The President of the Student’s Union, David Branagan, voiced his concerns and said that students, who will receive their Leaving Cert results this week, will ultimately ask themselves - Is college and university worth it?
Repayments begin immediately and for the first 15 months the applicant makes payments on interest only.
Last year the government scrapped grants for postgraduate studies.
“It’s really a disgrace. The government thinks this scheme is adequate, it isn’t. This will force students going into employment with a heavy debt hanging over their heads”, David told the Democrat this week.
“Students will now be less likely to look at postgraduate courses and ultimately these attract investment to the country.
Parents and students will be sitting down this week and thinking weather or not if they can afford to go to university or college. They will have to weigh up all their options.”
David says certain students will struggle to get approved as their application will be decided on their credit history.
“Students who have a negative credit history will not be grated this scheme, so it means that the students who are financially sound are safe”, he said.