Graduate medicine Loans

dmccormack01

What the banks told me:

Ulster Bank: Last year apparently it was fees only and that is not feasible for students but 25000 a year is not possible either as people are defaulting. So they are hoping to give fees and SOME money, but just enough to live. They said fees will increase, an example they gave was UL. Fees for UL were 13,900 last year and up to 15,900 this year! They will know in 2 weeks and I will talk to them then for everyone interested.
The lady said to get the loan you need 6 months of bank statements, all previous loan statements, a bank account with them and credit union statements. It is about 4% until we graduate.

AIB The lady I talked to said they pulled the loan completely as people were not paying back, AIB are offering only student loans with the normal high interest, something too high I would say (~9%). She was surprised they pulled it too, but it was just not in their interest anymore as there was a surprising amount of people who defaulted and a lot of work restructuring the repayments.

Bank of Ireland: Loan seems to be staying the same according to the bank, but I will have to call back in 2 weeks to be certain. This loan is the only one Id say that will be 100K but requires a guarantor. They said you could be from any school in Ireland and apply so I would assume it is the same with them all, just a coincidence which bank is in which school?? (Sorry I didn't ask Ulster bank that).

Both Ulster and BOI require you to be a resident in Ireland for 10+ years and be an Irish citizen.

dmccormack01

^^^^^^^^^that was a post from Nanorman, it wouldnt let me quote it for some reason!

Nanorman

I will be calling BOI next week I'd say to find out for definite about the guarantors. The guy I was talking to last time mentioned guarantors but that could because of my specific situation or the fact he seemed quite new :P
As we saw earlier in this thread there is conflicting information out there so take everything said here with a pinch of salt since ultimately the Banks told me nothing is certain for another week or so, all our information is preliminary.

Soooooo July 1st has come and gone, no more changing the CAO! Everyone happy with their selection?

Nanorman

gembryo wrote: »

Is that a new stipulation with BOI? I didn't need a guarantor last year.

If gembryo didn't have to have a guarantor maybe it is fine? "Parental indemnities or guarantees may be required." It says on last years forms they gave me and he asked did I have someone that would act as a guarantor. Leave it with me and I'll find out! Sorry about this if this is incorrect or only applies to myself and a few others.

Palo Alto

To reiterate, I'm quite frankly disgusted at the criterion specifying 10 years of living in Ireland, there had better be some leeway. I'm an Irish citizen with a PPS number and have lived in Northern Ireland the last 3 years after doing my primary degree in the South. I can meet all the other criteria but if this is a bar to me I'll be extremely angry. Hopefully the bank sees sense when I approach them.

51533823

Palo Alto wrote: »

To reiterate, I'm quite frankly disgusted at the criterion specifying 10 years of living in Ireland, there had better be some leeway. I'm an Irish citizen with a PPS number and have lived in Northern Ireland the last 3 years after doing my primary degree in the South. I can meet all the other criteria but if this is a bar to me I'll be extremely angry. Hopefully the bank sees sense when I approach them.

Tell them you were there for two years then. You were at home with mammy the year before that, right?

AIB didn't enforce it with us, especially those of us who kept our mouths shut about it!

Palo Alto

My problem is I have no account in the south at the minute, just one up north so I'd be having to open a bank account as well. I predict nightmares at the start of August! Still, parents willing to guarantor so hopefully that can swing it. It's just such a massive hassle having this as a concern after doing that hideous exam!

51533823

Palo Alto wrote: »

My problem is I have no account in the south at the minute, just one up north so I'd be having to open a bank account as well. I predict nightmares at the start of August! Still, parents willing to guarantor so hopefully that can swing it. It's just such a massive hassle having this as a concern after doing that hideous exam!

Open them now in advance! By the way, a few people last year were in the position where they were willing to do anything to get the loan so they were offering guarantors straight up - of course the bank accepted.

Others who played it a little cooler actually said no to a guarantor to see how it would play out and most of them got away with it! Try your best to keep this debt unsecured. It puts you in the driving seat on graduation.

Palo Alto

Thanks, that makes sense. I'm abroad until the end of July anyways but on the phone to BoI Cork now to try and set up an appointment to set up account/loan enquiry at start of August. I reckon I'm going to have a lot of driving to do come August!

Palo Alto

Spoke to woman in UCC branch of BoI, really lovely and helpful. They don't know status of loan until end of August but although she said they are quite strict re the 10 years in Ireland thing, she took a load of details from me and seemed to have some degree of common sense at least which was refreshing. Said it wouldn't be hassle to open an account before finding somewhere to live in Cork either, problem I had before opening an account in Dublin. Back to feeling cautiously optimistic I suppose!

51533823

SNIP
This should be deleted!

j.mcdrmd

dmccormack01 wrote: »

What the banks told me:



AIB The lady I talked to said they pulled the loan completely as people were not paying back, AIB are offering only student loans with the normal high interest, something too high I would say (~9%). She was surprised they pulled it too, but it was just not in their interest anymore as there was a surprising amount of people who defaulted and a lot of work restructuring the repayments.

This does not surprise me tbh as the hse is not paying doctors as per contract. People are on emergency tax a lot of the time too so cash flow can be a problem.

51533823 wrote: »

This should be deleted!

The sub prime crowd have arrived. I thought all this had stopped. Only US citizens can apply for this one though. I would say leave it as a red flag.

In finance, subprime lending means making loans to people who may have difficulty maintaining the repayment schedule. These loans are characterized by higher interest rates and less favorable terms in order to compensate for higher credit risk.

I know it not what a lot of you want to hear, but it is better to be forewarned.

Nanorman

Palo Alto wrote: »

Spoke to woman in UCC branch of BoI, really lovely and helpful. They don't know status of loan until end of August but although she said they are quite strict re the 10 years in Ireland thing, she took a load of details from me and seemed to have some degree of common sense at least which was refreshing. Said it wouldn't be hassle to open an account before finding somewhere to live in Cork either, problem I had before opening an account in Dublin. Back to feeling cautiously optimistic I suppose!

BOI Vivienne right? I just spoke to her too but she said end of July, early August to me?! Said she had a list of people to call back when she knew more. I made sure to ask about the guarantors and she said she would need me to bring my parents into the branch to sign the loan. She explained to me the only people who wouldn't need a guarantor are people several years out of college with savings and work experience to quickly get another job to support the repayment of the loan if the course didn't work out for them. I am one year out of University with €2000 in savings so I need a guarantor.

Ulster Bank I forgot about their "Technical difficulties"! I couldn't get through, waited for ages then got through to a customer sales representative She said she would try to find someone to call me about the loan. Still waiting :P. I guess everyone is afraid to answer as they'll just be shouted at!

Palo Alto

Nanorman wrote: »

BOI Vivienne right? I just spoke to her too but she said end of July, early August to me?! Said she had a list of people to call back when she knew more. I made sure to ask about the guarantors and she said she would need me to bring my parents into the branch to sign the loan. She explained to me the only people who wouldn't need a guarantor are people several years out of college with savings and work experience to quickly get another job to support the repayment of the loan if the course didn't work out for them. I am one year out of University with €2000 in savings so I need a guarantor.

Ulster Bank I forgot about their "Technical difficulties"! I couldn't get through, waited for ages then got through to a customer sales representative She said she would try to find someone to call me about the loan. Still waiting :P. I guess everyone is afraid to answer as they'll just be shouted at!

Exactly the same for me. Not sure how happy my da will be if I have to drag him down to Cork too! I don't have that much in savings but I'm a qualified solicitor with 3 years' work experience up north and friends that could help me get work if needed. If I talk that up hopefully I can secure the loan if it is actually available come end of the month!

sam34

51533823 wrote: »

This should be deleted!

well then, with all due respect, why did you quote it?? that simply means we have to delete the original post AND edit yours.

in future please simply report such posts.

Nanorman

Good stuff Palo Alto!
Ulster bank just called me, the man said they wont release any details until the last minute as they don't need to, as no one starts until September and there is a grace period for the fees. Once again he told me they are hopeful to add living expenses, maybe even matching BOI! providing 25K Which would be great, but he said as of right now it is still Fees Only.

51533823

sam34 wrote: »

well then, with all due respect, why did you quote it?? that simply means we have to delete the original post AND edit yours.

in future please simply report such posts.

True, not the smartest move I've made!

Jammyc

Hopefully by next year, I'll be able to get something. A guarantor really is not an option to me. If UB start asking for one, the game is up for me!

Palo Alto

Nanorman wrote: »

Good stuff Palo Alto!
Ulster bank just called me, the man said they wont release any details until the last minute as they don't need to, as no one starts until September and there is a grace period for the fees. Once again he told me they are hopeful to add living expenses, maybe even matching BOI! providing 25K Which would be great, but he said as of right now it is still Fees Only.

Had the same call, top guy. He knows the same rural French town I'm in at the moment! He didn't know details either but said he'd be back to me soon and took email as well. Great chat. He also confirmed BoI's living in Ireland criterion was bollocks what with me being an Irish citizen and all. Glad to be dealing with folks in Cork actually, so far they've been nothing but helpful, not something I've always found to be the case with banks in Dublin.

Feeling excited now!

lonelywanderer

Hi all,

Been lurking here for some time but thought I'd post the information I got today from BOI regarding loans!

Palo Alto where are you in France? I've spent the last 2 years in Paris. Sitting on a 59 GAMSAT score so it will be UCD or UCC for me come September.

Dear...

I am intending to enter a Graduate Entry Medicine course come September and I was wondering if you could provide me with some information, namely:

1) What size loan is available for GEM students?
2) At what rates (before and after graduation)?
3) What is required in order to be approved for this loan (documentation/opening an account with BOI etc.)?

I would be grateful if you could get back to me with the above information.

Thank you for your e-mail. A revised package is under review at present but I will outline the proposed details below.

The maximum loan available from this year is E54k, with a moratorium on repayments for the 4 years @ a variable rate of 4.04%. Repayments start over 10 years @ a variable rate of 7.33%.
A Parential Guarantee will be required. If Guarantor is non Bank of Ireland a character enquiry will have to be signed.
Bank of Ireland current account will be required.

If you have any further queries please call me on the number below.



Kind regards

Carmel Blennerhassett

j.mcdrmd

lonelywanderer wrote: »

Quote: From reply from BoI
A Parential Guarantee will be required. If Guarantor is non Bank of Ireland a character enquiry will have to be signed.
Bank of Ireland current account will be required.

This reminds me of the pressure being put on parents to help out with deposits for houses during the housing bubble. Some people even sold their family home and downsized to facilitate their adult children. Others took out loans they are still repaying.

The banks don't care about anything beyond getting their money back with a healthy interest rate, it is business. I am starting to wonder if the Uni's care about anything other than the money too.

Please, please think before you put pressure on your parents.

Can they afford to pick up the tab if this goes wrong?
What will it mean for their future plans?
Do they have other family or business obligations?

It is one hell of an ask in the current situation. A lot of people have not got a clue how doctors are being treated by the Hse.

Aib have gotten out of this market for a reason, doctors are having trouble paying their loans. This means that most likely you will have too.

A sub prime crowd were on fishing here earlier today. I know that it is disappointing for you but you really must face reality.

Approach this in a different way. Anything but saddle yourselves or families with enormous debts. Money does matter, you need to be solvent.

Bt the way are BoI saying that a BoI current account will be required for the Guarantor?

lonelywanderer

My understanding is that she means the person taking the loan needs a current account, and that they'll just check the credit rating of the guarantor.

Your comparison to the housing bubble loans is apt, and I appreciate your advice/word of warning. Out of interest are/were you thinking of doing GEM yourself?

EngDoc

A chara,

Many thanks for your email and for bringing this matter to my attention.

I have submitted Parliamentary Questions seeking complete information on the supports available to students undertaking the Graduate Medicine programme and will revert back to you on receipt of replies.

I will press the Minister for Health to ensure that this programme serves its stated purpose and that access does not become determined by ability to pay.

Best wishes.

Is mise,

Caoimhghín Ó Caoláin T.D.

ciara84

EngDoc wrote: »

A chara,

Many thanks for your email and for bringing this matter to my attention.

I have submitted Parliamentary Questions seeking complete information on the supports available to students undertaking the Graduate Medicine programme and will revert back to you on receipt of replies.

I will press the Minister for Health to ensure that this programme serves its stated purpose and that access does not become determined by ability to pay.

Best wishes.

Is mise,

Caoimhghín Ó Caoláin T.D.

lol, asking a TD with zero power to influence the govnerment is a surefire way to waste time

Jammyc

ciara84 wrote: »

lol, asking a TD with zero power to influence the govnerment is a surefire way to waste time

Wow, great input and support there. For what its worth, I've emailed my local tds as well as the ministers for health and education.

My local tds have assured me of their support and said that they will raise the matter. Minister for healths secretary sent a letter to say that my concerns had been passed to the education minister. Whether anything. comes of it now is another thing.

Just a question, but what attempts have you made to voice you concerns?

dmccormack01

ciara84 wrote: »

lol, asking a TD with zero power to influence the govnerment is a surefire way to waste time

As opposed to what? unfortunately we all don't have our parents to pay for our education!

EngDoc

ciara84 wrote: »

lol, asking a TD with zero power to influence the govnerment is a surefire way to waste time

Well...it's not like there's much to lose, is it? It only takes a few min to send off a mail...

lonelywanderer

It is incredibly unjust to discontinue the loans without proper notice. Preparation for the GAMSAT and the decision to try to enter the GEM program is not something which is done at the drop of a hat or stroke of a pen, an expression which seems to aptly characterise the scrapping of the loans program at such short notice.



EngDoc appreciate the effort on your part contacting your TD, good work!

EngDoc

lonelywanderer wrote: »

EngDoc appreciate the effort on your part contacting your TD, good work!

Cheers! As Ciara84 so delicately pointed out, probably won't come to anything but there's nothing to lose. Nothing like an old-school protest!

Jammyc

EngDoc wrote: »

Cheers! As Ciara84 so delicately pointed out, probably won't come to anything but there's nothing to lose. Nothing like an old-school protest!

That is excellent. I'd love to include it in my next round of emails to TDs etc.:pac: