NUI Galway has teamed up with Bank of Ireland to introduce a new College Finance Loan to students and their parents. College Finance is an easy and affordable way for parents/guardians to cover the cost of University tuition from September.

A new loan scheme from Bank of Ireland, College Finance enables parents/guardians of full-time undergraduate students to borrow the cost of the Student Contribution Charge, which is currently €2,250 and applies to all Undergraduate Degree courses. The loan is offered at a preferred rate for the length of the course, for up to five years. Once the course is completed the standard Graduate loan interest rate applies and the loan is repaid over three years. All applications must be received by the Bank of Ireland by 31st October 2012.

The College Finance scheme is designed to give parents/guardians and students peace of mind as the full loan, for the duration of the course, is approved up front. NUI Galway is one of 25 Higher Education Institutions participating in the new Loan scheme, and only parents/guardians of students attending participating institutions are eligible to apply.

Commenting on the Loan scheme, President Jim Browne of NUI Galway, said: “The cost of Third Level education has risen steadily over the last four years and, in the current difficult economic climate, we are aware that many parents and students are increasingly struggling to make ends meet. The Bank of Ireland College Finance Scheme is a welcome development which will help families to support their child’s education, ensuring that access to Higher Education remains open to as many students as possible.”

Donal Flynn, Regional Manager, Bank of Ireland, said: “Bank of Ireland is proud to be able to deliver meaningful products and services to Ireland’s students and graduates. We are very conscious that in the current economic climate Ireland’s future generation of employees need initiatives such as this to enable them upskill for a changed environment. We look forward to working with NUI Galway to provide finance to enhance their skills and their prospects for their future careers.”

Ends