Managing Back to School Costs

Blog 5 | Managing Back to School Costs: Your Questions Answered

28 August 2026

I’m struggling with the cost of going back to school. What should I do?

The first step is to look at what you can afford and, where possible, plan and save ahead for the costs you know are coming. But we know that this isn’t always possible. The cost of living has increased, and families can find themselves under more pressure than usual.

If you need financial help, come in and talk to us. We’ll look at your individual circumstances and work with you to find an affordable solution.

Do I have to borrow the full amount I need?

No. One of the benefits of borrowing with a Credit Union is the flexibility available to members. For example, you might need €400 now for back-to-school expenses and another €300 or €400 later in the year. Rather than borrowing the full amount upfront, you may be able to take a smaller loan initially and apply for a top-up when or should you need it. Keeping your borrowing as low as possible can also mean paying less interest overall.

I’ve already used store credit to make some of the necessary purchases, can you still help?

If you have already used store credit or a credit card to cover expenses and are now finding the repayments difficult, come and talk to us. These can be expensive and we may be able to help you clear higher-cost borrowing and move towards a more manageable repayment plan.

How competitive are Credit Union loans?

Credit Union loans remain very competitive. For example, Core Credit Union’s Education Loan has an interest rate of 6.5%. One of the most important differences to understand is that Credit Union loans accrue interest rather than adding interest to the outstanding balance. This means that interest isn’t charged on interest. If a member falls into arrears, the interest does not simply compound on top of the existing balance.

What happens if I’m struggling with my finances generally?

This is where the personal approach of a Credit Union can make a real difference. We know our members and we understand that people can go through difficult periods. Whether it’s a change in circumstances, illness, job loss or simply a period when household costs become too much, we want members to come and talk to us. In genuine cases of financial difficulty, we can work with members over an extended period to help them get back on track.

Is the Credit Union just somewhere to go when I need a loan?

Absolutely not. Saving is a fundamental part of what Credit Unions do, and many members use Core Credit Union simply as a place to save. Savings also play an important role in the Credit Union model. Members’ savings provide the funds that can be lent to other members, while the interest earned on loans contributes to the overall benefit returned to savers.

For families, starting a regular savings habit when children are young can also help prepare for larger expenses in the future, such as college. And we also encourage children and students to open accounts and start a savings habit from a young age.

What’s the best advice for parents facing increasing education costs?

Plan ahead where you can. If you have younger children, even a small regular saving amount over two or three years can build up a useful fund for future expenses. And if you are already facing financial pressure, don’t wait until the situation becomes unmanageable.

Come in and talk to us. We can look at your circumstances with you and discuss the options available.