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getting a loan

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  • 19-03-2004 12:20pm
    #1
    uberwolf
    Registered Users Posts: 7,580 ✭✭✭


    I'm finishing up my finals at mo. I want to go and do a master in business studies. (primary degree is comp sci).

    I'll be out on my own now, with fee's, rent etc. The fee's are the guts of 10k, and cost of living could well add ten more to that for the year (incl. laptop I have to buy).

    Will a bank listen kindly to requests for a 5 yr loan? The starting salary from this course ought to be around 38 - 40k sterling, probably less if I stayed over here (which I'd prefer)

    or is there a better way of going about this?


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    #2
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    The banks are primarily interested in your ability to repay. Are you saying you that you won't repay anything for the initial two years, in which case you will be facing into a loan of close enough to 50k when you start working. Do the sums to see how you are going to manage to repay that amount from your net salary within the first three years of work.

    If I were a bank manager, this would look like a very risky prospect to me.


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    #3
    uberwolf
    Registered Users Posts: 7,580 ✭✭✭uberwolf


    Originally posted by RainyDay
    The banks are primarily interested in your ability to repay. Are you saying you that you won't repay anything for the initial two years, in which case you will be facing into a loan of close enough to 50k when you start working. Do the sums to see how you are going to manage to repay that amount from your net salary within the first three years of work.

    If I were a bank manager, this would look like a very risky prospect to me.

    fee's close to 10k, salary close to 40k within a year of taking loan. I think I'll need another 6k??? on top of fees (mimimum) to live on, but still sub 20k loan, to repay over 5yrs. so something like 7k per annum coming out of my wage for three years.


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    #4
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    Just realised I misread the figures in the original post, so ignore my comment about the 50k debt. Still, I guess the bank manager will be thinking about what happens if you don't get a job for 3 months, or 6 months or 18 months afterwards? And 6k-10k to live for one year sounds very modest.


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    #5
    uberwolf
    Registered Users Posts: 7,580 ✭✭✭uberwolf


    well I presume being a student n'all I'll need a gaurantor(sp)., which'll be no prob. the living expenses one is different though isn't it - just not sure what that will take.


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