Credit Unions See 'Significant' Rise In Student Loans

Ireland’s credit unions have reported a significant rise in loan applications for students, well ahead of the start of the academic year.

The Irish League of Credit Unions said its members had seen a "big increase" in student loans, although it was unable to say what the percentage increase has been.

"We did not get an average figure, but the increase has been significant," said a spokesperson.

The credit union umbrella body said a rise in the third-level registration fee and the day-to-day costs of going to college is forcing many to borrow.

Borrowing is rising even though most students depend on their parents.

A total of 72% of students are still relying heavily on their parents to help fund their third-level education, according to a survey commissioned by the credit union group.

The research also found that more than half (55%) of students were forced to work during the academic year, and a third skipped lectures to do so.

A total of 68% of students said financial issues were one of their biggest fears, the same number as are worried about passing exams.

The third-greatest fear, for 64% of students, was not getting a job after college.

(H)