Are You Going To College This Year? | Educational Bursary Award Winner, Stef Russell

The Irish League of Credit Unions (ILCU) and spunout, Ireland's youth information website, found that nearly half of all college students say they struggle to afford living expenses and while 88% worry about money, over 40% stress about money all of the time. Finding and keeping a job, travel expenses, paying rent, as well as college fees and books, were some of their biggest financial concerns. Even though this survey took place in late 2021, it is still very much relevant given the current financial climate in Ireland.

In order to cover third level expenses, the majority (71%) plan to work part-time, followed by a mix of support from parents (59%) and the student grant (40%). When it came to financial topics, over a quarter (26%) of those surveyed said they don’t have much understanding at all.

Understanding Finance
When it comes to understanding financial topics, over a quarter (26%) of those surveyed say they don’t have much understanding at all. Over half (52%) have some understanding, while 20% said they have a good understanding.

When asked what areas they’d like to know more about;
• Over half (60%) said they’d like to improve their money management/budgeting skills.
• Over two-thirds (73%) would like to know how to invest.
• Over half (51%) would like to learn more about mortgages.
• 47% want to know more about how interest rates work.
• 44% would like to know about different types of bank accounts.
• 42% would like to know more about loans.

Current Behaviour
The majority of students (72%) go to friends or family to learn more about finance, followed by news websites and social media. 70% said they did not use budgeting apps or online tools to manage their money.

Stef Russell - A 2022 Sligo Credit Union Educational Bursary Award Winner

We recently caught up with Stef Russell, one of Sligo Credit Union Educational Bursary Winner’s for 2022, and a Construction Project Management student in Atlantic Technological University (ATU), to ask a few questions. Stef highlighted that the most expensive parts of college are the fees and student contributions, and highlights that as an educational bursary award winner, the €1,000 prize money will go towards paying 1/3 of college fees for her next semester.*

Name: Stef Russell
College: Atlantic Technological University (ATU)

- What course are you studying, and what do you hope to get out of it?
Construction Project Management. I hope to get a job somewhere within the construction industry afterwards but for the moment I am just enjoying the course and trying not to focus on the end result too much.

- In your opinion, what is the most expensive thing about college, accommodation and associated living costs, fees, books, upgrading technology (laptop etc) or other?
For me, fees / student contribution are the most expensive parts.

- Do you have to pay for transport to get to and from college?
No, lucky I live in town, so I can cycle to and from college.

- How did the €1,000 Educational Bursary Award from Sligo Credit Union benefit you for college?
It will pay one third of my fees for next year, so it’s been an absolute godsend.

- What kind of hobby/hobbies do you like to do outside of college?
I like being outdoors and do a lot of swimming and cycling. I also love woodwork and DIY!

Do you need funds for college? You can count on Sligo Credit Union for an ethical loan

With third level education costs continuing to take their toll on students in Ireland, especially as inflation / cost-of-living rises, and with finance being such a huge aspect of third level life, a large number of students, or their parents, look to borrow to meet costs. It’s important that they know some lenders are more prudent and cost effective than others.

A Sligo Credit Union Education Loan is a far less expensive way to borrow money for college than using the credit card or going to a moneylender. For example, we charge 6.75% interest rate (6.96% APR)** on an Education Loan. You can calculate repayments today via our loan calculator, or contact us on 071-9317500, email info@sligocu.ie for more information.