Trinity College Dublin (TCD) has introduced TCD Finance, a student loan initiative for current and new undergraduate students that will help spread the cost of Student Contribution Charges with payments of €100 per month for the duration of study.
TCD Finance will be provided by Bank of Ireland and will alleviate the financial burden of college fees on students and parents.
“Trinity is conscious of the difficulties faced by students and their families in financing a university education as a result of the current economic downturn, coupled with the increases in the cost of the Student Contribution Charge,” said Dr Patrick Prendergast, TCD Provost. “This initiative is the first of its kind offered by an Irish university and it is hoped to help students access a quality education at Trinity.”
Student Contribution Charges currently amount to €2,250 per year. “This development will help a lot of students who were struggling with the annual increase in the Student Contribution Charge,” said TCD Students’ Union president Ryan Bartlett. “The partnership with Bank of Ireland has delivered a creative option to ease the problems of student financing.”
Bank of Ireland, TCD and the university’s Students’ Union worked together to develop the loan, which is designed to provide low repayments of €100 per month for the duration of study, at a rate of 5.1pc APR variable. When students complete their studies, the loan will revert to the Bank of Ireland standard graduate rate of 9.7pc APR variable for a further three years.
“The development of the TCD Finance offering has been a true partnership with the team in Trinity College who have really helped us understand the needs of students and strongly challenged us to come up with an offering to meet those needs,” said Richie Boucher, group chief executive of Bank of Ireland. “We are very excited to have been able to rise to the challenge and we will work very hard with Trinity College to ensure its success.”
Parents and guardians can apply for TCD Finance upon receipt of their annual TCD Fees Remittance Invoice in August. The closing date for applications is 28 September.
Student finance image via Shutterstock