Trinity College Dublin (TCD) is set to introduce TCD Finance, a student loan initiative for current and new undergraduate students which aims at spreading 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 has been introduced as an effort to alleviate the financial burden of college fees on students and parents.
Student Contribution Charges currently average €2,250 per year.TCD Students’ Union president Ryan Bartlet said that “This development will help a lot of students who were struggling with the annual increase in the Student Contribution Charge,”
“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 developed the idea in unison to create the best solutions for developing the loan, which is designed to provide low repayments of €100 per month for the duration of study, at a rate of 5.1% APR variable. When students complete their studies, the loan will revert to the Bank of Ireland standard graduate rate of 9.7% APR variable for a further three years.