Finance Options Designed to Help Fund Education

At AIB we are committed to helping students, manage the cost of investing in education throughout their full college cycle. We have options tailored specially for AIB Student Plus Account holders to help finance their education and related costs.

Get a Quick Quote on your Student Personal Loan


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Note: This information is provided for illustrative purposes only. It does not constitute a contract. We are not recording and will not use the information quoted by you in our calculators unless it is being provided as part of a product application. The results are based on current offered rates for Student Loans, which is variable. 

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AIB Education Finance Options

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    Student Personal Loans

    If you have an AIB Student Plus Account, you can apply for a student loan at a competitive interest rate. Students can apply for a Student Loan at a special discounted rate up to a maximum of €50,000.

     

    How it works

     

    • Competitive interest rate for new loans at 8.15%, APR (Annual Percentage Rate) of 8.45%, subject to variation
    • Loan terms from one to five years
    • 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

     

     

    A typical €1,500 one year loan with a variable interest rate of 8.15% and 8.45% APR (Annual Percentage Rate), where the APR does not vary during the term, will have monthly repayments of €130.16 and the total cost of credit (the total amount repayable less the amount of the loan) would be €61.92.

     

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    Student Contribution Charge Loan

    AIB has designed a flexible payment solution for students to fund the Student Contribution Charge (registration fees) or other college fee related expenses.

     

    How it works

    • You can apply for a loan of up to €3,000 for each year of your course duration, for up to 4 years, to cover the cost of your Student Contribution Charge and other fee related expenses (4 annual drawdowns of €3,000, totalling €12,000)

    • Subject to approval, 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). Interest-only repayment options may appear cheaper in the short term but will be more expensive over the life of the loan 

    • On completion of your course you must then commence full repayments of the outstanding balance (capital and interest), over a maximum of 5 years

    • The maximum term available 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

    • You need to make a new credit application to us each year to draw down funds

    • 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 €9,000 loan over 6 years might look like:
       

    Year(s)

    Drawdown

    Interest Rate

    APR

    Minimum Monthly Repayment

    1

    €3,000

    8.15%

    8.45%

    €19.45

    2

    €6,000

    8.15%

    8.45%

    €38.90

    3

    €9,000

    8.15%

    8.45%

    €58.34

    4-6

    €9,000 reducing

    8.15%

    8.45%

    €281.65

     

    Note: This information is provided for illustrative purposes only. It does not constitute a contract. Rates charged on lendings are correct as at 13/06/2016.

     
    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 €2539.68. The Annual Percentage Rate (APR) is based on our Student Loan Rate and amount borrowed.


    The total cost of credit and monthly repayments upon graduation is subject to the total amount borrowed, interest rates and term of loan.

     

    Based on a loan drawdown of 13/06/2016 and a first repayment date of 30/06/2016.

     

    Talk to Us

    If you have questions, need more information, or simply want to talk to one of our team, you can:

    • Contact our dedicated Student Centre 1890 788 336 (8am to 9pm Monday to Friday and 9am to 6pm on Saturdays).

    • Call into any AIB branch and ask to speak with one of our Student Officers.

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Related Products

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    Student Interest Free Overdraft

    An Interest Free Overdraft gives you a credit facility on your current account for temporary or occasional use. First and second year students can apply for an overdraft of up to €1,000 interest free, and third and fourth year students can apply for an overdraft of up to €1,500 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 €25.39 will also be waived for the period that you hold an AIB Student Plus Account

    • Authorised overdraft facilities above €1,500 will be charged at the Bank's Standard Variable 'A' rate for Personal Overdrafts

    • For overdraft facilities above €600 a parental/guardian guarantee may be required.

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    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 €30 is charged annually per credit card account.

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Click here to see our guide to Fees and Charges.


Talk to Us

If you would like to know more about our finance options to help you manage the cost of third-level education, you can:

  • Contact our dedicated specialist team on 1890 788 336.

  • Call into any AIB branch

 

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    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 €1,500 one year loan with a variable interest rate of 8.15% and 8.45% APR(Annual Percentage Rate),  where the APR does not vary during the term, will have monthly repayments of €130.16 and the total cost of credit (the total amount repayable less the amount of the loan) would be €61.92.

     

    For Student Contribution Charge Loan

    An example of 3 annual drawdowns of €3,000, totalling €9,000, with interest only repayments over the 3 years, followed by 3 years capital and interest repayments of the full outstanding capital balance of €9,000 will have monthly repayments of €19.45 in year one, €38.90 in year two, €58.34 in year three, and €281.65 in years four to six. Example assumes 3.3% discount applies in all years. Interest Rate 8.15%, APR 8.45%. 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 €2,539.68. The Annual Percentage Rate (APR) is based on our Standard Variable 'A' Personal Loan Rate (less 3.3% 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 €12,000 (up to 4 annual drawdowns of €3,000). Evidence may be required. A new credit application is required each year to draw funds down.

     


    Personal Lending Interest Rates
     

    AIB Student Plus Account Terms and Conditions and Associated Benefits
     

    Important information on your Distance Contract

    AIB strongly recommends that before purchasing this product you read the Important Information on your Distance Contract.

    Help Centre

    For service related queries please visit our Help Centre.

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Other Information

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.  
Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.

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