Credit Union steps in to help jobless college students
THE lack of summer jobs in West Kerry this year means local students will be hard pressed for cash when they go to college in the autumn.
Since the 1970s the tourism industry has provided an ample supply of summer jobs and in the case of those going to college this has often been a vital source of revenue that helped see them see them through the winter. However, with the local tourism industry closed down because of coronavirus restrictions no summer jobs are being advertised in West Kerry at present and even when premises start to reopen far fewer jobs than usual will be available. As a result most college students will have to rely entirely on their parents to foot the bill this year and this will place a difficult financial burden on many families.
Recognising the coming crisis Comhar Chreidhmheasa Chorca Dhuibhne is offering education loans at a low interest rate. “We have identified that the return to college may be a pressure point for some families,” said Credit Union Manger Micheál Ó Cinnéide.
The Credit Union is also offering an Education Bursary for one lucky member who is hoping to start college this year. The bursary of €1,500 is open to any Dingle Credit Union member who is a sixth year student in any of the three secondary schools in West Kerry - Pobalscoil Chorca Dhuibhne, Mean Scoil an Leith Triúigh and Coláiste Íde. Application forms are available on the website cccdteo. ie’ and the completed forms can be emailed or dropped in to the Credit Union office in Dingle. The winner is chosen by an open draw and will be announced later in the summer.
Meanwhile, also recognising the financial pressure that some of their members are experiencing, due to the lack of local employment, the Credit Union is offering three options for those who are experiencing difficulties making loan repayments. These include a three month ‘ payment holiday’, ‘interest-only’ payments, and a system of reduced payments in which part goes to pay off the loan amount and part pays the interest. As with all financial institutions, a ‘ payment holiday’ means the term of the loan is extended but it is not an interest freeze.
Micheál said that the take-up of revised payments facilities has been low so far and that those who have taken up the Credit Union’s offer have opted mostly for the interest and principal payments option
He also said that while the Credit Union is continuing its normal business during the coronavirus lockdown, very few loans have been taken out. However, the Credit Union remains ready to support the community when it comes to reopening businesses. “Our wellbeing is dependent on the economic wellbeing of the community and the Credit Union is poised to play its part in the rebuilding of the local economy,” he added.
Micheál stressed that anybody experiencing difficulty repaying loans should contact the Credit Union to discuss restructuring. “We can do very little in terms of the health side of things [during the coronavirus emergency] but when it comes to finance we are there for people,” he said.