B
You say that you have been saving a bit in recent times - how much and can you afford this in loan repayments while studying?my perceived ability to repay the loan as you point out, given my employment situation.
Have you researched any other funding/income options that might be available while studying?As it is an educational loan, the credit union could hardly be expecting a student to make payments during their period of study, could they?
For what it's worth - €150 would be the repayment on a €10K loan @ 6.5% p.a. only if the term was about 7 years and I believe that the CU normally prefer shorter terms - e.g. 4 years or less.I am not saying for certain that I won't be able to make any repayments during the 12 month study period. If the repayments were relatively low - around 150 per month - then they would be manageable if I could find some part time work.
I'd be surprised if this was an option from the outset but maybe I'm wrong.Also, I have seen that there may be an option to make interest only payments. I'm not sure how accurate this is.
I forgot that CUs sometimes offer lower rates for education loans. Maybe they also have other policies (e.g. deferring repayments or allowing interest only repayments) for such loans too? Your own CU's website or policy documents may clarify their lending policies.My local CU is now giving out education loans at 6.2/6.5%.
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