Graduate medicine Loans

dissed doc

imported_guy wrote: »

in america you can chose to do so, but most dont, as the interest keeps compounding, and making an absurd loan even more absurd, and you should remember you earn more/less depending on where you live, and the taxes are generally alot lower than here, and in some places you dont even have state tax, just federal tax.

Oh I didn't know that (about deferral).

These loans are IMO insane, and there is no realistic way they can be paid back except through living below the poverty line. These banking products are a sure fire way to destitution. There is no job market that supports 100k of university loans in Ireland. Christ almighty, even the UK with 64 million people has typical loan debt of 20-30k, and the UK has a much more mature medical job market than Ireland.

Salaries may look big in the US but mostly it ignores the massive malpractice insurance for those working in private practice. US$400k jobs in e.g., radiology, OBGYN, can have 50-100k of malpractice premiums every year. Most people I know have gone into salaried positions in established clinics and hospitals (because basically it's the only realistic option - steady income, steady hours), salaries are more like US$150-200k. Great money, but around €120-140k in today's money, not some magic fantasy.

I have no idea where people are going to go to earn the money to pay back €100k of university debt. But, best of luck to them!

jtsuited

I would imagine the banks would have no problem taking the outstanding debt after 10 years and incorporating it into a nice mortgage etc....

Even the most prudent lending institution is not going to pass up a chance of saddling a doctor with a massive mortgage. Which suits everyone tbh.

Unless something seriously drastic happens to the medical system in this country over the next 15 years, the banks will be seeing these graduate loans as a huge oppurtunity to be making stable profit for the next 30-40 years.

They are in the business of making money, and until we see doctors defaulting on mortgages and pulling runners abroad, you can be guaranteed that banks are going to be nice as pie when you're 8 years into practice and you decide to renegotiate your finances.

EugeneOnegin

MedGal wrote: »

Really? Were you speaking to someone from the UL branch?

The branch (my branch) I made enquires at contacted the UL branch on my behalf, and that was the answer. It's stange alright, I didn't bother following it up since I'll more than likely take AIB package.

I do agree with the sentiments expressed by others in relation to terms of the various products- it's exorbitant. I hope to god it wouldn't hinder me too much.

jtsuited

Erm, forgive my ignorance on this, but I remember looking into the different GEM loans before and AIB's loans were miles ahead.....anyone have a quick comparison of them lying around or is it too college-specific?

Traumadoc

jtsuited wrote: »

I would imagine the banks would have no problem taking the outstanding debt after 10 years and incorporating it into a nice mortgage etc....

Even the most prudent lending institution is not going to pass up a chance of saddling a doctor with a massive mortgage. Which suits everyone tbh.

Unless something seriously drastic happens to the medical system in this country over the next 15 years, the banks will be seeing these graduate loans as a huge oppurtunity to be making stable profit for the next 30-40 years.

They are in the business of making money, and until we see doctors defaulting on mortgages and pulling runners abroad, you can be guaranteed that banks are going to be nice as pie when you're 8 years into practice and you decide to renegotiate your finances.

Actually i dont know if you are correct, many consultants are having difficulty getting reasonably modest mortgages at the moment. I seriously doubt a bank that is now looking for 10% deposit will include outstanding loans in a new mortgage

jtsuited

hmm....that seems a bit odd. We'd need to know the specifics (a modest mortgage could mean anything these days) but I imagine not giving mortgages to consultants is just simply bad business when you take into account their relative income stability.

dissed doc

jtsuited wrote: »

hmm....that seems a bit odd. We'd need to know the specifics (a modest mortgage could mean anything these days) but I imagine not giving mortgages to consultants is just simply bad business when you take into account their relative income stability.

Not at all. It's very unstable particularly as public sector net income has dropped by around 50% after tax in the past 5 years. Sure, it's still a lot of money - but you can't ignore the instability (why I left and many others as well).

To give you an example:

The "mickey mouse" salary of €240k was only open to already existing consultants in 2006-2007. That gave a net income of 142k/year. Yes, it is a huge amoutn of money! Around 11,500/month *after* tax.

Now, a consultant salary starts at €155k (and is being rumoured to drop to €100k - banks have to take into account the risk of this) - which is 71k/year net. Yes, still a lot of money - but around 6k/month net. That is loads of money TBF, but can easily make you poor if you are insisting on living in a 8 bedroom home in Dalkey.

Now, if the salaries drop to 100k which is quite likely I think - it puts it around 20% below established consultant salaries in NL, DE and UK which economically is probably reasonable, the net salary is around €4k/month after taxes.

Consultant income has been quite unstable, unless you are an established private ENT surgeon with 20 years experience! Most are not. Incidentally, the private practice equivalent of 100k is almost €1000/month more net after taxes, which is why I think the ultimate end will be subcontracted privatised hospitals run by a handful of insurance companies. If you are a doctor doing the same job and you can make more money - 25% more - by being private, well, human nature is human nature.

JordyWordy

The figures of €1800 or even €1000 aren't for AIB i hope?

I got that long list of details from AIB too about the loan, but they also told me that the loan could be paid back over a period of 25 years. The payments in that case (even allowing for the low interest rate rising a bit) would be just over €500 per month....but I don't have that in writing obv!

No bank is going to give you a loan if you can't pay it back, so surely the 25 year thing must be right? Why do BOI make the term "11 years", it's awful short....maybe the number of years the repayments are spread over depends on how much you borrow?

jtsuited

dissed doc wrote: »

Not at all. It's very unstable particularly as public sector net income has dropped by around 50% after tax in the past 5 years. Sure, it's still a lot of money - but you can't ignore the instability (why I left and many others as well).

To give you an example:

The "mickey mouse" salary of €240k was only open to already existing consultants in 2006-2007. That gave a net income of 142k/year. Yes, it is a huge amoutn of money! Around 11,500/month *after* tax.

Now, a consultant salary starts at €155k (and is being rumoured to drop to €100k - banks have to take into account the risk of this) - which is 71k/year net. Yes, still a lot of money - but around 6k/month net. That is loads of money TBF, but can easily make you poor if you are insisting on living in a 8 bedroom home in Dalkey.

Now, if the salaries drop to 100k which is quite likely I think - it puts it around 20% below established consultant salaries in NL, DE and UK which economically is probably reasonable, the net salary is around €4k/month after taxes.

Consultant income has been quite unstable, unless you are an established private ENT surgeon with 20 years experience! Most are not. Incidentally, the private practice equivalent of 100k is almost €1000/month more net after taxes, which is why I think the ultimate end will be subcontracted privatised hospitals run by a handful of insurance companies. If you are a doctor doing the same job and you can make more money - 25% more - by being private, well, human nature is human nature.

thanks for the info......just as a matter of interest where did you end up leaving to?

Traumadoc

Sorry Dissed, the salary of 240k , was the top end, it was never paid, it went to 190k for a public only contract, when you consider that similar consultants on a type 1 contract were earning 176k with the rights to charge private patients and ability to tax deduct education expenses.

Most consultants would happily go back to the old contract , they were already working extended hours anyway.

whittyusername

JordyWordy wrote: »

The figures of €1800 or even €1000 aren't for AIB i hope?

I got that long list of details from AIB too about the loan, but they also told me that the loan could be paid back over a period of 25 years. The payments in that case (even allowing for the low interest rate rising a bit) would be just over €500 per month....but I don't have that in writing obv!

No bank is going to give you a loan if you can't pay it back, so surely the 25 year thing must be right? Why do BOI make the term "11 years", it's awful short....maybe the number of years the repayments are spread over depends on how much you borrow?

Im currently in GEM and had the same discussions last year. I worked for BOI and had a lengthy chat with the banks product manager for the grad med loan, pointing out they were 2nd/3rd in the market and the repayments structure were killing them but it being an Irish bank, common sense needs numerous committee meetings, tests, strategies etc etc etc before common sense can be trialed for implementation ..........

Sufficed to say I went with AIB ........

And given the nature of the AIB repayments being open ended, they will no doubt have a certain plan/structure of paying it back in mind but because you effectively have their money and have it spent, you are in the driving seat ......... So with a strong bargaining position, you might be able to tailor it to be a gradual repayment to start off, with no penalties for lump sum repayments or early repayment and a clause for negotiating the amount repaid to let you increase the repayments to mirror your wage packet ..........

JordyWordy

whittyusername wrote: »

Im currently in GEM and had the same discussions last year. I worked for BOI and had a lengthy chat with the banks product manager for the grad med loan, pointing out they were 2nd/3rd in the market and the repayments structure were killing them but it being an Irish bank, common sense needs numerous committee meetings, tests, strategies etc etc etc before common sense can be trialed for implementation ..........

Sufficed to say I went with AIB ........

And given the nature of the AIB repayments being open ended, they will no doubt have a certain plan/structure of paying it back in mind but because you effectively have their money and have it spent, you are in the driving seat ......... So with a strong bargaining position, you might be able to tailor it to be a gradual repayment to start off, with no penalties for lump sum repayments or early repayment and a clause for negotiating the amount repaid to let you increase the repayments to mirror your wage packet ..........

Thanks, good to see a response from someone who has the loan. The AIB GEM loan person told me pretty much the same thing (ie once you're finished the course we can sort it out based on what you can afford), so I'll not panic. Just got a fright when I saw the comments on here about
the BOI terms!

whittyusername

No worries, had the same panic myself .......... It's not fun.

BoI have extended their repayment schedule (maybe 10 years instead of 7 after graduation, can't quite remember) but AIB is still open ended.

Ulster bank have reduced their loan to fees only which, according to the branch manager, is because UB got the fear of god put in them when they realised the newly graduated GEMS had such large loans to pay back .............. SURELY that's the kind of thing the bank would've foreseen when they went to give out the money ......... or even when they created & debated the loan product, or approved it and so on ........ Still can't quite figure why there's a banking crisis ..........



This UB loan will suit those with savings or family support but for me, it's all AIB.



The loans are agreed on depending on your exams, 25k at a time, no longer the full 100k subject to exams BUT If it arises that you have to repeat exams in the summer and fear the coffers will be dry from new GEMS arriving and the current lot draining it, fear not, AIB have guaranteed there'll be money there waiting for you if you pass exams every year regardless, which is a relief.

pollypigwash

I've had some fairly extensive replies from AIB and BOI as regards loans available to incoming GEM students this year. They were for the branches dealing with UCD students but I'd imagine the same offers will be available in other colleges.

I got details of the interest rate, the breakdown of the rate and how it may change over the four years initially and the subsequent repayment years. Breakdown of loan into fees and living expenses. Requirements for life insurance and guarantors etc and approximate repayments/repayment periods. If ye think that will be helpful let me know and I can post it when I'm at home.

Ulster Bank did not respond although I may not have had the correct emails ( I used the ones on the UCD website).

The banks stand to make a lot of money from us in the long run and seem to be offering some reasonable terms as a result. Once I get back to Ireland I'll be giving them hell to see what they'll part with.

Ga_Ga_Fan

How much are the fees for GEP to RCSI,does anyone know?

anastacia86

pollypigwash wrote: »

I've had some fairly extensive replies from AIB and BOI as regards loans available to incoming GEM students this year. They were for the branches dealing with UCD students but I'd imagine the same offers will be available in other colleges.

I got details of the interest rate, the breakdown of the rate and how it may change over the four years initially and the subsequent repayment years. Breakdown of loan into fees and living expenses. Requirements for life insurance and guarantors etc and approximate repayments/repayment periods. If ye think that will be helpful let me know and I can post it when I'm at home.

Ulster Bank did not respond although I may not have had the correct emails ( I used the ones on the UCD website).

The banks stand to make a lot of money from us in the long run and seem to be offering some reasonable terms as a result. Once I get back to Ireland I'll be giving them hell to see what they'll part with.

If you could please give the details that would be great, or PM them to me if you want to? Thanks a million.

Annaroberts22

pollypigwash wrote: »

I've had some fairly extensive replies from AIB and BOI as regards loans available to incoming GEM students this year. They were for the branches dealing with UCD students but I'd imagine the same offers will be available in other colleges.

I got details of the interest rate, the breakdown of the rate and how it may change over the four years initially and the subsequent repayment years. Breakdown of loan into fees and living expenses. Requirements for life insurance and guarantors etc and approximate repayments/repayment periods. If ye think that will be helpful let me know and I can post it when I'm at home.

Ulster Bank did not respond although I may not have had the correct emails ( I used the ones on the UCD website).

The banks stand to make a lot of money from us in the long run and seem to be offering some reasonable terms as a result. Once I get back to Ireland I'll be giving them hell to see what they'll part with.

I would love to know the details as well please :-)

pollypigwash

BankofIreland wrote:

proposed rate of interest for the initial four years The rate is currently a variable APR of 4.1% for the four years you are in college. The repayments start on the 4th anniversary of the initial drawdown and the graduate lending rate applies. This is currently 9.4% (9.7%APR). Repayments are structured over a 7 year period bringing the total term of the loan to 11 years. Both rates are variable.

any stipulations on drawing down funds from the loan As you will see in the attached ‘FLYER’ the loan is drawn down in equal portions annually – 4 equal amounts if the draw down is on an annual basis, or 8 if it is drawn down to pay fees etc which can be paid in 2 instalments.

approximate cost of repayments should the full amount of €100,000 be drawn As you will see in the flyer the example shows the repayments on €100K (+interest accrued) over 84 months as €1799.23. It’s a large repayment.

any requirements of a guarantor or life insurance. A guarantor MAY be required. Each application is assessed individually. Life Assurance is not mandatory, but given the level of borrowing it is a very sensible safeguard to have in place as the guarantor becomes liable in such situations, and depending on age can be a very affordable option.

any information you would require prior to approving a loan. You will see from the Flyer that there is an application attached. If you are thinking of applying we would need confirmation of your place, statements on all your bank accounts for the past year, recent credit card statements and any savings you may have built up over time.

AIB wrote:

proposed rate of interest for the initial four years- The interest rate is variable and is made up of various elements. At present the rate is 4.052%
how the rate may change or is managed over those years. The rate is based on AIB's Base Lending Rate which changes weekly. On top of this a Funding Premium of 1.5% is added along with our Margin of 1.2%. The interest rate is variable and the rate I gave you includes the funding premium & margin.

any stipulations on drawing down funds from the loan. The maximum of 25k provided per academic year is made up of 12.5k for fees & 12.5k for living expenses. If you are borrowing for fees, we pay UCD directly from the loan and if you are borrowing for living expenses, you transfer funds from your loan account into your AIB current account as you require them. I asked AIB subsequently about this and they said there may be flexibility on the breakdown of the overall amount

length of time over which the loan may be repaid upon graduation. Each individual's case is different and we have nothing set in concrete in relation to this at the moment however, generally personal loans are repaid over 5-8years.

approximate cost of repayments should the full amount of €100,000 be drawn. Approx 1500-2000 per month depending on the term of your repayments.

any requirements of a guarantor or life insurance. We do not request a Guarantor at this time.

any information you would require prior to approving a loan. At least 12 months current account bank statements and any other statements of loans/savings/credit cards you have. There may be other documents we would require depending on your situation.

any other relevant terms and conditions. We require Life Cover to be taken out for these loans due to the size and nature of them. This can be taken out through AIB.

Anyone who wants contact info PM me and I'll pass it on or check out the Grad Med loans page on the UCD website.

The info above is a month old so interest rates may have changed slightly but you get the jist anyway.

mystery1

I just went to AIB today and they said it will take up to 2-3 WEEKS to have an answer re: the grad med loan.... I explained that I have to accept my CAO offer within the next 5 days, but they said they can't hurry it up as all applications go to a centralised place and the branch can ask them to be quicker but there's no guarantee.... strrreesssss...... I'm asking for them to consolidate loans too, so that makes my application 'unusual' so there is a chance they could say no.....

I asked UCD admissions what happens if you accept a place and then decide to defer afterwards, they said there are no guarantees that I would be given a deferral, so if I take a chance while waiting on the bank and accept my place, and then the bank say no, I would have to withdraw and apply all over again next year.....

Does anyone know if BOI are taking 2-3 weeks to approve to? I thought these things took 2-3 days, how wrong I was!!!

chanste

mystery1 wrote: »

I just went to AIB today and they said it will take up to 2-3 WEEKS to have an answer re: the grad med loan.... I explained that I have to accept my CAO offer within the next 5 days, but they said they can't hurry it up as all applications go to a centralised place and the branch can ask them to be quicker but there's no guarantee.... strrreesssss...... I'm asking for them to consolidate loans too, so that makes my application 'unusual' so there is a chance they could say no.....

I asked UCD admissions what happens if you accept a place and then decide to defer afterwards, they said there are no guarantees that I would be given a deferral, so if I take a chance while waiting on the bank and accept my place, and then the bank say no, I would have to withdraw and apply all over again next year.....

Does anyone know if BOI are taking 2-3 weeks to approve to? I thought these things took 2-3 days, how wrong I was!!!

Are you applying through your own branch or the college branch? When I was applying for my loan 2 years ago other branches weren't really clued into the whole package med loan thing, but when I'd contacted branch associated with college (in my case Limerick - but I'd heard similar things happened around the country) things went much smoother.

mystery1

Applying through the UCD branch.... keep your fingers crossed for me :-)

imported_guy

chanste wrote: »

Are you applying through your own branch or the college branch? When I was applying for my loan 2 years ago other branches weren't really clued into the whole package med loan thing, but when I'd contacted branch associated with college (in my case Limerick - but I'd heard similar things happened around the country) things went much smoother.

I imagine its more to do with the media using the "R" word again and lending is starting to slow down because of that, it isnt uncommon for grad med applicants to be refused loans, I know of someone personally, they should really have a bigger window/streamlined approach student lending though

jtsuited

imported_guy wrote: »

it isnt uncommon for grad med applicants to be refused loans, I know of someone personally,

really????
without giving too much away about this person, what were the reasons they were refused?

imported_guy

jtsuited wrote: »

really????
without giving too much away about this person, what were the reasons they were refused?

it wasnt a round zero offer and they already had some other loans/bad credit rating, im pretty sure the former should have no affect but their story made it sound like it did

cuponthefloor

Hey Guys

Ok so i got accepted to UL and i am currently on the loan hunt. I am with ulsterbank and i contacted their loan officer in UL. They are only offering a fees only loan. AIB are my next port of call but i wont here back from their officer until Monday as she was busy today. Has anybody else been in contact with ULs AIB branch regarding a loan?

MonDieu

I was wondering if anyone knows if you can currently take the grad med loan after starting grad med? (e.g. in year 2/3) Would rather hold off getting a loan for as long as possible. I'll contact the banks as well but was just wondering if anyone had asked the same question before. Thanks in advance!

needzmanualz

hey just wondering whats the number to call the aib branch in UL re gradmed loans??...also do you have to sort the loan out with the college branch only?

del85

needzmanualz wrote: »

hey just wondering whats the number to call the aib branch in UL re gradmed loans??...also do you have to sort the loan out with the college branch only?

AIB Castleroy: 061 334266. The GEM loan is branch-specific.

MedGal

del85 wrote: »

needzmanualz wrote: »

hey just wondering whats the number to call the aib branch in UL re gradmed loans??...also do you have to sort the loan out with the college branch only?

AIB Castleroy: 061 334266. The GEM loan is branch-specific.

Hi all, without sounding lazy, if anyone hears anything fom AIB UL about their loan could you let me know. I'm abroad at the minute and probably can't do much over here. Does anybody know if they could send documentation to my home so that I could bring it with me to Limerick fully completed when I return home in a few weeks?

EugeneOnegin

So I got a mail back from the AIB on college road in Cork they're asking for ALOT of stuff from me see below-

* a copy of the transcsript of the results from your original primary degree
* a copy fo your gamsat results
* a copy of your offer of a place for Graduate Medicine
* an academic / character reference
* if your main current account is not with AIB we would require to sight 6 months of your most recent bank stastements
* a breakdown of your income / expendiute for the coming year.

Holy Moley! BOI only want proof of your offer (i.e. the fees statement with bank giro) along with either indemnity from a guardian or else life assurance.

BOI package also seems to be broadly the same as AIB, 4.1 % APR variable for the first four years but rolling to 7.5% for the remaining ten years.

I'm reconsidering whether I think AIB is still the best option

hurdygurdy85

mystery1 wrote: »

I just went to AIB today and they said it will take up to 2-3 WEEKS to have an answer re: the grad med loan.... I explained that I have to accept my CAO offer within the next 5 days, but they said they can't hurry it up as all applications go to a centralised place and the branch can ask them to be quicker but there's no guarantee.... strrreesssss...... I'm asking for them to consolidate loans too, so that makes my application 'unusual' so there is a chance they could say no.....

I asked UCD admissions what happens if you accept a place and then decide to defer afterwards, they said there are no guarantees that I would be given a deferral, so if I take a chance while waiting on the bank and accept my place, and then the bank say no, I would have to withdraw and apply all over again next year.....

Does anyone know if BOI are taking 2-3 weeks to approve to? I thought these things took 2-3 days, how wrong I was!!!

Did you meet with them in the branch? I'm meeting with one of the loan staff in AIB UCD tomorrow and I hope to god they don't quote 2-3 weeks to approve the loan. :eek: I was under the impression that lots of people consolidate loans into the new loan agreement (I was told that by AIB last year) and that it wasn't that unusual. Maybe its just power tactics/bad day at the office or maybe they're just quoting the longest possible waiting time to cover themslelves. 2-3 weeks is insane.

Also, Im pretty sure the GEM courses don't offer deferrals. Someone correct me if I'm wrong. I applied for one with UL last year with pretty valid extenuating circumstances and it was flatly refused. I doubt UCD is any different, but they might be.

hurdygurdy85

Met with a financial advisor in UCD AIB today. She was really nice and very helpful. And yes the 3 weeks waiting period for an answer on loan approval still stands. Worse still, once those 3 weeks are up, AIB request approval on life assurance on our behalf and we have to wait another 3 weeks for that. So basically I was told that we wouldn't be seeing any money before October. Guess we're all on our own for living expenses for September so! :eek:

I asked her while acknowledging that admissions and the bank were obviously two seperate organisations, did the late issuing of funds not cause problems with registering and enrolling on the course. Apparently it happens every year and last year they paid 2 GEM student's fees in November. Now what the particulars of those loans were I have no idea...... But I was told that UCD are quite lenient with GEM students with regards to the timelines of fee payments.

I was assured that she has never refused a loan yet. So fingers crossed.

Interest rate I was quoted today was:

Bank Lending Rate: 1.534%
Funding Premium: 1.5%
Margin: 1.7%
_______
Grand total of: 4.734%

More waiting. Spiffing good fun!

ciara84

just found this post.... I just got refused by AIB westmoreland street since I had a previous loan to cover my MBA... (30k), so I cant finance my GEM with a GEM loan.... or a student loan (my own branch refused any more money as well).... I'm screwed! just quit my job and everything.... grrr

Sophievdp

EugeneOnegin wrote: »

So I got a mail back from the AIB on college road in Cork they're asking for ALOT of stuff from me see below-

* a copy of the transcsript of the results from your original primary degree
* a copy fo your gamsat results
* a copy of your offer of a place for Graduate Medicine
* an academic / character reference
* if your main current account is not with AIB we would require to sight 6 months of your most recent bank stastements
* a breakdown of your income / expendiute for the coming year.

Holy Moley! BOI only want proof of your offer (i.e. the fees statement with bank giro) along with either indemnity from a guardian or else life assurance.

BOI package also seems to be broadly the same as AIB, 4.1 % APR variable for the first four years but rolling to 7.5% for the remaining ten years.

I'm reconsidering whether I think AIB is still the best option

I was talking to the branch manager in the AIB on College Road in Cork on Monday (Audrey was her name I think). Yes, they do ask for a lot of stuff to get the loan. As well as the stuff EugeneOnegin mentioned, you also HAVE to have life insurance, they won't accept a guarantor. She said this was because if you die in your 3rd year and owe the bank like €75k it would be too much for the guarantor, which I thought was weird because isn't that the point of a guarantor? That they know how much they might end up having to pay but accept the risk anyway?? AIB offer life insurance but Audrey said it can take up to 7-10 days to sort it out.

I'm still not sure which bank I'm going to go with. I haven't talked to Ulster Bank yet though. Does anyone know which UB branch deals with UCC? It'll probably end up AIB. The one very good thing about their loan is that it's open ended, so you probably won't have to repay as much per month as you would with the BOI loan. Although by the time we're interns we'll be so busy we won't have time to spend our salaries on anything other than rent, food and repayments :pac:

mystery1

ciara84 wrote: »

just found this post.... I just got refused by AIB westmoreland street since I had a previous loan to cover my MBA... (30k), so I cant finance my GEM with a GEM loan.... or a student loan (my own branch refused any more money as well).... I'm screwed! just quit my job and everything.... grrr

No way that's awful ...

dissed doc

Sophievdp wrote: »

Although by the time we're interns we'll be so busy we won't have time to spend our salaries on anything other than rent, food and repayments :pac:

by the time you are an intern, you will be staring down the barrel of 15 years of repayments. life is short, please don't make a mistake thiking you have any realistic chance of paying back this 100k on 2k net salary a month.

watawaster

MedGal wrote: »

Hi all, without sounding lazy, if anyone hears anything fom AIB UL about their loan could you let me know. I'm abroad at the minute and probably can't do much over here. Does anybody know if they could send documentation to my home so that I could bring it with me to Limerick fully completed when I return home in a few weeks?

I met with Marie Corbette on monday at AIB in castletroy. She is the one that has replaced last years Jenny and is absolutely sound! I got my life insurance sorted last week through Ollie moran financial services with Zurick Life. The monthly premiums worked out at 10euro a month, which beats the AIB rumors of 20euro a month.

So all Marie wanted to see was:

• Proof of LM101 course acceptance
• Life insurance policy documents covering 100k plus interest.

And that's it - no joke.. All i had to do was sign over the life insurance and state that I will inform AIB of any borrowings that I may want to make in the future, ie from another bank or credit union. She didn't even want to hear about my BOI credit card bill...strangely

So now all I am waiting for is approval, which hopefully should be next week.

Very painless, esp in compared to what eugeneonegin has to do for AIB in cork.

I bet there's a snag of some sort in the pipeline!

EDIT: She also wanted to see my gamsat result, but this was on the cao printoff anyway

watawaster

dissed doc wrote: »

by the time you are an intern, you will be staring down the barrel of 15 years of repayments. life is short, please don't make a mistake thiking you have any realistic chance of paying back this 100k on 2k net salary a month.

Can I just point out that we all intend on being an intern for only one year. After that, when you specialise, the salary rises rapidly.

EDIT: I'm quoting a consultant so I'm sorry if I sound a bit anal

MedGal

watawaster wrote: »

MedGal wrote: »

Hi all, without sounding lazy, if anyone hears anything fom AIB UL about their loan could you let me know. I'm abroad at the minute and probably can't do much over here. Does anybody know if they could send documentation to my home so that I could bring it with me to Limerick fully completed when I return home in a few weeks?

I met with Marie Corbette on monday at AIB in castletroy. She is the one that has replaced last years Jenny and is absolutely sound! I got my life insurance sorted last week through Ollie moran financial services with Zurick Life. The monthly premiums worked out at 10euro a month, which beats the AIB rumors of 20euro a month.

So all Marie wanted to see was:

• Proof of LM101 course acceptance
• Life insurance policy documents covering 100k plus interest.

And that's it - no joke.. All i had to do was sign over the life insurance and state that I will inform AIB of any borrowings that I may want to make in the future, ie from another bank or credit union. She didn't even want to hear about my BOI credit card bill...strangely

So now all I am waiting for is approval, which hopefully should be next week.

Very painless, esp in compared to what eugeneonegin has to do for AIB in cork.

I bet there's a snag of some sort in the pipeline!

EDIT: She also wanted to see my gamsat result, but this was on the cao printoff anyway

Thanks a mill watawaster. Quick q- do u already bank with AIB?

dissed doc

watawaster wrote: »

Can I just point out that we all intend on being an intern for only one year. After that, when you specialise, the salary rises rapidly.

EDIT: I'm quoting a consultant so I'm sorry if I sound a bit anal

No. Whatever you hear right now, is complete horse sh1t.

By the time you graduate, you will make 2-3k net per month for around 6-8 years. Consultant salaries will be around 5k net per month (i.e., around 20% less than they are now).

CramCycle

dissed doc wrote: »

No. Whatever you hear right now, is complete horse sh1t.

By the time you graduate, you will make 2-3k net per month for around 6-8 years. Consultant salaries will be around 5k net per month (i.e., around 20% less than they are now).

Where are you getting this from?

Annaroberts22

Hi guys, sorry to be slightly off topic here but do any of you know whether having had a UK student loan (government loan not a private bank loan) for your BSc would affect getting a GEM loan in ireland?

gos123

I am in the same position. I have a loan from my undergrad BSc in the UK. I would think that it is not going to be a problem as our student finance england loan repayment is more of a graduate tax than a loan. The Irish System is completely different, and I mentioned mine to the AIB Bank Manager, and she seemed to say it should be OK as it is a government loan (not bank). Of course, the thing to make sure you mention to them is that this loan is government, not bank, and that it is wiped 10-15 years after living out of the UK. Just make it really clear that you can only pay it back if you are working in the UK, and that it is only paid as a tax (even though it is not a tax) it will come out your PAYE if you earn a certain amount, and that if you stay in Ireland, it will be wiped by the UK government, oh and that all UK students have it (well most).

gos123

Does anyone have the number for the Branch of AIB that deals with UCC? I had been going through Castletroy AIB for Limerick, but, have been given an offer for UCC, so need to check with the UCC branch of AIB that they are OK to give to a UK student like Castletroy, and that the whole Student Finance England Loan thing is going to be OK! Thanks :-)

Annaroberts22

gos123 wrote: »

I am in the same position. I have a loan from my undergrad BSc in the UK. I would think that it is not going to be a problem as our student finance england loan repayment is more of a graduate tax than a loan. The Irish System is completely different, and I mentioned mine to the AIB Bank Manager, and she seemed to say it should be OK as it is a government loan (not bank). Of course, the thing to make sure you mention to them is that this loan is government, not bank, and that it is wiped 10-15 years after living out of the UK. Just make it really clear that you can only pay it back if you are working in the UK, and that it is only paid as a tax (even though it is not a tax) it will come out your PAYE if you earn a certain amount, and that if you stay in Ireland, it will be wiped by the UK government, oh and that all UK students have it (well most).

But according to the gov website we still have to make payments even if we live abroad as long as our income is above the threshold. You have to declare to the student loans people that you're moving abroad and also how much you're gonna be earning :-(

Can I ask if you're a british or irish citizen? I was a bit worried about whether this matters in getting the loan? How have you found the whole application process compared to the UK? I would be very grateful if you let me know what final response you get from the irish banks. Thanks!!!

gos123

Hi,

I am British. I am filling out the loan form when I get to Ireland. Marie from AIB Castletroy seemed to think it would be OK since I have used a credit card and paid it off each month, and then have had savings etc. She still wants me to send her details of how the loan works though. I have already begun to pay some of mine back from working before my MSc, so I suppose at least I can demonstrate I have been able to start paying it back. Still my student loan still exceeds my savings so is why I am a little worried! I will let you know the final answer, but I won't know myself till I have started lectures and am enrolled. I really hope it is OK, otherwise I am going to be unable to afford the course as well!

gos123

It might be worth reading this, I am taking a copy to the bank just to make it clear that loan repayments are only collected through the the UK tax system (unless you pay it off outright in a cash sum) and that you are under no obligation to pay if off completely if you fail to earn the money to do so....therefore you could argue it more as a graduate tax rather than a loan like a bank loan works :-)

gos123

gos123 wrote: »

It might be worth reading this, I am taking a copy to the bank just to make it clear that loan repayments are only collected through the the UK tax system (unless you pay it off outright in a cash sum) and that you are under no obligation to pay if off completely if you fail to earn the money to do so....therefore you could argue it more as a graduate tax rather than a loan like a bank loan works :-)

and the link! http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/@educ/documents/digitalasset/dg_183899.pdf

gos123

and remember we would not be earning when we are studying, and then the monthly repayment of £344 if you stay in Ireland to do an intern is not that much either, interest is currently low at 0.5%. I cannot find the wiping the loan thing by default after a certain amount of time. I know it still exists but they don't seem to be advertising it around the websites for now!

gos123

Forgot to add, the Threshold for loan repayments in Ireland is £21,000 / year (GBP not euros)