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Info on getting a loan with a 9 months delay on repayments

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  • 24-06-2008 4:02pm
    #1
    G86
    Closed Accounts Posts: 3,660 ✭✭✭


    Hi All

    I am hoping to return to college to complete my final year in Sept. However, I will need to take out a student loan of about 5k& need to find a loan that I can start paying back when I finish the course, the only one I've found so far is with Barclays but is only available to UK residents. I assume there must be a similar one somewhere else? If anyone knows which bank I could contact I'd really appreciate it. I've been searching sites all day and getting nowhere.

    Thanks


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    #2
    Jugs82
    Closed Accounts Posts: 627 ✭✭✭Jugs82


    I was in a similar position a while back but i wanted to defer payment so i could head off travelling and start paying the loan back once i came home.

    My local AIB branch set up such an arrangement and havent had any complaints tbh

    Whoever you bank with, give your local branch a call and see what they can do for you.


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    #3
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    I know someone managed to get one from AIB aswell. Just pop into your local branch and ask them :)


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    #4
    Shelllz
    Registered Users Posts: 38 ✭Shelllz


    Hey there!
    I'm going back to do my masters in Sept and I managed to get a loan from AIB that i don't have to start paying back untill i'm finished the masters in 2 yrs time! So it is possible! Just phone your local branch!


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    #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Yes it's quite possible. However it's up to the lender's discretion. The most recent one I did was a student loan with no repayments for about 12 months. The repeyments you make should take into account the interest you would normally pay over the period you delay repayments.


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    #6
    G86
    Closed Accounts Posts: 3,660 ✭✭✭G86


    Hey

    Thanks a mil for all the advice, I'm actually with AIB! I'm going to give them a call today. Only thing I'm concerned about is that I have a credit card with them and that might affect me getting the loan...

    But sure only one way to find out.

    Thanks again!!


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    #7
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    What you're looking for is a moratorium on repayments. I got this from bank of Ireland years ago as a student. Let's say you take out a loan for 5 years (ie 60 repayments). You don't make any repayments for the first 6 months. Therefore the full 5 years interest and capital repayments are split over 54 months rather than 60. In other words, your monthly repayments will be slightly higher.

    The bank, if they offer you this facility, should show you all the figures involved and the different options.


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    #8
    G86
    Closed Accounts Posts: 3,660 ✭✭✭G86


    I got it!! :D

    Thanks everyone!


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    #9
    triffidsgirl
    Closed Accounts Posts: 2 ✭triffidsgirl


    G86, I hope you don't mind if I take over your thread!

    I'm going to college in the US in about 8 weeks. Does anyone know how much I can borrow up to on the student loan? Also, do I need to have a family member as a guarantor or can a full time employed friend do it?

    TIA


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