Parents and guardians will be able to borrow the total cost of their children’s student contribution charge for the Mary Immaculate College of Education in Limerick, under a new initiative with the Bank of Ireland.
The total amount required depends on the duration of the undergraduate course, ranging from one to four years, with the annual fee currently at €2,250.
Trinity College Dublin recently announced a similar scheme. While the loan is approved up-front, the annual student contribution charges are drawn down on an annual basis and paid directly to the college by Bank of Ireland. Finance is offered at a discounted rate of 5.1 per cent for the duration of study and at the graduate variable rate which is currently 9.7 per cent.
The loan is repaid over a maximum term of eight years.
