Bank of Ireland cuts interest rates for postgraduate student loans to just 5.5% (5.6% APR)

Bank of Ireland cuts interest rates for postgraduate student loans to just 5.5% (5.6% APR)

June 2014: Bank of Ireland has today announced that it is cutting interest rates by almost half on postgraduate student loans to just 5.5% (5.6% APR). The move comes as students have finished the current academic year, and are looking at finance options for postgraduate studies. The new interest rates available at Bank of Ireland will make studying at 4th level a more affordable option. In addition, postgraduate students will be able to borrow up to €7,500 and defer repayments for up to one year while they complete their course of study.

Joe O’ Connor, President of the Union of Students in Ireland, said “The cost of studying at postgraduate level is extremely prohibitive for very many people, and this has been an ongoing issue since the removal of almost all postgraduate maintenance and grants in Budget 2012. The Bank of Ireland interest rate cut on postgraduate loans by almost half is very welcome and will help provide a much more affordable and accessible option for students who wish to progress to postgraduate study. The introduction of this rate follows ongoing negotiations with all major credit providers, headed up by the USI and supported by the Department of Education & Skills and the Higher Education Authority”.

Conor McGlynn from Bank of Ireland said “We know that increasing numbers are choosing to continue studying to postgrad level and we are keen to support these students in a practical way.  The Bank of Ireland postgraduate loan scheme is very flexible and loans can be made available to postgraduates of all faculties. We hope the introduction of this special loan rate will assist people to further their studies.”

USI President Joe O’Connor also outlined some top tips for Postgraduate students as they look to furthering their academic careers:

• Do your research – Postgraduate studies are expensive and it’s important to ensure you look at all options and courses available.

• Be clear about your financial requirements – with accommodation and rental costs on the rise it’s important to factor in all expenses to work out what level of study you can commit to.

• Keep an eye on the jobs market – Keep ahead of the game by focusing on postgraduate courses that you know will give you a competitive advantage in the workplace.