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Question pertaining to difference in loan repayments between Ireland and U.S

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  • 08-12-2009 10:17pm
    #1
    Remmy
    Registered Users Posts: 2,921 ✭✭✭


    Hi guys.

    Ok idiot question coming up..
    If someone was to take out a student loan for graduate medicine in Ireland how would the timeline on the repayment of said loan look like compared to an american med student who had to do the same?Assuming all things are equal and discounting the cost of the undergrad degree in each case who would pay their loan off quicker?I understand some specialtys in The states are shorter than in Ireland so that would be a big factor.


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    #2
    imported_guy
    Closed Accounts Posts: 1,141 ✭✭✭imported_guy


    Remmy wrote: »
    Hi guys.

    Ok idiot question coming up..
    If someone was to take out a student loan for graduate medicine in Ireland how would the timeline on the repayment of said loan look like compared to an american med student who had to do the same?Assuming all things are equal and discounting the cost of the undergrad degree in each case who would pay their loan off quicker?I understand some specialtys in The states are shorter than in Ireland so that would be a big factor.

    in america there are like hundereds of different packages its alot more common to be getting a loan there, nearly every medical graudate has one, compared to here, since the undergraduate course is paid by the government only the GEM people take out loans.

    in america depending on the agreements with the creditor, usually alot of people opt to start repaying as soon as they graduate to stop the interest from acumulating, while some (ones with famlies etc usually) wait until finishing residency and make the start on loan repayments, most medical schools in america cost north of 30,000 instate, and out of state is usually more, so by default your loan in america would be bigger (especially if YOU go your tuition will be alot higher + depends on which school you go to the best ones are usually the most expensive this is a quote from harvard med their 1st year tuition is 40,000 instate/out of state doesnt actully apply here since its a private school
    An estimate of yearly expenses shows that the average cost for an unmarried first-year student will be approximately $66,600 for the 10.5-month academic year 2009-2010.
    http://hms.harvard.edu/admissions/default.asp?page=costs )

    BUT, if it was the same tuition in both countries, i.e. 12,000 it would be easier to pay it off here*, because usually SHOs here get paid alot more than residents in america (40-60k, depends where you are, depends on cost of living) (inb4 payroll police, im talking about averages, incl OT etc), but if you look at an american and an irishman who graduate at the same time, the american will become an attending physician alot faster than the irishman becomes a consultant, and thats when they earn meaningful money, and the american usually earns more here (USUALLY, not always, and it depends on field of work, they also pay less tax, average cost of living is lower in america, average in america is $90-$95 cant seem to find figures for ireland but will update if i do, expect them to be alot higher, they are like 2nd highest in europe)

    * if it was actully 66k or something like it is in america, it would actully be easier to pay a bigger loan off over there (read above on why)


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