Help with student bank loans!

James Jeans

Hey, I will be returning to College in September, and I need to move out from home. I'm trying to find out about the procedure for getting a student bank loan to cover a years rent. Have any of you experience with this??
Would this be possible?? Hopefully with some kind of delayed payment scheme???:(

robbie_998

i read about the scheme alright

BUT

your total payment over 10 years will be from €21,000 - €30,000 in total

not worth it

James Jeans

€30,000? How does that work out?
Surely it would depend on how much you're looking for??

robbie_998

thats what i thought too.. i was gonna go for it until i heard that... it was all over the news man... the government tend to make millions and millions from it :cool:

Sad Professor

Robbie, aren't you talking about tuition fees? They are coming in next year and will be paid via a deferred loan scheme or graduate tax. I think the OP wants a bank loan to cover rent, living expenses, etc. I'm not sure Irish banks are particularly good for this kind of thing but your best bet would be to contact them and ask.

robbie_998

Sad Professor wrote: »

Robbie, aren't you talking about tuition fees? They are coming in next year and will be paid via a deferred loan scheme or graduate tax. I think the OP wants a bank loan to cover rent, living expenses, etc. I'm not sure Irish banks are particularly good for this kind of thing but your best bet would be to contact them and ask.

sorry i might have misunderstood the original question. apologies.

im dont think it is tuition fees, as far as i've heard its the "Student Loan Scheme" and its being run by the government. (i could very well be wrong)

Banks are being very tight with loans these days (even student loans) and will require your parents to be working and have a good steady income and im some cases must have no other loans but that bit might not come into play depending.

Sad Professor

robbie_998 wrote: »

im dont think it is tuition fees, as far as i've heard its the "Student Loan Scheme" and its being run by the government. (i could very well be wrong)

Same thing. They are modelling it on the Australian loan system. Instead of paying tuition fees upfront, you pay it later through the tax system when you start earning over x per year. Of course, the government will try and spin this as being a student "contribution" or whatever.

robbie_998

Sad Professor wrote: »

Same thing. They are modelling it on the Australian loan system. Instead of paying tuition fees upfront, you pay it later through the tax system when you start earning over x per year. Of course, the government will try and spin this as being a student "contribution" or whatever.

Thats Exactly it. you did your homework

OP College Fee's ETC ARE coming back. i'd save it for that and live at home or if you wish, on the streets.

theo2008

OP, just ring up your bank and arrange a meeting with someone to organise a student loan.

I'm getting one with the Ulster Bank for 4000. From Aug 09 to Aug 10, I just have to pay back the interest which is about 7%.(about 300 euro) Then, from Aug 10-11 I have to pay back the 4000 and some more interest of about 100.

Basically, I'll have two years to pay it off and only about 400 Euro interest to pay. I'm really happy with it.

I did need a parental guarantee for it though.

James Jeans

Yeah I wasn't talking about the tuition fees, but that doesn't apply to me. My course has a hefty fee anyway...
But theo2008 , that sounds ideal yeah. Is that for rent or living expenses or both?
How much do you think a person would need for a college year rent and living expenses??
Subjective I know...

theo2008

2500 for fees and the rest for rent/living expenses.
Depends on where you live but I would say at least 6000 for rent and living expenses.

James Jeans

Went to AIB...have to have an account with them for 6 months before they will give you a loan...stingy. Ulster were'nt too keen that I didn't have account with them...Anyone any experience with Permanet TSB...?

robbie_998

permanent tsb are very strict when it comes to loans... dont know what they could do for you.

dont forget Bank of Ireland

James Jeans

Might drop in to Wackers Bank around the corner see if he can sort me out...

Aspiration

I'm also looking into taking out a loan and came across this loan that National Irish Bank offers: http://www.nationalirishbank.ie/en-ie/Personal/Loans/personal-loans/products/Pages/Student-Loan.aspx

Instead of a lump sum, NIB loans out €100-€300 each month. When you're finished your course, you're given a 2 year grace period in which you're to set yourself up as a professional and then you pay the loan back.

It sounds very easy and nearly too good to be true but I would suggest making an appointment with a Financial Advisor to talk to them about it. I'm also not familiar with NIB as all my life I've been with AIB so unfortunately I can't give any advice off hand about dealing with them. I'd apply but I'm looking to take out a bigger loan.

Best of luck!

Luluk

That is exactly the kind of loan I've been hoping to see the banks offering, so thanks for posting this. Like you, I'd be looking for more than 300 per month, but still it's better than anything else I've seen.

Aspiration wrote: »

It sounds very easy and nearly too good to be true but I would suggest making an appointment with a Financial Advisor to talk to them about it. I'm also not familiar with NIB as all my life I've been with AIB so unfortunately I can't give any advice off hand about dealing with them. I'd apply but I'm looking to take out a bigger loan.

Best of luck!

Aspiration

Not a bother Luluk. Let us know how you get on - I've got everything crossed for you

pervertedcoffee

Aspiration wrote: »

I'm also looking into taking out a loan and came across this loan that National Irish Bank offers: http://www.nationalirishbank.ie/en-ie/Personal/Loans/personal-loans/products/Pages/Student-Loan.aspx

Instead of a lump sum, NIB loans out €100-€300 each month. When you're finished your course, you're given a 2 year grace period in which you're to set yourself up as a professional and then you pay the loan back.

It sounds very easy and nearly too good to be true but I would suggest making an appointment with a Financial Advisor to talk to them about it. I'm also not familiar with NIB as all my life I've been with AIB so unfortunately I can't give any advice off hand about dealing with them. I'd apply but I'm looking to take out a bigger loan.

Best of luck!

I walked into MAllow branch today and no sooner had we said student loan we were told they're no longer available!! Despite the fact the front dest had a ton of leaflets about it!!! Anyone have any luck in another NIB branch?

hobert187

Ye i was told the same in NIB Terenure! Going to look around other banks now

pervertedcoffee

hobert187 wrote: »

Ye i was told the same in NIB Terenure! Going to look around other banks now

Ive reported them to the Advertising standards authority - they're investigating atm, you should too maybe?

scatriona

Hi, has anyone any update on this loan i.e. are they available in any NIB? or completely discontinued....?? hope not:(

bethm24

BOI refused to give me a loan, i am being refused grant also, the only thing i am getting is the BTEA! i dont know what to do:(.