DCU has announced the launch of a loan scheme for undergraduate students to cover the cost of annual Student Contribution Charge, currently €2,250. The loans, to be provided in conjunction with Bank of Ireland, will be made available to the parents or guardians of undergraduate students over a period of up to eight years. A discounted variable interest rate (currently 5.1%) will be charged for the duration of the course and at a graduate variable rate of interest (currently 9.7%) for the remainder of the loan after students complete their studies. Repayments will be at the rate of €100 per month.
Announcing the scheme, Ciaran McGivern, DCU Director of Finance, said,
"In the current economic environment, the payment of the increasing student contribution presents a significant challenge for many students and their families. We are delighted to launch this product with Bank of Ireland in support of our students. This product will help to make the financial burden more affordable by spreading the payment over an extended period of time, with more manageable repayment amounts and reduced interest rates."
Commenting on the initiative, Gabriel Bannigan, Regional Manager, Bank of Ireland, said,
"Bank of Ireland is proud to be able to deliver meaningful products and services to Ireland's students and graduates. We are very conscious that in the current economic climate Ireland's future generation of employees need initiatives such as this to enable them upskill for a changed environment. We look forward to working with DCU to provide finance to enhance their skills and their prospects for their future careers".
Paul Doherty, President of DCU Students' Union welcomed the new initiative,
"I am delighted at this announcement of a DCU Student Loan Scheme. Any support offered to students in relation to this scheme will be of great assistance and I hope it will help ease the financial strain on many students and their families."