose the one which best adapts to your day to day needs.

Further Below: Our Guide To Student Loans in Ireland, Everything you need to know.

1. Avant Money

  • Flexible and big loans of up to €150,000
  • Attractive interest rates of 5.9% APR
  • Fast application process
  • Long repayment terms of between 3 and 10 years
  • Open for any purpose
  • Lax eligibility criteria
  • The loan limit grows with timely repayments
  • Excellent loan conditions

2. KBC Bank

  • Loans of up to €120,000
  • Friendly interest rates of 6.3% APR
  • Flexible repayment terms of up to 120 months
  • Available to both account holders and non-holders
  • Available to clients with income 
  • Few additional costs
  • Excludes insurance fees

3. Allied Ireland Banks

  • Big loan amounts of up to €100,000
  • Fixed and attractive interest rates of 6.4% APR
  • Favorable repayment periods of between 36 and 120 months
  • Online app for first loan application
  • Excellent loan conditions
  • Fast processing of the loans
  • Eligible to clients with income

Student Loans in Ireland, All You Need To Know:

Have you had issues with financing your studies, taking out a student loan is easier than you know. You need to know all it takes to hire a student credit in Ireland, all the factors to consider, the best current offers, and how to hire one that’s most consistent with your needs. This is just what we feature in this article.

Take a read!

Quick Summary

What you should know about student credits:

  • Student loans are tailored for different studies
  • Student loans have better financing conditions than other loan types
  • Most student loans require a guarantee before approving the loan
  • Some entities require parents or guardians to make the applications instead of the student
  • This type of credit allows for a grace period of between 1 and 5 years

Types of student loans we can apply for

Many lenders in Ireland offer student loans. These loans differ in many ways, depending on the entity’s preferences. 

Below are the different options we have in Ireland.

  • Financing a degree. If looking for a loan to finance your university studies, you’ll have to choose between the following:
  • A loan that finances your studies exclusively. These loans only cater for the tuition fees (either fully or a percentage) and will require you to present your fee structure. 
  • A loan that covers all the expenses related to your studies in addition to your fees such as tuition, material, transportation, and/or accommodation.
  • Scholarship Advances: this is a type of loan that’s given to scholarship beneficiaries to pay the required expenses of their studies before they receive the scholarship funds. This happens because they receive scholarship funds later in the semester. The loan is fully reimbursed once the scholarship funds arrive.
  • Financing postgraduate studies – master’s degree, a postgraduate diploma, or a doctorate. Just like financing a degree, these loans can either cover the registration fee or all the costs related to studies.
  • Financing your studies abroad. The student will need the loan to finance the studies at the beginning of the semester before receiving the scholarship funds. The loan will be fully repaid after receiving the scholarship funds.
  • Financing specialized courses such as computing, middle or higher grade training cycle, etc.
  • Purchasing a laptop. Many entities offer this type of financing where students buy a laptop and repay the loan in installments. The conditions of this loan are way better than personal loans.

Before taking out a loan, be sure of what your studies will require and whether the terms and conditions will suit you.

Financing linked to the educational center

Many institutions of higher learning in Ireland have established links with lenders to have their students apply for the loans through them. These loans are preferred as they reduce the hassle and time taken to hire them. Additionally, these loans are designed to perfectly meet the needs of certain types of studies. 

Most loans cover all expenses related to studies, including accommodation. They are more preferred to generic ones. Hence, be sure to consult with your school to find out whether they offer such loans.

Are student loans cheaper?

Student loans are generally cheaper than other types of financing because of their very low interest rates. While some loans offer between 3 and 6% interest rates, other offers go out at 0%.

These loans are termed good debts since they help the borrower improve their quality of life. Most students take them out as minors and repay them while working.

Characteristics of student credits

While student loans are considered good financial tools for studies, getting a 360-degree knowledge about them will help you know how to get the best option in the market.

Below are factors you want to look out for:

  • Interest rates: these loans tend to have interest rates of up to 6%. Anything beyond this cap is expensive and will disorient your repayment process.
  • Commissions: they have a way of making the repayment process hectic, especially when the borrower was not prepared for them. Note that many student loan lenders charge them. For instance, lenders may charge the opening fee which is 1 or 2%, and is paid in the first month of repayment.
  • In the case of early repayment, lenders will charge an early repayment fee which should not exceed 1%.
  • Binding. Lenders may include some type of tying, where free tied products are adapted to the profile of the student like a current account and a card that they will have to use.
  • Endorsements and guarantees. Many student loans ask for guarantors because most of the applicants are minors, without a source of income.

Requirements to be able to apply for a loan as a student

Student loans tend to have less strict requirements. However, failure to meet their irreducible minimums will have your application dismissed.

  • The holder should be of legal age. If the loan beneficiary is a minor, the entity will have their parent or guardian apply on his behalf. Some entities only allow parents or guardians to make the applications.
  • Not recording a negative credit score with ICB. In this way, the lender will provide the loan with confidence that it will be repaid.
  • Have a secured form of income. The lender will need to assess your financial situation to establish your ability to assume repayment with ease. 
  • If you don’t have a source of income, the lender will request someone with a stable income to apply in your place.
  • However, there are student credits that finance their clients without this requirement and allow them to pay later after completing their studies.
  • If you collect insufficient income, the lender will request someone with a stable one to make the application
  • The income requirement is exempted for applicants of scholarship advance. This also applies to studies abroad since the loan is an advance on the grant.
  • Be a resident of Ireland. Student loans are designed to finance students living in Ireland. Have an ID or passport as proof.

Can I get a student loan if I don’t work?

Some student credits are available to students without income while some are not. Loans that have an income requirement may have a few allowances:

  • The student’s parent or guardian may make the application
  • The lender may allow for co-owning of the loan

Some entities also prefer granting loans to one owner. Hence, the application may be rejected if the owner doesn’t collect an income.

There are study credits that can be paid later

Student credits that are paid later don’t have the income requirement. These credits allow the student to complete their studies before they start making repayments. 

Many students prefer this as they allow them to study without having to worry about how to repay the loan.

About this page, our methodology

What this page is for: we take time to outsource the best and most relevant information about finance and all you need to know to take out loans like a pro. Hence, we ensure you’re satisfied with the financial product you take out and that it is the best available option for you.

Source: the information regarding finance, the types of credits, their current lending rates, and their regulations have been drawn from the Irish Law on consumer credits, the Bank of Ireland, and other reliable reference portals.

Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.

About Us: FUNDGECKO is an online comparator website designed to help our clients who know less about consumer credits. We walk you through the whole nine yards, allowing you to not only compare loan offers but also know how to end up with an offer that’s most consistent with your financial situation.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.

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