With the college finance loan you get:
Competitive variable rate of just 7.5% APR.
Option to borrow €3,000 each year to cover the Student Contribution charge (available to cover fees over a 4 year undergraduate term).
Customers may opt for a shorter repayment period at any stage but cannot choose to repay over a longer term.
Candidates must be parents/guardians of full time undergraduate students of applicable colleges.
Applicants must be resident in Ireland.
A new loan application is required every year.
This loan cannot be used to fund fees for the student to re-sit an examination or fund postgraduate study. You cannot borrow an advance once the undergraduate period ends (for example, if the student drops out of college).
Maximum loan term is 8 years (i.e. final 3 years in college plus 5 years repayments post-graduation).
Parents can choose to repay the loan in year 1 over 24 months, year 2 over 36 months, year 3 over 48 months and year 4 over 60 months. In each case the term of the loan is from the year of the last draw-down.