Parents of Trinity College Dublin students are to be offered low cost loans to cover college registration fees from this autumn.
The TCD finance scheme aims to help parents spread the cost of the annual €2250 registration fees over the duration of study with low payments of €100 per month.
Loans for the scheme will be offered by Bank of Ireland at a lower rate than standard lending products (5.1 per cent variable APR), a bank spokeswoman said today.
The loan covers the full cost of a four year undergraduate student contribution charges which is €9,000 for a four year degree.
The full amount is approved up front but payments are made annually to Trinity College Dublin directly from Bank of Ireland.
Once the student graduates the loan amount increases and reverts to the standard graduate rate of 9.7 per cent variable for three years.
“Trinity is conscious of the difficulties faced by students and their families in financing a university education as a result of the current economic downturn, coupled with the increases in the cost of the Student Contribution Charge,” TCD Provost Dr Patrick Prendergast said in a statement.
In order to qualify parents must meet the standard lending criteria, the bank said today. Students are not eligible to apply for the loan, however the debt be transferred to the student on graduation.
TCD Students’ Union President Ryan Bartlett said the scheme would help those struggling with the increase in the annual student charge, would “maintain access to Trinity college” and would “ease the problems of student financing”
The initiative was the first of its kind offered by an Irish university, Dr Prendergast said in a statement,
The bank said it is working with other interested universities to roll out this products other universities for students who are required to pay the full student contribution charge.
