Student Loan. Advice Needed.

Droogie

Hi folks,

Just looking for a little help and advice so I hope I'm in the right place.

I'm going back to college in a week and I have to pay fees due to dropping out of a different course last year. The fees are €5,040 collectively and I have around €1,500 myself, so, obviously I need to get a loan for the rest.

currently have accounts in the Bank Of Ireland, and a more recently opened Credit Union a/c, in which my savings lie.

I am just wondering about how to go about applying for the loan How does it work? What would I need to bring with me to the bank? What circumstances would make getting a loan difficult?

Just to let you know, I have no outstanding debt at the moment, have a full-time job that I will keep on as part time when I begin college and obviously, have never applied for any sort of loan finance before.

Any help much appreciated folks,

Thanks very much..

stepbar

Droogie wrote:

Hi folks,

Just looking for a little help and advice so I hope I'm in the right place.

I'm going back to college in a week and I have to pay fees due to dropping out of a different course last year. The fees are €5,040 collectively and I have around €1,500 myself, so, obviously I need to get a loan for the rest.

currently have accounts in the Bank Of Ireland, and a more recently opened Credit Union a/c, in which my savings lie.

I am just wondering about how to go about applying for the loan How does it work? What would I need to bring with me to the bank? What circumstances would make getting a loan difficult?

Just to let you know, I have no outstanding debt at the moment, have a full-time job that I will keep on as part time when I begin college and obviously, have never applied for any sort of loan finance before.

Any help much appreciated folks,

Thanks very much..

Having no debt is a good start. Having €1,500 helps also. Lets assume that you need roughly 4k over 36 months. The repayments could be around 120 - 130 a month. Can you afford to make those sort of repayments a month?

You shouldn't have a problem unless you've had a poor credit history or something like that. The fact that you will be working part time will go in favour of you. If you could get your parents to go guarantor then you would be laughing. I wouldn't fret too much, the BOI are known to be good for student banking and will help you out as best they can.

parsi

You could also try the credit union - they would be easier than the banks if you ever missed a few payments.

Even if you have an account with BOI check out the other banks - from what I remember of my student days they were all happily vying for business and a wee bit of competition may help you.

dotsman

A lot will also depend on what course you are doing. Doing a course such as engineering, medicine or accountancy etc means you are more likely to go straight into a decent-paying job when you graduate as opposed to some other courses where you might end up doing a post grad or struggling to find a lower paying job for several months afterwards.

If you're parents have a steady income, the bank will more than likley grant you the loan with one or both parents acting as guarantor. If not, perhaps you could get your parents to borrow the money and you make their repayments for them.

You also don't need to make continuous repayments. I know AIB grants adhoc repayments (ie pay lump sums during xmas/summer holidays when you might have a decent income from a student job) but this would need to be agree before taking out the loan.