Graduate medicine Loans

Poppo4

Have just been on the phone to Carmel at BOI Montrose, they're offering just fees (€59,060) over the 4 years. No payments for the 1st 4 years, but interest of 4.1% will be applied. Then once we graduate the rate will hike up to 7.5%.

lelouchan

Poppo4 wrote: »

Have just been on the phone to Carmel at BOI Montrose, they're offering just fees (€59,060) over the 4 years. No payments for the 1st 4 years, but interest of 4.1% will be applied. Then once we graduate the rate will hike up to 7.5%.

Oh cool. Did she say what the next steps are, cause to be honest I'm a bit at a loss?

eire_245

Ive been on to kelly in BOI in UL, they got their loan package confirmed yesterday. She said this wont change:

Fees only: €59 660 (UL fees of €14915 x 4 years)
4 installments
Interest @4.1% for the first 4 years which will be rolled up until year 5
then, Interest @ 7.5% from year 5
Max loan term: 14 years
Guarantor 100% required
she also gave me a little warning about if you fail a year! :eek:

waiting for a call back from ulster bank, will keep everyone posted

Ulster Bank

just got a call back, they too are only offering fees (however they are waiting on a decision on living expenses too)

Fees only: up to €60 000 (paid directly to UL, so don't know how the tax claim thing would work)
4 installments
Interest @4% (variable) for the first 4 years
then, from year yr 5 you can either do interest only or capital and interest. ((currently 6.8% variable)
Year 6 on wards repayments on capital and interest @ a variable interest rate (currently 6.8%)
Max loan term: 15 years
No Guarantor

Jammyc

eire_245 wrote: »

Ive been on to kelly in BOI in UL, they got their loan package confirmed yesterday. She said this wont change:

Fees only: €59 660 (UL fees of €14915 x 4 years)
4 installments
Interest @4.1% for the first 4 years which will be rolled up until year 5
then, Interest @ 7.5% from year 5
Max loan term: 14 years
Guarantor 100% required
she also gave me a little warning about if you fail a year! :eek:

waiting for a call back from ulster bank, will keep everyone posted

Ulster Bank

just got a call back, they too are only offering fees (however they are waiting on a decision on living expenses too)

Fees only: up to €60 000 (paid directly to UL, so don't know how the tax claim thing would work)
4 installments
Interest @4% (variable) for the first 4 years
then, from year yr 5 you can either do interest only or capital and interest. ((currently 6.8% variable)
Year 6 on wards repayments on capital and interest @ a variable interest rate (currently 6.8%)
Max loan term: 15 years
No Guarantor

Thanks for the info eire_245! Just wondering, is that Ulster Bank loan specific for UL or can students attending any of the other GEM courses apply and get the same conditions?

eire_245

Jammyc wrote: »

Thanks for the info eire_245! Just wondering, is that Ulster Bank loan specific for UL or can students attending any of the other GEM courses apply and get the same conditions?

I didnt ask as that was the UL branch of ulster bank, i assume it would be the same in the other branches??

She rang me back in regards to the tax, and said they could pay it in 3 installments (all pretty much at the same time) so we received 3 receipts from UL. This would allow other people to claim back the tax on it. Im not sure of the in`s and outs but she said it was possible.

ul hopefull

So does anyone have any plan of where to get anothet loan of sorts for expenses seeing as boi and ulster bank seemed to have removed this option

eire_245

ul hopefull wrote: »

So does anyone have any plan of where to get anothet loan of sorts for expenses seeing as boi and ulster bank seemed to have removed this option

well its not 100% with ulster bank, but an armed robbery is looking very appealing right about now! haha

Podoc

Hey guys,

Congrats to those with offers. Unfortunately the situtaiton with the loans has been a downer!

I also spoke to BOI - €59k in total is their offer i.e. they only pay the fees.

How is everybody else planning to survive re accomodation/expenses etc? (esp. people going to UCD). How much do you think we realistically need to survive for 9 months living in Dublin?

Jammyc

I remember speaking to a current GEM in UCD who said they worked in the Dole office. Apparently once you're over 23 you can sign on during the Christmas/Summer holidays. This would be at least some relief. Has anybody else heard of this?

ul hopefull

eire_245 wrote: »

ul hopefull wrote: »

So does anyone have any plan of where to get anothet loan of sorts for expenses seeing as boi and ulster bank seemed to have removed this option

well its not 100% with ulster bank, but an armed robbery is looking very appealing right about now! haha

sounds good to me anyway surely we could organise it between a group of us

GOING4BROKE

Are many people with high enough scores (57+) considering taking a year to work and save for living/accom expenses? Seems like such a risk to possibly forgo a years fees because you could not afford to live and had to dropout.

EngDoc

GOING4BROKE wrote: »

Are many people with high enough scores (57+) considering taking a year to work and save for living/accom expenses? Seems like such a risk to possibly forgo a years fees because you could not afford to live and had to dropout.

You better believe it! Flip-side is, ain't getting any younger...just turned 29!
Spotted a grey hair the other day ffs!

Think my head will be 50 shades of grey by the time I can afford this bloody course! :P

lelouchan

Does anyone know If credit unions would be a viable option?

cliona88

lelouchan wrote: »

Does anyone know If credit unions would be a viable option?

I don't think credit unions give special student loans. You can get loans off of them but i think they have to be paid back straight away

GOING4BROKE

EngDoc wrote: »

You better believe it! Flip-side is, ain't getting any younger...just turned 29!
Spotted a grey hair the other day ffs!

Think my head will be 50 shades of grey by the time I can afford this bloody course! :P

Haha very true. I would think there is quite a few people in a similar boat contemplating waiting a year for better banking conditions or a chance to save for those vital friday night pints. Will be very interesting to see how this financing situation affects Gradmed as a whole. I currently have about 3 weeks to sign on, don't know if that is even possible though!

lelouchan

Just got back from ulster bank donnybrook and was told they don't do the loans anymore and as far as he was concerned, only the limerick branch still do them. He is gonna confirm with me later though. I was so optimistic with donnybrook especially with no guarantor needed. So is it just BOI now?

ul hopefull

Does anyone know anything about the mature student grant. can u get something like that if you are doing the medicine

Roger_that

This is going beyond a joke... Nobody seems to know anything in some banks. The colleges have a lot to answer for too... They don't seem to care. Any correspondence I've had with UCD gem office has been basically 'you're on your own'. A little help in terms of dealing with the banks wouldn't go a miss

eire_245

Roger_that wrote: »

This is going beyond a joke... Nobody seems to know anything in some banks. The colleges have a lot to answer for too... They don't seem to care. Any correspondence I've had with UCD gem office has been basically 'you're on your own'. A little help in terms of dealing with the banks wouldn't go a miss

from speaking to Ulster and BOI in UL they said they fought pretty hard to get the full amount in conjunction with the college.

But in BOI they said the decision was out of their hands and they were lucky to even get fees as the state of the banks meant that the plug being pulled was a real possibility! :mad:

lonelywanderer

Poppo4 wrote: »

Have just been on the phone to Carmel at BOI Montrose, they're offering just fees (€59,060) over the 4 years. No payments for the 1st 4 years, but interest of 4.1% will be applied. Then once we graduate the rate will hike up to 7.5%.

Hi there, I've been down to Carmel before. She said I'd need to open a student account there to get the loan, only problem is I'm not (and I'm sure some of you aren't) a student at the present moment. Did she say anything to you about this?

I'll probably go down to her Monday, scrap that, Tuesday seeing as it's a bank holiday.

dissed doc

eire_245 wrote: »

Ive been on to kelly in BOI in UL, they got their loan package confirmed yesterday. She said this wont change:

Fees only: €59 660 (UL fees of €14915 x 4 years)
4 installments
Interest @4.1% for the first 4 years which will be rolled up until year 5
then, Interest @ 7.5% from year 5
Max loan term: 14 years....
No Guarantor

Wow that's a big chunk of cash for ten years. Assuming you start paying back as soon as you graduate it's around €750/month for 10 years. Net salary on a basic intern wage is €1900/month. You need to double your salary to 60k to get a net income of €2900/month making the loan a more affordable 25% of your net income.

eire_245

dissed doc wrote: »

Wow that's a big chunk of cash for ten years. Assuming you start paying back as soon as you graduate it's around €750/month for 10 years. Net salary on a basic intern wage is €1900/month. You need to double your salary to 60k to get a net income of €2900/month making the loan a more affordable 25% of your net income.

and thats without living expenses thrown in! :eek:

lelouchan

Roger_that wrote: »

This is going beyond a joke... Nobody seems to know anything in some banks. The colleges have a lot to answer for too... They don't seem to care. Any correspondence I've had with UCD gem office has been basically 'you're on your own'. A little help in terms of dealing with the banks wouldn't go a miss

Absolutely agree regarding ucd. Ul have obviously struck up some deal, would it kill ucd to do something. At least change the contact details online!!! Argh.

PeaSoup

I am astounded by a few things. The attitude of UCD in not communicating effectively with GEM students and the lack of an up to date page for finance options for start. The sudden withdrawal of realistic student loans with little individual catering being made is appallingly ignorant. Applicants vary in terms of academic history, co-dependents, spouse earnings, previous loan repayments, other debts, savings, etc. It's unfortunate some people have failed on their repayments but there must be a way for these banks to determine who has a good shot. Don't despair students. Points cannot fall to the extent that it's a simple case of buying your way in! GEM cannot become so woefully elitist when proper morals are the flagstones of good medicine. Chins up and we'll wait to see what they say next week. It has been raised in the dail once, if we have to do so again so be it.

EngDoc

PeaSoup wrote: »

Points cannot fall to the extent that it's a simple case of buying your way in! GEM cannot become so woefully elitist when proper morals are the flagstones of good medicine. Chins up and we'll wait to see what they say next week. It has been raised in the dail once, if we have to do so again so be it.

Wish I was as optimistic. From my personal correspondence with ministers/government departments/unions/universities over the past few months, I think we'll probably just be left to fend for ourselves.

Sent a e-mail to ucd asking for some information about deferring first thing this morning and they haven't gotten back to me yet. Ok, probably a busy time of year...but still.

legallyblondex

eire_245 wrote: »

I didnt ask as that was the UL branch of ulster bank, i assume it would be the same in the other branches??

She rang me back in regards to the tax, and said they could pay it in 3 installments (all pretty much at the same time) so we received 3 receipts from UL. This would allow other people to claim back the tax on it. Im not sure of the in`s and outs but she said it was possible.

this was in ulster bank?i spoke to sally there today who said she knew nothing of tax claims etc but she reckoned it would be up to the college to supply 3 giros in order for that to happen?!this would be great news if so

Roger_that

There are still a few weeks to sort things out but unless someone with influence takes control of the situation we're on our own. If BOI are the only bank in Dublin giving loans a lot of people, including myself, are out of the game because of the guarantor situation.

It's so disappointing not to be able to get excited about actually getting in... And also disappointing at the lack of any help from UCD.

Ellymay3

Palo Alto wrote: »

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!

So I got a call back from BoI, the lady Kelly said she would have to check the residency issue there to see if I would be eligible. I thought that having had an Irish passport that would have been enough. Apparently not.

I also got in touch with Ulster Bank here to see if I could set up an appointment for a loan. When I spoke to the lad on the phone and explained the situation he said he'd contact UB UL. SO then I got a phonecall from the lady who told me originally that I didn't qualify due tot eh residency clause (going round in circles). So I asked her if she could liase with the Ulster Bank up here, send them the information and explain it to them so I can actually have a chance at getting a loan from them. I mean, its the same company (RBS) so why shouldn't the Ulster Bank up here offer us the loan package. We are residents here, money is money after all and they'll be getting it back when we graduate and are practicing.

I also left a message with my local SF office to see if they have any advice. One of the guys is speaking to the Education Minister on my behalf to see what they can ruffle up. If it comes to it and the banks wont fund us and the Department of Eployment and Learning/ DENI wont help us out... I'm for the Irish News/Belfast telegraph!!

Ellymay3

ps. My spelling is awful in the previous post. I do apologise. I was typing quickly because I was trying to get it all out, I feel so strongly about this.

pps. By Irish news/belfast telegraph, I meant I'd go and tell them my story and how outrageous a situation it is, not being able to study medicine because the north has no such funding scheme available. Last time I was aware the place was crying out for medics. That is all.

Palo Alto

Ellymay3 wrote: »

ps. My spelling is awful in the previous post. I do apologise. I was typing quickly because I was trying to get it all out, I feel so strongly about this.

pps. By Irish news/belfast telegraph, I meant I'd go and tell them my story and how outrageous a situation it is, not being able to study medicine because the north has no such funding scheme available. Last time I was aware the place was crying out for medics. That is all.

I've done the same with Cork, UB Cork had no idea about funding but I've put them in contact with UB UL and they are going to come back to me if it's possible to extend the same loan facility.

BoI seemed a bit less strict about the residency issue last time I spoke to them but again they are awaiting confirmation of the loan package still.

Not even trying to head down to Cork at all until week beginning 20 August as none of the banks are close to having anything sorted.

If you find out anything more about potential funding up North let me know, First Trust basically laughed in my face!