Here at Roscommon Credit Union, we know college should be about learning, growing, and inching toward that dream career – not worrying about the burden of education costs.
That’s why our Educational Loan is one of the cheapest student loans in the country.
If you’re thinking of getting a student loan but don’t know where to start, our most asked student loan questions will tell you everything you need to know.
You can also speak to us directly, simply call 090 6626657 – we are more than happy to help.
How do student loans work?
Whether you are a student embarking on third level education for the first time, continuing your studies or returning as a mature student, or a parent looking for a smart option when it comes to an student loan, we offer members a preferential low interest educational loan rate of 6%*. No matter what the reason to borrow, a bridge before students receive grants, for college equipment such as laptops, for college fees and rent, an educational loan covers ALL the costs college can throw at you!
The great thing about our education loans is they are low cost, have no hidden fees or charges and you can pay back the loan in a way that suits you. Students can apply once they are 18, and sometimes will need to a parent or guardian to act as a guarantor for their loan. Parents can also apply for an educational loan to cover the costs of sending their child(ren) to college. Parents avail of the same low-cost, flexible loan rate of 6%*.
How do I get a student loan?
Getting a student loan in Ireland should be straightforward, low cost and flexible. That’s why the best student loan is a credit union student loan.
– Student Applying in their Own Name
To get an educational loan, you will first need to be a member of Roscommon Credit Union, be 18 years old, provide proof of your course and sometimes you may need a parent or guardian to act as a guarantor for your loan. The parent or guarantor must also be a member of Roscommon Credit Union Ltd.
If applying in your own name, you will be asked to provide proof of income (such as payslips, if available). Bank statements (dated within 3 months from the date of the loan application) may be required. Your friendly credit union loans officer will advise you further on supporting documentation.
– Parent Applying for an Educational Loan
If a parent is applying for an educational loan to help with the costs associated with college, the parent, must firstly be a member of Roscommon Credit Union Ltd. Not a member, not a problem, you can join and apply for a loan straight away! To become a member of Roscommon Credit Union Ltd, simply call our team on 090 6626657 and we will initiate the process over the phone.
Supporting documentation such as proof of address, I.D. and PPS number can be emailed directly to us at email@example.com
To learn more about Become a Member click here
A parent must provide proof of the course their child(ren) is undertaking, along with proof of income (2 recent payslips). If applying for amounts greater than €3,000, bank statements (dated within 3 months from the date of the loan application) may be required.
If you have any questions, we are happy to guide you through the process, simply, call us on 090 6626657.
Do you need a guarantor for a student loan?
A guarantor is generally your parent or guardian (although it can be someone else). Your guarantor undertakes to repay the loan in the event that you, for whatever reason, are unable to repay. Once the credit union assesses your application and looks at your income, then they will decide whether you need a guarantor.
For a person is to act as a guarantor, they must themselves demonstrate ability to repay the loan. Guarantors will be required to complete an application form where they will need to disclose their financial information and agree to a credit check being carried out. A parent and/or guarantor must be a member of Roscommon Credit Union Ltd. to apply for a loan or act as guarantor on a loan.
Can you get a student loan without a job?
For any loan, ability to repay is the key consideration in deciding whether or not a loan is approved. As an undergraduate student, we understand that you might not have a regular income, and so a credit union might require a guarantor for the student loan. As mentioned above, a guarantor is generally your parent or guardian (although it can be someone else). Your guarantor undertakes to repay the loan in the event that you, for whatever reason, are unable to repay.
How much can I get for a student loan?
We do not have a minimum borrower amount. An applicant can borrow as little as €500 up to €30,000 or €75,000 and everywhere in between. If you have a certain amount in mind, why not submit a loan enquiry, visit our educational loan page, where we offer examples or call us on 090 6626657 and our friendly team will discuss all your options!
How long does it take to get a student loan?
Once your loan application and supporting documents are submitted and credit check complete and where required a guarantor is in place, you can expect to hear back from our loans team within 24 – 48 hours!
How much is a student loan?
Roscommon Credit Union Ltd. offer members a dedicated rate of 6% for an educational loan. This rate applies to both students and parents and importantly is available ALL year round, so it’s there for you if, and when you need it.
Applicants also have the option to Top-Up their loan if the need arises.
*Roscommon Credit Union Ltd offer an education loan rate of 6% (6.18% APR). This means that a €1,000 student loan over one year with weekly repayments will see just €30.73 paid in interest. Total repayable amount for the member €1,030.73. Now that’s a seriously low student loan interest rate!
If you’re thinking of getting a student loan, why not submit an online loan enquiry today?