Why choose a back to school loan?

Back-to-school costs can be expensive and they tend to come at the same time, and the reality is that they are unavoidable. In a recent Credit Union survey, over a third of parents said that they get into debt funding their kids going back to school. This is not surprising when parents are spending approximately €1,399 per child attending second-level education.

At primary school, parents are on average spending €949 per child. Thankfully, the Free Primary Schoolbooks Scheme in primary schools will remove the cost of funding schoolbooks for children and young people enrolled in recognised primary schools and special schools. However, this has not been extended to secondary schools yet.

On top of books, there are also uniforms, voluntary contributions, and the cost of consumables and stationery. It all adds up. At Croí Laighean Credit Union, we understand that this is a difficult time and that’s why we offer simple back-to-school loans to help spread the cost over the year.

Frequently Asked Questions

Can I pay off a lump sum or clear the back to school loan?

You can pay off a lump sum or clear your loan early with no penalties for early repayment. The great news is that ther interest is charged only on your reducing loan balance, so you’ll only pay interest on what you owe.

Do I need to be a Credit Union member to apply?

Yes, you need to be a member to apply for a loan. However, you can join and apply at the same time—it’s a simple and straightforward process. You don’t need to be a member for a specific length of time or have savings with us to apply.

How much can I borrow with a Back to School Loan?

You can borrow up to €50,000 and it depends on your individual circumstances, such as your ability to repay the loan. We’ll work with you to find a loan amount that suits your needs and budget.

How do I apply for a Back to School Loan?

You can apply in person, over the phone, or online through our website. If you’re unsure about the process, our team is here to help every step of the way.

Back to School Loan Repayment Example:

A school loan of €1,000 over a 12-month loan term at a rate of 9.99% (10.46% APR) equates to weekly repayments of €20 and a total loan cost of €1,052 (representative example as of 1 October 2020). Terms and conditions apply.

While every care has been taken in the production of this web page, the Credit Union, or any of its staff, cannot be held responsible for any omissions, errors, or other mistakes on the site. This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing.

Rates are correct as of 1/02/2022 and are subject to change. Croí Laighean Credit Union is regulated by the Central Bank of Ireland.