Credit unions are experiencing major growth as three million members borrow over €7 billion, it emerged today.
On International Credit Union Day, Liam O'Dwyer, chief executive of the Irish League of Credit Unions (ILCU), said membership, savings, assets and loans are all showing continuing growth this year.
Research has found ILCU facilities have currently loaned over €260 million to members for their education needs or those of their families.
Anne O'Byrne, ICLU president, said: "While significant increases in education funding have been made in recent times by Government, it is clear that there are still substantial costs which students and their families have to cope with on their own."
Credit unions offer educational loans at low rates, and some unions provide a number of education grants and bursaries each year.
"The unique credit union policy of offering relevant and affordable financial services and products on a not-for-profit basis continues to appeal to Irish people's innate sense of fairness and community spirit," Mr O'Dwyer said.
Members' savings now amount to €13.4 billion, and loans to members have topped €7.2 billion.