Making Cents: SUSI grant is not the only financial help for students

Gráinne McGuinness offers some consumer advice for college students.

Last week I wrote about the importance of students getting a handle on their finances early, in order to make sure the funds they have last the college year. But the truth for many is they don’t have the funds and will need either grants or loans to make third-level education possible.

The first port of call for anyone who needs assistance is the SUSI grant system. Most students who feel they are eligible will have applied by now, but they are still accepting applications — although these will not be processed by the start of the year.

It is important to get the message out there that the SUSI grant system is not the beginning and end of financial assistance for third-level education. There are a number of other options available, particularly for certain groups.

For example, the 1916 Bursary Fund aims to support 600 students over the course of three years, with 2018/19 being the second year. These students will be from target groups who are currently under-represented in higher education, and the fund will provide them with a bursary of €5,000 per academic year to support them in their studies.

20% of students chosen are to be lone parents. First-time mature student entrants, students with a disability, Travellers, and ethnic minorities also eligible. If you think you may be eligible, applications are made directly with the college you are attending. Contact them for further information on the application process.

This is just one example of funding available — a good place to find out more is the student finance section at hea.ie. There are also a number of both location-specific and area of study specific scholarships available.

The Student Assistance Fund is also available to help students who find themselves struggling, whether due to overall circumstances or a specific incident or emergency. It is administered by colleges.

In many cases, some type of borrowing will be needed to fund third-level education, on the part of the student themselves or their families. AIB and Bank of Ireland (BOI) both offer specially-tailored loan offerings to suit various situations. They each have a loan designed to cover the Student Contribution Charge. Both allow you to borrow up to €3,000 per year for up to four years, with options to spread the payments over an extended term. The BOI loans rate is 7.5% APR and the AIB one is 8.45% APR. They have some different elements, so check out both and see which one bests suits your circumstances. The BOI product is aimed at parents, while the AIB one is for the students themselves. AIB also offer a standard student loan of between €1,000 and €50,000, with a reduced APR of 8.45%. These normally require a parent or guardian to sign as guarantor.

BOI have a number of loan options for students including a short-term loan of up to €1,000 with a loan rate of 1%. This must be repaid within a year, and payments can be deferred for up to three months so it may be a good option for students waiting for a grant to come in or for tax back.

BOI also offer 0% interest loans for students in the later years of some preferred subject choices, including Medicine, Dentistry, Veterinary, Pharmacy, Accountancy, Science, Law, B Comm, Computing (including Business Information Systems) and Engineering (non-civil). Their standard student loan rate is 9.7% APR and students can borrow up to €5000.

Some banks also offer interest-free overdrafts and student credit cards. While they can be useful, it is very easy to allow debt to accumulate on them, leading to cashflow problems down the line, and a potential impact on future, post-college borrowings. If you can manage without them, do.

When considering lending options, it is also worth having a chat with your local credit union. The credit union sector has long been known for flexibility when it comes to borrowing, and has helped generations of Irish young people with their first loans, be it for a car or college. Rates and terms vary from branch to branch — find out what your local credit union can offer before committing to finance elsewhere.

DEAL OF THE WEEK

One of the most highly-recommended attractions in Cork according to Tripadvisor, is offering free entry to all Leap Card holders for the months of August and September.

If you want to plan a family weekend trip, or one last summer day out, who not take advantage of this offer and bring the family to Nano Nagle Place?

The centre, which is located just a few minutes from the English Market and St Patrick’s St in the city, is open from 10am to 5pm, with a guided tour at 3pm.

There is an interactive heritage experience, which includes reading nooks and screens aimed at keeping younger visitors engaged.

There are also extensive gardens and courtyards to be explored, with a cafe for refreshments and a highly-regarded design shop selling a wide range of toys, books and crafts.

Find out more about the centre at nanonagleplace.ie.