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Financial Hardship for MIC Students to be eased by innovative BoI Scheme

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Category: News

Published on Monday, 16 July 2012 12:01

A student loan initiative for current and new undergraduate students at Mary Immaculate College, Limerick, provided by Bank of Ireland, was announced today. The initiative, ‘College Finance’ will assist students and parents in easing the burden of payment arising from the Student Contribution Charge during the students’ undergraduate College years.

At the announcement of the new scheme, Prof. Michael A Hayes, President of Mary Immaculate College said: “Enabling access to Higher Education is a key priority for Mary Immaculate College. The loan scheme that we have developed with our partners, the Bank of Ireland, will enable our students and their families to spread their contribution to tuition cost over a period of time and thereby reduce the burden of paying this contribution upfront. This scheme represents our strong commitment to placing students at the centre of our endeavours.”

So how will this new scheme work? Parents/guardians can apply to borrow the total cost of their son or daughter’s Student Contribution Charges. The total amount required depends on the duration of the undergraduate course, ranging from 1 to 4 years, with the annual fee currently at €2,250. 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% APR variable for the duration of study and at the graduate variable rate thereafter, currently 9.7% APR. The loan is repaid over a maximum term of 8 years, with the individual term of each loan depending on the length of the undergraduate course and the monthly payment that the individual can afford.

Upon hearing about the introduction of the scheme, Cillian McHugh, Vice-President of the Mary Immaculate Students’ Union (MISU), said: “The Students’ Union is happy to welcome this new initiative between Mary Immaculate College and Bank of Ireland. It is great to see the College actively trying to find ways to ease the financial burden on students and it will hopefully make education in Mary Immaculate College more accessible to all students.”

Commenting on the initiative, Gerry Reeves, Regional Manager, Bank of Ireland, said: “Bank of Ireland has always been at the forefront in delivering 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 up-skill for a changed environment. We look forward to empowering students of Mary Immaculate College with finance to enhance their skills and their prospects for their future careers”.

Anyone wishing to avail of this Finance Scheme can do so through their local Bank of Ireland branch or call to Lorna or Bernie at the MIC Bank of Ireland Branch 076-6240583