Future Finance,  which provides loans to UK students, is setting up a base in Dublin with the promise of 50 new jobs.

The company launched in the UK in May 2014 and currently employs 48 people. The company will launch in Ireland by the end of the year, with grant aid from IDA Ireland. The new positions will be in customer support, sales, marketing and product development.

Future Finance offers loans of up to £40,000 to UK undergraduates and postgraduates It receives 25,000 applications from students in the UK and has loaned over €21 million. The company has partnerships with 17 UK universities including the London Business School.

Future Finance makes lending decisions based on credit agency data, specific course and university data including course continuation, employability and predicted first year earnings. This method allows students with little credit or working history to access finance.

In Association with

Brian Norton, Future Finance

Brian Norton, CEO of Future Finance, said: “We are delighted that we chose Dublin as the headquarters for our operation. We have benefitted significantly from the excellent business environment and the quality of employees we’ve been able to hire in Dublin. There is a growing gap between the costs of education and available financing sources, making life difficult for many students and, in some cases, is preventing them from pursuing a higher education altogether. Future Finance was established to give students across Europe access to a tailored, affordable and transparent financing option to help bridge this funding gap. I look forward to offering this option to Irish students in the near future.”

Debt Burden

A study by the National Union of Students in the UK found that one in 20 graduates said they wouldn’t go to university if they were given a chance to go back because of the level of cost and debt involved.

The Higher Education Commission found many students will be unable to pay off their debts. It is estimated that three out of four UK students will fail to pay their loans over 30 years.

A Future Finance study found London students carry the biggest financial burden, with twice as many students in debt to payday lenders than the national average. Although 72% of London students work part time, 20% of them felt their education suffers as a result. The survey revealed students use gambling and clinical trials as ways to make extra money.

21% admitted to worrying they may not be able to finish their studies due to student fees and the cost of living.