Large Graduate Loan

TheNibbler

I know there has been a good few threads about student loans but just wondering what the situation for a new graduate? I'm finishing college in June and am hoping to go travelling for 9months~. Have a little money saved but will need a pretty major loan, about €10,000.

Any ideas on which bank would be my best bet? I have been with Ulster Bank for years and prob have a pretty good rating with them as have previously borrowed money (€2,000) from them and paid it back promptly. I have also been with the Credit Union for years and have also borrowed from them in the past with no problems.

Ideally I would like to borrow the money but not start paying it back for 2years as I plan to do a Masters after travelling. I know thats very unlikely to happen but is there any bank that is particularly decent about delaying repayment and spreading out payments over a number of years?

Sorry for the length of that!

stepbar

I hate to burst your bubble but there's no bank that will allow you to postpone payments for 2 years. The best you could hope for would be 6 - 12 months and at that you would want to be working (at the mo and while you travel). My friend was able to delay repayments on a 7k loan for about 9 months. That being said he was working 20hrs+ a week and wasn't going to travel. TBH I don't think you're going to get a loan unless you have your parents onside and forget about the masters for the time being.

unclebill98

Plus one with Stepbar. Don't start off the conversation with delaying payments!!

Try UB 1st, seeing your already there.

TheNibbler

Yeah, I know it'll be pretty near impossible to delay for two years. Any ideas on how long I would likely have to pay back a €10,000 loan? And what sort of repayments I'd be facing? I know I'd need to check with a bank, just looking for a rough estimate.

LouOB

would you not consider working full-time for a year after college - and save. Then go travelling, least you have bulit up confidence with bank and will grant you further loan if they see you can save and maintain your income???

TheNibbler

Not really an option to work for a year, with the degree I will have it is pretty much essential to do a postgraduate to get a decent job. Don't really want to waste a year doing a dead end job that would have little to do with my future career. Would much rather be working off a load of debt in a decent job in the area I'm interested in after the Masters.

Also, the person I'm travelling with is very keen on going this summer.

Sangre

BOI let me put if off for a year fairly easily.

TheNibbler

Sangre wrote: »

BOI let me put if off for a year fairly easily.

Were you banking with them before you asked for the loan? Did you ask for about as much as I will be (€10,000)? Thanks

unclebill98

5k over 5yrs is roughly 100p/m.

dotsman

I've said this before with regard student loans:

Is there any chance you parents can lend you the money (ie even if they don't have that kind of cash - can they borrow it from the bank, and you repay them?). Obviously, it is a large amount of money for your parents to take on, but think of it like this- if your parents can't trust you to repay that much with interest, how can you expect a bank?

If your parents are willing to lend you the money, you have the added advantage of repaying it adhoc as and when you have the money. Obviously, you should repay them the full interest as well.

To be honest, I can't see any bank giving you this kind of cash. It would be one thing if you had graduated in medicine/acounting/law etc (ie high-paying secure career) with a job offer, but by your own admission, your degree on it's own won't get you a decent job. What if you ended up not liking the masters, or not being very good at it? What if you fall in love with Oz or wherever and decided to stay there on a long-term basis. The bank would have no way of getting their money back.

TheNibbler

I have asked my parents to lend me the money and they're 'thinking about it' at the moment but tbh I'm not that confident that they will (for a number of reasons).
They would definitely act as guarantors but I think they want me to do this myself.

With regard to the masters, I'm not the kind of person to go into a postgrad lightly and then give up. If I start it,I'll finish it. I understand though, that the bank won't know that!

Would the credit union be likely to be more accommodating?

stepbar

TheNibbler wrote: »

I have asked my parents to lend me the money and they're 'thinking about it' at the moment but tbh I'm not that confident that they will (for a number of reasons).
They would definitely act as guarantors but I think they want me to do this myself.

With regard to the masters, I'm not the kind of person to go into a postgrad lightly and then give up. If I start it,I'll finish it. I understand though, that the bank won't know that!

Would the credit union be likely to be more accommodating?

I'm a lender in a bank and if you came in front of me looking for a loan of that size I'd have to send you away. I wouldn't even send it to an underwriter. There are too many risks involved. With a guarantor it "might" be doable how in ever the lender would have to put forward a damm good case.

The credit union "maybe" more accomadating but TBH I'm sure they have similer lending criteria.

unclebill98

stepbar wrote: »

I'm a lender in a bank and if you came in front of me looking for a loan of that size I'd have to send you away. I wouldn't even send it to an underwriter. There are too many risks involved. With a guarantor it "might" be doable how in ever the lender would have to put forward a damm good case.

The credit union "maybe" more accomadating but TBH I'm sure they have similer lending criteria.

So true.... I'd be nodding at you but I know for sure its a non runner. Parents help would be the best option. Good Luck.