Graduate medicine Loans

lelouchan

Not sure if people have seen this already but graduate entry fees for UCD have been updated and its 14,915 now.

http://www.ucd.ie/registry/adminservices/fees/undergraduate2012.html

So in reality €54,000 is still not enough for fees themselves, and thats not even taking into account that the fees will surely increase through the years...

dmccormack01

is ulster bank giving the full amount in terms of a loan?

lonelywanderer

dmccormack01 wrote: »

is ulster bank giving the full amount in terms of a loan?

They haven't decided yet. I was speaking to Carmel from BOI at the UCD branch and she said the product team hadn't confirmed the details of the loan yet but she did seem to think that it was not likely to exceed 54k, which obviously wouldn't cover the loans entirely. Planning on working during the summers myself to make up the difference of 6k.

pc11

Can anyone elaborate on why people couldn't repay the loans? Was it a small minority or did a lot default? Were they able to renegotiate reasonable terms?

51533823

Has the revenue page on tax relief been updated?

It states the following:



Does that mean that the €5000 cap no longer exists and we can claim €2800 back on our fees or am I reading this wrong?

Here's the link http://www.revenue.ie/en/tax/it/leaflets/it31.html

51533823

Sorry I have just seen this now:

lelouchan

From what I got from the lady at boi, she said the loan when it came to paying it was too much and came to something like €160,000. It is a scary amount in fairness.

pc11 wrote: »

Can anyone elaborate on why people couldn't repay the loans? Was it a small minority or did a lot default? Were they able to renegotiate reasonable terms?

dmccormack01

51533823 wrote: »

Sorry I have just seen this now:

im really confused by this tax, does it mean we can claim €2,250 back on our tax, or was i reading earlier in the thread that different people can claim this amount up to the maximum of 7k?? im sure ive gotten that totally wrong! haha

51533823

dmccormack01 wrote: »

im really confused by this tax, does it mean we can claim €2,250 back on our tax, or was i reading earlier in the thread that different people can claim this amount up to the maximum of 7k?? im sure ive gotten that totally wrong! haha

I'm equally confused!


Regarding an earlier post about the cessation of AIB loans, I'm not sure of the details but I can outline some of the repayment terms for people to make their own assumptions. The terms of repayment on graduation are as follows:

1 year of interest only payments on graduation (optional)
Repayment of interest + capital at current interest rate of roughly 3.9%

The repayments are calculated based on an amortisation of 15 years (presumably to reduce the payments for the initial years) however the loan must be paid back in 10 years. Therefore when you start earning a better salary 5/6 year post graduation they would expect an increase in monthly repayments or some lump sums etc. There is no penalty for early repayment.

The interest rate is variable over the term of the loan and is based on the ECB rate but it will not revert to the standard student loan rate at any stage (currently 8-10%).

Example:
With the full €100k borrowed during the 4 years at €106k after interest on graduation, the interest only payments work out at around €400/month and the full payment at roughly €800/month.

Abby19

dmccormack01 wrote: »

im really confused by this tax, does it mean we can claim €2,250 back on our tax, or was i reading earlier in the thread that different people can claim this amount up to the maximum of 7k?? im sure ive gotten that totally wrong! haha

Check out http://www.revenue.ie/en/tax/it/leaflets/it31.html it explains it fairly well.

You can claim the fees back, but up to 2010 you couldn't claim back the registration fee. After that you can claim the registration fee, but you have to disregard the first €2,000 or €2,250 of the claim.

Relief is granted at 20%. But remember that you have to be earning enough to be paying tax to get the tax back. So you should be fine in first year if you are working prior to going back to college, but you'd be extremely fortunate to earn enough in the summer holidays after that to be eligible to claim the tax back.

dmccormack01

Abby19 wrote: »

Check out http://www.revenue.ie/en/tax/it/leaflets/it31.html it explains it fairly well.

You can claim the fees back, but up to 2010 you couldn't claim back the registration fee. After that you can claim the registration fee, but you have to disregard the first €2,000 or €2,250 of the claim.

Relief is granted at 20%. But remember that you have to be earning enough to be paying tax to get the tax back. So you should be fine in first year if you are working prior to going back to college, but you'd be extremely fortunate to earn enough in the summer holidays after that to be eligible to claim the tax back.

is it true that if you get a family member to pay your fees for you they can claim the tax back on it?

Abby19

dmccormack01 wrote: »

is it true that if you get a family member to pay your fees for you they can claim the tax back on it?

Yes - from the revenue website http://www.revenue.ie/en/tax/it/leaflets/it31.html

'Who can claim?

For the tax year 2007 and subsequent years, an individual can claim tax relief on fees paid for Third Level courses in respect of any individual as long as he or she has paid the qualifying fees.'

dmccormack01

Student Fees €7,000 Student Fees €7,000 (max cap)
Tax Relief €2,000 Tax Relief €1000 [(€7,000 - €2,000) @ 20%]

so the most we can claim back is €1000 or have i done that totally wrong (maybe a little less is you take the €2250 figure)

51533823

dmccormack01 wrote: »

Student Fees €7,000 Student Fees €7,000 (max cap)
Tax Relief €2,000 Tax Relief €1000 [(€7,000 - €2,000) @ 20%]

so the most we can claim back is €1000 or have i done that totally wrong (maybe a little less is you take the €2250 figure)

As was mentioned by someone previously, you can get someone else to pay back your fees and they can then claim back the tax (if they are working full time).

In my case, my mother and sister will each pay half of my fees (I will immediately pay them back with my loan) and they will claim €1000 each bringing my fees down from €15k to €13k.

As far as I'm aware this is completely legal (otherwise I wouldn't be doing it)!!

dmccormack01

51533823 wrote: »

As was mentioned by someone previously, you can get someone else to pay back your fees and they can then claim back the tax (if they are working full time).

In my case, my mother and sister will each pay half of my fees (I will immediately pay them back with my loan) and they will claim €1000 each bringing my fees down from €15k to €13k.

As far as I'm aware this is completely legal (otherwise I wouldn't be doing it)!!

yep im pretty sure someone mentioned they phoned the revenue about this and it was completely fine!

lonelywanderer

One question about this plan,

Do the banks not stipulate that they pay the loan directly to the university? So this paying your relations back the money might be a problem no? Unless you've applied for a different loan altogether?

dmccormack01

lonelywanderer wrote: »

One question about this plan,

Do the banks not stipulate that they pay the loan directly to the university? So this paying your relations back the money might be a problem no? Unless you've applied for a different loan altogether?

im pretty sure someone mentioned doing it previously , i doubt the bank would have an issue as its completely above board

nailer23

the bank pays the fees but there is no problem in claiming the fees back either. you just have to lodge the money into the acc and have a receipt and then you can draw it out

Roger_that

Offer out soon... has anyone been talking to Ulster Bank since they said they'd have loan terms and conditions sorted at this stage. I've tried ringing but can't get through

dmccormack01

Roger_that wrote: »

Offer out soon... has anyone been talking to Ulster Bank since they said they'd have loan terms and conditions sorted at this stage. I've tried ringing but can't get through

i might try today, can you ring any branch or does it have to be the one associated with the college?

Roger_that

Its Ulster Bank in Donnybrook. Thats what the UCD GEM office told me. I'll try again too

Palo Alto

Spoke to Ulster Bank in Cork over the phone there, sounds like they are offering no specific loan package for GradMed, most they talked of was €15000 over 4 years . Guy I usually talk to is on holiday until next week but doesn't sound optimistic they'll be offering anything close to covering fees.

Would be grateful if anyone has dealt with any Ulster Bank branches anywhere in Ireland that have said they have a specific package this year so I could direct Cork to them about that.

Spoke to Bank of Ireland as well and it sounds like they should be offering a specific package but that it still hasn't been finalised yet and won't be for another week or two.

Slightly worried but hopefully if BoI at least come through with a loan covering the majority of fees will be ok, otherwise GradMed is going to implode!

declanmoffit

dmccormack01 wrote: »

i might try today, can you ring any branch or does it have to be the one associated with the college?

Any updates from the banks today for UCD?

Just going to enjoy today and get on to them tomorrow.

Chiam

Palo Alto wrote: »

Spoke to Ulster Bank in Cork over the phone there, sounds like they are offering no specific loan package for GradMed, most they talked of was €15000 over 4 years . Guy I usually talk to is on holiday until next week but doesn't sound optimistic they'll be offering anything close to covering fees.

Would be grateful if anyone has dealt with any Ulster Bank branches anywhere in Ireland that have said they have a specific package this year so I could direct Cork to them about that.

Spoke to Bank of Ireland as well and it sounds like they should be offering a specific package but that it still hasn't been finalised yet and won't be for another week or two.

Slightly worried but hopefully if BoI at least come through with a loan covering the majority of fees will be ok, otherwise GradMed is going to implode!

I got the same information from the lady at Ulster Bank on O'Connell street in Dublin. €15,000 euro over the course of the degree and she said that repayments would have to begin straight away ಠ_ಠ

cliona88

Is that 15000 altogether? If you had to pay that back straight away the repayments would surely be a large amount and impossible to manage when studying full time. Is that their final decision?

Chiam

cliona88 wrote: »

Is that 15000 altogether? If you had to pay that back straight away the repayments would surely be a large amount and impossible to manage when studying full time. Is that their final decision?

Yes €15,000 altogether with repayments starting straight away. Not very useful. However, the lady on the phone didn't sound very well informed so maybe someone else had better look elsewhere?

cliona88

Yeah that would mean that they have totally withdrawn their graduate medicine loans. You would probably be better off going to the credit union instead of ulster of that was the case

Roger_that

I think its worth noting that all of medicine the loans seem to be branch specific and UB Donnybrook was the one mentioned at UCD open days. I'm going to try there tomorrow. Unfortunately I think you have to call in... I rang their number today and just got a call centre.

Ellymay3

can anyone give me advice on how/where to get a loan for graduate medicine course fees
I live in Northern Ireland and will study in the Republic of Ireland.
This means the packages offered by BOI and Ulsterbank are not offered to me as I have not been residing in the republic (one of the stipulations to be elugible for the loan)

Palo Alto

Ellymay3 wrote: »

can anyone give me advice on how/where to get a loan for graduate medicine course fees
I live in Northern Ireland and will study in the Republic of Ireland.
This means the packages offered by BOI and Ulsterbank are not offered to me as I have not been residing in the republic (one of the stipulations to be elugible for the loan)

I'm in the same boat; having talked further with BoI in Cork it sounds like the living in the south requirement may not be that strict, they sounded optimistic I'll still get a loan when the package is announced, all they care about is making sure it'll be paid back!

I'm more than willing to kick up an awful stink if necessary anyways, I'm an Irish citizen and residing in the 32 counties all my life!