No financial strain this back-to-school season

As we approach the back-to-school season, many parents are feeling the financial strain of preparing their children for the new academic year. A recent survey by the Irish League of Credit Unions featured in RTE.ie highlights that more than one in four parents take on debt to cover school costs, with an average debt of €368. This emphasizes the growing financial pressure on families.

The survey found that 62% of parents view the cost of returning to school as a significant financial burden. Despite initiatives like the Free Book Scheme and the Hot Meals initiative, the average spend per child remains high—€1,086 for primary school and €1,401 for secondary school. Additionally, 86% of parents report that their household budgets are impacted by rising costs of living, particularly groceries and utility bills. Two-thirds of respondents feel that schools are not doing enough to mitigate these expenses.

Government Initiatives to Support Irish Families

Several government initiatives are in place to help families manage back-to-school expenses. These programs are detailed on the citizens information website, which provides comprehensive information on financial supports available for education.

• Back to School Clothing and Footwear Allowance
  The Back-to-School Clothing and Footwear Allowance (BSCFA) helps families with the cost of school uniforms and footwear. To qualify, your household income must be below a certain amount, and you must be receiving specific social welfare payments or participating in approved education, training, or employment schemes. For more details on qualification and application, visit the citizens information website.
  
• Free Schoolbooks for Primary and Special Schools
  Since September 2023, parents of children in primary and special schools do not have to pay for schoolbooks, workbooks, and copybooks. These are provided on loan by the school and must be returned in good condition. For more information, see the Free Primary Schoolbooks Scheme.
  
• Free Schoolbooks for Junior Cycle Student
  Starting in September 2024, Junior Cycle students in schools participating in the Free Education Scheme will receive free schoolbooks and core classroom resources. For further details, refer to the Junior Cycle Schoolbooks Scheme.
  
• Senior Cycle Book Rental Scheme
  For Senior Cycle students, schools may offer a book rental scheme or direct assistance to buy books, particularly for those from low-income families. For more information, read the Guide for Parents: Textbook Rental Schemes.

MFCU Scholarship Scheme to support local families

At Member First Credit Union (MFCU), we are dedicated to supporting families and easing the financial burden of education. Each year, we offer €10,000 to Third Level Students in our Education Scholarship Scheme through our Community Fund. This initiative aims to support local students and help them achieve their academic goals without the added stress of financial constraints.

How to Apply for the MFCU Scholarship

To apply for our scholarship, simply fill out the application form and meet the necessary criteria. For more information or assistance, please email us at info@mfcu.ie.

MFCU Education Loan in case you need additional support

At MFCU, we recognize the importance of education and the financial challenges it can bring. Our goal is to provide practical solutions that help you manage these costs effectively. Whether through our scholarship scheme or education loan, we are here to support students and their families, ensuring that financial constraints do not hinder educational opportunities.

While our scholarships provide substantial help, we understand that some families may not qualify or still require additional financial support. That’s where our MFCU Education Loan comes in. Designed to cover a wide range of educational expenses, our education loan can provide the necessary resources without adding financial stress.

Key Features of the MFCU Education Loan

• Promotional Interest Rate of 7.99%
• Loan Amounts from €500 to €75,000
• Flexible Repayment Terms from 1 to 5 Years
• No Hidden Fees or Costs
• No Penalties for Early Repayments
• Convenient Online Application

We invite new members living, working, or studying within our North Dublin common bond to join us. Loan approval is based on your ability to repay, considering your income and outgoings.

For more details, visit our Education Loan page

If back-to-school expenses are weighing you down, consider our scholarship scheme or education loan to help ease the burden. Together, we can ensure that every student has the resources they need for a successful school year.