Graduate medicine Loans

just-joe

ciara84 wrote: »

Hey! I made a thread here last year, I had a loan from my previous MBA (about 30,000) had paid back some of it but I got refused so had to borrow from parents.... http://www.boards.ie/vbulletin/showthread.php?threadid=2056352971

Ciara - thanks. I don't have loans as big as you did but they're not tiny either. My parents wouldn't be able to support me on it either, so it'll have to be the bank. So I'd like to send them an email. I haven't got round to ringing yet as I am on a different time zone.

heybert

just-joe wrote: »

Ciara - thanks. I don't have loans as big as you did but they're not tiny either. My parents wouldn't be able to support me on it either, so it'll have to be the bank. So I'd like to send them an email. I haven't got round to ringing yet as I am on a different time zone.

Hi Joe,

I'm in first year GEM and I too had a large loan with my local credit union from previous study. They agreed to switch to interest only for the 4 years and AIB were happy to give me the full whack once they had written confirmation of this.

My situation was different from Ciara's above, mainly because the credit union were more flexible than her bank with my repayment (lucky for me I suppose).

I wouldn't let it hold you back, there are ways and means once you have an offer in your hand.

Best of luck!

Annaroberts22

Hi guys, Do you think AIB will be okay giving the loan to someone with a UK student loan which doesn't need paying back until the person starts earning 15000 pounds or more?

imported_guy

Annaroberts22 wrote: »

Hi guys, Do you think AIB will be okay giving the loan to someone with a UK student loan which doesn't need paying back until the person starts earning 15000 pounds or more?

you should ring them up which is the best bet as this is an unusual case, no real point in speculating here since there have been posters who have had their loan rejected because they had outstanding obligations, and some who have recieved one

actually, the main question today is will there be ANY loans for next year's entry. Banks are not doing well, we'll probably be "officially" in a recession again pretty soon when this quarter's growth is announced. France will have their credit rating down graded pretty soon*, if french banks even seem to appear to shake, all the irish ones will probably take a tumble.

http://www.independent.ie/business/european/moodys-warning-about-future-rating-downgrade-for-france-2940762.html

http://www.nzherald.co.nz/economy/news/article.cfm?c_id=34&objectid=10766517

just-joe

After my last post on this thread a good while ago, I finally got around to calling AIB on westmoreland st, that deals with the grad med loans. i asked them whether they would absorb a loan that I already have, and they said they wouldn't. They would issue a new loan and I would have to continue with the repayments for the existing loan separately. Was kinda surprised but I guess it goes with the times. I didn't check with any of the other banks.

So now I need to save a lot before (if ever?!) I get around to studying med. :eek:

Roger_that

Does anyone know if the terms of the AIB loan for UCD is still unguaranteed? Can any GEM1s shed some light on this?

EugeneOnegin

Roger_that wrote: »

Does anyone know if the terms of the AIB loan for UCD is still unguaranteed? Can any GEM1s shed some light on this?

In Sept 2011, AIB were looking for all applicants to have life assurance as a guarantee. I would recommend that you get your own life assurance prior to applying as the one which AIB offer can be a bit pricey. Hope this helps!

heybert

EugeneOnegin wrote: »

In Sept 2011, AIB were looking for all applicants to have life assurance as a guarantee. I would recommend that you get your own life assurance prior to applying as the one which AIB offer can be a bit pricey. Hope this helps!

Same here. No guarantor required - just life assurance. Some people went with 123.ie which was €10-15pm while the in-house AIB product is €20 a month.

Roger_that

heybert wrote: »

Same here. No guarantor required - just life assurance. Some people went with 123.ie which was €10-15pm while the in-house AIB product is €20 a month.

Thanks for that... just another q, do you know what the sum insured is and the term? I'm just trying to compare companies!

heybert

Roger_that wrote: »

Thanks for that... just another q, do you know what the sum insured is and the term? I'm just trying to compare companies!

That's the way I looked at it too. I think for €20 pm AIB was covering you for €360k and I can't remember the term, making you most valuable in a coffin - to your family at least.

I don't remember what the story was with 123.ie but its easy to get an up to date quote with them.

lonelywanderer

heybert wrote: »

Positivity is open to ridicule.

Ireland is the only place in the world where, when you're asked how you are, you respond with a weird form of a double negative - "not bad".

Its in our blood.

Is that a joke? People everywhere say that

Just read through this entire thread and appreciate all the advice/opinions. There is a lot of negativity but I'm glad I've heard it all. One thing nobody who does GEM can say is they weren't warned about the repayments etc. It seems to me however that if emmigration is an option for you you're in a much better position. I'm more than happy to emmigrate upon graduation, and in fact think I'd probably prefer to do so.

Anyway, there's going to be a lot of doctors in the same boat in the next decade or so, we'll get through it I'm sure.

The two things I'm most worried about are 1) The potential of not completing the course and 2) The potential of the funding of the other half of the fees being withdrawn (although I'd assume they couldn't really do that to people already in the course and would have to make the change official for people entering GEM).

zaihast

Hi guys, google's led me here

Thinking ahead about applying for AIB loans for GEM which requires a PPS number. Just enquiring how do UK/EU residents who don't live in Ireland apply for PPS number. Do we have to get there, get accommodation and then apply to get the PPS no? Will living in a temp student lodge do? Will the university help in any way bypass this (e.g. by providing a letter to help get that number)?

Because for example for on campus accommodation you'd have to pay upfront (before the loan comes in) which would be difficult and plus for certain accommodation you have to provide a PPS number on their application forms, so bit of a chicken/egg situation for me.

DeadEight

zaihast wrote: »

Just enquiring how do UK/EU residents who don't live in Ireland apply for PPS number. Do we have to get there, get accommodation and then apply to get the PPS no?

Full details available here: http://www.welfare.ie/EN/Publications/SW100/Documents/sw100.pdf

Roger_that

Now that the GAMSAT results are out and some people will be pretty sure that they'll get into grad med, has anyone looked into getting the loan. By a lot of accounts all that was required was life insurance and your confirmation of acceptance to the course but in these turbulent times nothing is for sure. I want to go to UCD and will need the AIB Belfield loan. I'm over the other side of the world at the moment and so not really in a position to call them (expense) and just wondering has anyone else made enquiries?

DeadEight

Roger_that wrote: »

Now that the GAMSAT results are out and some people will be pretty sure that they'll get into grad med, has anyone looked into getting the loan. By a lot of accounts all that was required was life insurance and your confirmation of acceptance to the course but in these turbulent times nothing is for sure.

I spoke to AIB Westmorland St on Monday. They have not confirmed details yet, but you have it right so far. No guarantee needed, but €20 a month insurance is. Max of 100k over 4 years. 10 year payback, option of first year interest only. Fees paid directly, optionally in two payments to reduce interest.

You cannot apply without offer letter, but unless your credit history is very bad you will be offered this loan.

dmccormack01

DeadEight wrote: »

I spoke to AIB Westmorland St on Monday. They have not confirmed details yet, but you have it right so far. No guarantee needed, but €20 a month insurance is. Max of 100k over 4 years. 10 year payback, option of first year interest only. Fees paid directly, optionally in two payments to reduce interest.

You cannot apply without offer letter, but unless your credit history is very bad you will be offered this loan.

Hey deadeight, what was the interest rate they offered, and was it possible to take a portion of the loan or did you have to take the full amount?

thanks

Nonoperational

You can take out a portion with Aib. Can't remember the rate sorry.

DeadEight

Cannot remember the rate. You can borrow the whole amount, but will only pay interest from when the funds are drawn down. There are no restrictions on when or how much you can draw down at a time.

ThatDrGuy

Just read this thread through - damn its scary, like watching a car crash
in slow motion. The levels of naivety about what it's like to be a doctor
in Ireland are astonishing. 100k plus interest over 10 years ? That is insanity. Please please listen to dissed doc and others.Hospital medicine in Ireland is quite simply a terrible job. I left it as 90% plus of my class did. I was lucky that I could do that because I had very little student debt. A lot of you will be hopelessly trapped. Locum jobs ? Again crazy. Even if you were allowed do them you physically wont be able to. 80 hours of stress saturated, soul killing labour (with plenty of abuse ) there is no fecking way you're doing locum jobs. You might say its not about the money - if you really believe that I have some magic beans for sale. Its not just that the salary is crap, the contracts violated regularly but everyone shakes you down. After paying : medical council fees, royal college fees, exam fees, course fees, books, conference travel, protection society cover etc etc etc you can often lose 2 months salary before you have even started work for the year. No one seems to be factoring those costs in . Im sorry I seem so bitter, but myself and my class mates started with the same naive optimism I can see represented here. It vanishes quickly - believe me.


Reading this thread just makes me so angry. So many dedicated intelligent people ... I dont want to even think about it. I want to get a sandwich board and wander about the corridors of UL. Any one considering this option should sit down for a few hours with a NCHD and then shadow one on a 60 hour straight shift. Then imagine going home from that to a box room and koka noodles. Do that for 15 years and then (if your the lucky 5% or so) get a level 1 "consultancy " post.
Not worth it, but I know medical students are pathologically deluded about the job and cant listen to reality,I know I was !

mystery1

I urge anyone reading this and considering medicine not to be put off by the previous opinion. I returned to grad medicine + hefty loan from a well paid job + plenty of cash. It was the best move I ever made and I'm the happiest I've ever been professionally. Medicine isn't the only job in the world where you put in huge hours, get stressed, get underpaid, sometimes get abuse and have to pay heavy professional fees and put up with a profession riddled with politics. I know plenty of SHOs who complain and feel frustrated with their day jobs (as we all do) and I think there is a misconception amongst medics that they have it hard and no one else does, but thats life and we're all going to face heavy challenges no matter what we're working at. I had all those issues in my previous employment but I went into medicine because it's just what I want to do warts and all, and life is too short not to do whats right for me. Many in my class have come from being a physiotheraptist, radiographer, social worker etc. and they've all put up with the above problems in their own disciplines, and have seen what staff put up with in hospitals etc. and they have still come back to college as grad med students. Also, having spoken to many medics from intern to consultant, you can take this degree with you anywhere if you want to travel, work in Oz etc., they all have said its one of the most rewarding jobs you'll ever do knowing you'll make a difference for someone or some family. Yes its hard, but the alternative? stay in a job/career you are unhappy with watching other people doing the job you'd love to do? I spent years getting paid a fortune doing a 9-5 job, with loads of perks, bonuses etc. travelling the world business class, company car, the works. It all meant nothing because I was doing nothing meaningful, and helping no one except share holders in the company make money. Very unfulfilling. But now I'm broke, a med student, and very fulfilled

Also, if you decide hospital medicine is not for you I worked in pharmaceuticals for years and I saw the money that medics earn versus the hours (and effort!) they put in $$$$$$. There are plenty of very well paid plan B's for medics.

spagboll

mystery1 wrote: »

I urge anyone reading this and considering medicine not to be put off by the previous opinion. I returned to grad medicine + hefty loan from a well paid job + plenty of cash. It was the best move I ever made and I'm the happiest I've ever been professionally. Medicine isn't the only job in the world where you put in huge hours, get stressed, get underpaid, sometimes get abuse and have to pay heavy professional fees and put up with a profession riddled with politics. I know plenty of SHOs who complain and feel frustrated with their day jobs (as we all do) and I think there is a misconception amongst medics that they have it hard and no one else does, but thats life and we're all going to face heavy challenges no matter what we're working at. I had all those issues in my previous employment but I went into medicine because it's just what I want to do warts and all, and life is too short not to do whats right for me. Many in my class have come from being a physiotheraptist, radiographer, social worker etc. and they've all put up with the above problems in their own disciplines, and have seen what staff put up with in hospitals etc. and they have still come back to college as grad med students. Also, having spoken to many medics from intern to consultant, you can take this degree with you anywhere if you want to travel, work in Oz etc., they all have said its one of the most rewarding jobs you'll ever do knowing you'll make a difference for someone or some family. Yes its hard, but the alternative? stay in a job/career you are unhappy with watching other people doing the job you'd love to do? I spent years getting paid a fortune doing a 9-5 job, with loads of perks, bonuses etc. travelling the world business class, company car, the works. It all meant nothing because I was doing nothing meaningful, and helping no one except share holders in the company make money. Very unfulfilling. But now I'm broke, a med student, and very fulfilled

Also, if you decide hospital medicine is not for you I worked in pharmaceuticals for years and I saw the money that medics earn versus the hours (and effort!) they put in $$$$$$. There are plenty of very well paid plan B's for medics.

I was thinking of a response but I can't top this.

Fair play

Love medicine, couldn't picture myself doing a 9 to 5 and the cash is great

Jammyc

While its really nice to read Mystery1s post, I'm also grateful for ThatDrGuys too. At least we're not totally romanticising it anymore!

shaz84

DeadEight wrote: »

I spoke to AIB Westmorland St on Monday. They have not confirmed details yet, but you have it right so far. No guarantee needed, but €20 a month insurance is. Max of 100k over 4 years. 10 year payback, option of first year interest only. Fees paid directly, optionally in two payments to reduce interest.

You cannot apply without offer letter, but unless your credit history is very bad you will be offered this loan.

this is what i was told when i called AIB westmoreland street as well. im confused however, as it seems the process for UK citizens is the same. how will they be able to check our credit when they only check with the irish credit referencing agencies? I will of course have no credit history in ireland!!! The lady i spoke to seemed very nice and knowledgable, but all she said about UK applications was not to worry and all i need is a passport and offer letter (along with the irish credit check) . Anyone have any thoughts on this?

shaz84

Further to the above, I have just spoken with a lady called Cynthia in the AIB UCD campus branch. I was advised that the loan details for this coming year have not been released as yet (which is unusal), but that by Tuesday we may know the details.

I also asked about UK citizens. Apparently, all EU citizens are eligible, however the following information is required:

1. Passport
2. Letter of Acceptance for the Course
3. Confirmation of term time address
4. 6 months past banks statements
5. Experian Credit Check with Credit Score printed off to show that you do not have any "bad debts which were written off". I was advised that if you did have missed payments shown on the credit report, then you need to show through receipts that these have been paid.

Since I lost my job last year and missed some payments, I am concerned now as my credit score is average (after years of no missed payments).

The process is getting clearer but it is still unclear whether the loan facility will be provided next year.

Jammyc

Hi Shaz84, can I ask you to post up details of the loan when they become available? I'd really really appreciate it!

shaz84

Jammyc wrote: »

Hi Shaz84, can I ask you to post up details of the loan when they become available? I'd really really appreciate it!

Hi bud, sure will let you known details as and when I have them.

shaz84

Guys - the AIB loan for new applicants has been withdrawn. The reason I was given was that the bank is not looking to provide this at the moment as it is not a good product for them (I'm guess risk/return) and they will offer no products in the future with moratoriums on capital and interest payments.

They do another product for Irish nationals, but a guarantor is required.

For UK / EU students, this means it is the end of the game unfortunately as no one else - UL/BOI will offer us a loan. Unless you have lived in the ROI for 10 years or more that is

Bye bye dream of becoming a doctor

Joe2011

shaz84 wrote: »

Guys - the AIB loan for new applicants has been withdrawn. The reason I was given was that the bank is not looking to provide this at the moment as it is not a good product for them (I'm guess risk/return) and they will offer no products in the future with moratoriums on capital and interest payments.

They do another product for Irish nationals, but a guarantor is required.

For UK / EU students, this means it is the end of the game unfortunately as no one else - UL/BOI will offer us a loan. Unless you have lived in the ROI for 10 years or more that is

Bye bye dream of becoming a doctor

Sorry to hear this. It is very disappointing after achieving such a competitive score in the march exam. I am just curious what you mean by new applicants? Does this include anybody who hasn't applied for the loan prior to now regardless of their nationality/residency? What is the situation for Irish nationals now? Presumably from what you have found out, it will be tougher for any of us to get a loan, regardless of nationality.

shaz84

Joe2011 wrote: »

I am just curious what you mean by new applicants? Does this include anybody who hasn't applied for the loan prior to now regardless of their nationality/residency?

Yes, that's what all AIB branches I spoke to said (UCD branch, college road UCC, and Castletroy UL). They have withdrawn the product full stop. Provision of the facility will continue for existing medical students (year 2,3,4) but that is it.

What is the situation for Irish nationals now? Presumably from what you have found out, it will be tougher for any of us to get a loan, regardless of nationality.

Irish nationals can still apply for the ulster bank and Bank of Ireland loans, as long as they do not pull the provision as well that is. you would need to check with them.

the AIB terms were the best in the market, and I have heard people on the board say 90% of loan customers took the AIB loan in the past. I guess this means future irish nationals will get squeezed, but I an curious whether Irish gem courses will continue being offered for much longer?? Speculation only of course, but it doesn't look good.

Joe2011

Ok, I see what you mean. Thanks for the info. I can only imaging that once one pulls the plug the others will eventually follow suit. Hopefully there will be some option available, must get on to the various banks asap