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College Finance for Students

At AIB we are committed to helping both students and parents manage the cost of investing in education throughout the full college cycle. We have a range of options tailored specifically to help finance the Student Contribution Charge (registration fees) and other expenses.

Who can apply?

Applicants must:

  • Be a third level student in full time education
  • Have an AIB Student Plus Account
  • Be 18 or over.

Student Contribution Charge Loan

AIB has designed a flexible payment solution for students to fund the Student Contribution Charge (registration fees) and other expenses. You can choose to make interest only repayments for the duration of your college course, so while you are in college you don't need to worry about making the full repayments on your loan. When you complete your course you start repaying the balance of your loan with capital and interest repayments.

How it works

  • You can apply for up to EUR3,000 for each year of your course duration, for up to 4 years, to cover the cost of your Student Contribution Charge and other expenses (4 annual drawdowns of EUR3,000, totalling EUR12,000)
  • A new credit application is required each year to draw funds down
  • The loan is currently offered at a 3% discount, subject to variation, to the Bank's Standard Variable 'A' Personal Loan rate. The discounted rate loan has a current interest rate of 8.45%, APR (Annual Percentage Rate) of 8.73%, subject to variation. The level of discount offered may differ each year
  • You can choose an interest only repayment option* and make minimum monthly interest repayments for the duration of your course (maximum duration of 4 years)
  • On completion of your course, you must then commence full repayments on the outstanding balance (capital and interest) over a maximum term of 5 years
  • The maximum term of the loan is 9 years (up to 4 years with flexible payment options and 5 years full capital and interest repayments on the balance)
  • You always have the option of making unscheduled additional repayments at any time with no penalty. You can do this either through your branch or AIB Internet Banking
  • The loan cannot be used to fund exam resits, repeat a year of study, or fund any post-graduate study. Evidence may be required
  • Additional funds for the following year will not be sanctioned where a minimum repayment of interest has not been provided for in the previous year
  • A parental/guardian guarantee may be required
  • Take a look at our table to see what the repayments on a EUR12,000 loan over 9 years might look like:
Year(s) Drawdown Balance Interest Rate APR Minimum Monthly Repayment**
1 EUR3,000 EUR3,000 8.45% 8.73% EUR21.01
2 EUR3,000 EUR6,000 8.45% 8.73% EUR42.01
3 EUR3,000 EUR9,000 8.45% 8.73% EUR63.01
4 EUR3,000 EUR12,000 8.45% 8.73% EUR84.01
5-9 - EUR12,000 reducing monthly 8.45% 8.73% EUR245.67

Note: This information is provided for illustrative purposes only. It does not constitute a contract. Rates charged on lendings are correct as at 08/07/2013.
Total cost of credit is EUR5,260.68. The total cost of credit and monthly repayment upon graduation is subject to the total amount borrowed, interest rates and term of loan.
Example assumes 3% discount applies in all years.

* Interest-only repayment options may appear cheaper in the short term but will be more expensive over the life of the loan.

Student Personal Loan

If you have an AIB Student Plus Account, you can apply for a personal loan at a special discounted interest rate.

How it works

  • The loan is currently offered at a 1.5% discount to the Bank's Standard Variable 'A' Personal Loan Rate. The discounted rate loan has a current interest rate of 9.95%, APR (Annual Percentage Rate) of 10.33%, subject to variation
  • This discount will apply for the agreed life of the loan or until the loan is amended or topped up by way of a new credit agreement.
  • The maximum term of the loan is five years
  • The maximum amount of the loan is EUR50,000
  • You make monthly capital and interest repayments on the loan
  • You have the option of making unscheduled, additional repayments to your loan at any time with no penalty. You can do this either through your branch or AIB Internet Banking
  • A parental/guardian guarantee may be required.

Student Interest Free Overdraft

First and second year students can apply for an overdraft of up to EUR1,000 interest free, and third and fourth year students can apply for an overdraft of up to EUR1,500 interest free. This gives you peace of mind that additional funds are easily accessible if and when you need them ? for those unexpected costs that arise during your student years.

How it works

  • Once you apply and are approved for a new overdraft facility, you'll benefit from our 'interest free' overdraft
  • The Standard Overdraft Facility Fee of EUR25.39 will also be waived for the period that you hold an AIB Student Plus Account
  • Authorised overdraft facilities above EUR1,500 will be charged at the Bank's Standard Variable 'A' rate for Personal Overdrafts
  • For overdraft facilities above EUR600 a parental/guardian guarantee may be required.

Specialist Faculty Loan

The Specialist Faculty Loan is available to full time third level students enrolled in one of a predetermined list of specialist courses in a selected number of colleges. Faculties that the Specialist Faculty Loan is available to include Medicine, Dentistry, Veterinary, Pharmacy, Psychology, Physiotherapy, Radiography, Law, Science, Mathematics, Architecture and Computing.
The maximum loan amount available is EUR10,000, which is interest free for a period of 5 years.

How it works

  • If the loan is fully paid within the 5 year period, no interest will be applied
  • Any capital balance outstanding at the expiry of the interest free period is subject to Capital and Interest repayments at the prevailing rate for a maximum term of 5 years
  • If a repayment schedule is selected during the 5 year interest free period and repayments are not made and the account goes into arrears, it will be liable to surcharge interest
  • Maximum term is 10 years (based on 5 year interest free period and 5 years Capital and Interest)
  • To be eligible, you must be engaged in a full time third level education course in one of a pre-determined list of specialist courses in a selected number of colleges
  • You must hold an AIB Student Plus Account to avail of this product, be aged at least 18 and provide evidence that you have been accepted to the course
  • If having ceased to hold an AIB Student Plus Account you want to amend the terms of the loan, we will have to enter into a new credit agreement with you which may change the interest rate that applies to the loan
  • A parental/guardian guarantee may be required
  • The Specialist Faculty Loan is available in the following colleges and campus branches:
College Campus Branch Contact
Dublin City University AIB Santry, Dublin 9 01 - 8426477
Dublin Institute of Technology AIB Lower Baggot St, Dublin 2 01 - 6610188
NUI Galway AIB Newcastle Road, Galway 091 - 524466
NUI Maynooth AIB NUI Maynooth, Co Kildare 01 - 6285277
Royal College of Surgeons AIB Lower Baggot St, Dublin 2 01 - 6610188
Trinity College Dublin AIB Westmoreland St, Dublin 2 01 - 6799222
University College Cork AIB College Road, Co Cork 021 - 4340340
University College Dublin AIB UCD, Belfield, Dublin 4 01 - 2694499
University of Limerick AIB Castletroy, Limerick 061 - 334266

Contact our Student Centre on 1890 788 336 or one of the campus branches listed above to see if your course is eligible.

AIB Student MasterCard

As an AIB Student Plus Account holder, you can apply for an AIB Student MasterCard (applicants need to have held a bank account for a minimum of 6 months). A convenient way to shop online and pay for day to day expenses, it allows you to pay for a student lifestyle on a schedule that fits your budget.
Government Stamp Duty of EUR30 is charged annually per credit card account.

Important/Regulatory Notice

For All Credit Products
Lending criteria, terms and conditions apply. Credit facilities are subject to repayment capacity and financial status, and are not available to persons under 18 years of age. Security may be required.

For Student Loan Products
A typical EUR1,500 one year loan to students will have monthly repayments of EUR131.83, Interest Rate 9.95%, APR 10.33%. If the APR does not vary during the term of the loan the total cost of credit of this loan i.e. total amount repayable less the amount of the loan, would be EUR 81.96. The Annual Percentage Rate (APR) is based on our Standard Variable 'A' Personal Loan Rate (less 1.5% student loan discount) and amount borrowed. The maximum term of the loan is five years. The maximum amount of the loan is EUR50,000.

For Student Contribution Charge Loan
An example of 4 annual drawdowns of EUR3,000, totalling EUR12,000, with interest only repayments over the 4 years, followed by 5 years capital and interest repayments of the full outstanding capital balance of EUR12,000 will have monthly repayments of EUR 21.01 in year one, EUR 42.01 in year two, EUR63.01 in year three, EUR84.01 in year four and EUR245.67 in years five to nine. Example assumes 3% discount applies in all years. Interest Rate 8.45%, APR 8.73%. If the APR does not vary during the term of the loan the total cost of credit of this loan i.e. total amount repayable less the amount of the loan, would be EUR5,260.68. The Annual Percentage Rate (APR) is based on our Standard Variable 'A' Personal Loan Rate (less 3% discount for the Student Contribution Charge Loan) and amount borrowed. The maximum term of the loan is 9 years (up to 4 years with flexible payment options and 5 years full capital and interest repayments on the balance). The maximum amount of the loan is EUR12,000 (up to 4 annual drawdowns of EUR3,000). The loan cannot be used to fund exam resits, repeat a year of study, or fund any post graduate study. Evidence may be required. A new credit application is required each year to draw funds down.

Next Steps:

Call us on:
1890 788 336

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