Graduate medicine Loans

Moji70

shaz84 wrote: »

Really helpful response from Ulster Bank. How does this even make sense?

Can anybody who has an offer from Limerick advise if there is a specific deal in place with the University and the Bank?

I have an offer from UL ands spoke with UB at UL. They only offer to Irish students , not EU applicants.

EngDoc

Moji70 wrote: »

I have an offer from UL ands spoke with UB at UL. They only offer to Irish students , not EU applicants.

And is it just for students with a UL offer?
Do you know if they're looking for a guarantor?

Moji70

This is max 15 K per year, for 4 years, for fees only.

For students with UL offer only,

The leaflet I have does not mention anything about guarantor.

The contact details : Mike Moran, Jennifer Nash at UB, UL branch; 061216260

EngDoc

Moji70 wrote: »

This is max 15 K per year, for 4 years, for fees only.

For students with UL offer only,

The leaflet I have does not mention anything about guarantor.

The contact details : Mike Moran, Jennifer Nash at UB, UL branch; 061216260

Ah well...that's a shame.
Cheers anyways!

I guess Ul is the place to go...and I was so happy when I got offered a place in Dublin.

Murphy's Law strikes again!

Moji70

EngDoc wrote: »

Ah well...that's a shame.
Cheers anyways!

I guess Ul is the place to go...and I was so happy when I got offered a place in Dublin.

Murphy's Law strikes again!

This is sad for me too, as I can not get a loan from UB too. I guess the biggest winners are the Irish applicants with low GAMSAT scores being offered a place at UL when all the UK applicants pull out. This is beacuse most of the Irish applicants with high GAMSAT score have already holding a place elsewhere. May be I am wrong, but lets see how many UK applicants decline the UL offer due to fees.

GOING4BROKE

EngDoc wrote: »

Ah well...that's a shame.
Cheers anyways!

I guess Ul is the place to go...and I was so happy when I got offered a place in Dublin.

Murphy's Law strikes again!

I know it would be rather complicated but surely there should be a way that people like yourself who need the loan could swap with those in UL who would prefer Dublin and do not necessarily need the loan. It seems harsh the way your preference list, unbeknownst of issues such as bank lending, can be a deciding factor in whether you do medicine or not. Perhaps next years entrance points will be the inverse of this years if UL is the only place where you can get a loan.

On a side note quite ironic, considering the beating UL has taken, that it is the only Uni offering such a loan.

Joe2011

That wouldn't be feasible as there would be others in between on higher scores such as those who got Cork etc who would be entitled to a place first, and that would be no use to those with Dublin offers either as the loan situation there is the same. What i the advantage to this UB loan over the one being offered by BOI if there are no living expenses with it either?

EngDoc

GOING4BROKE wrote: »

I know it would be rather complicated but surely there should be a way that people like yourself who need the loan could swap with those in UL who would prefer Dublin and do not necessarily need the loan. It seems harsh the way your preference list, unbeknownst of issues such as bank lending, can be a deciding factor in whether you do medicine or not. Perhaps next years entrance points will be the inverse of this years if UL is the only place where you can get a loan.

On a side note quite ironic, considering the beating UL has taken, that it is the only Uni offering such a loan.

Well, BOI are offering a loan...looking for a guarantor though. Would be interesting to see how the UL UB interest rates stack up against the BOI loan.

Might be a secret master plan of UL to drive its Gamsat score above the rest! :P

lonelywanderer

EngDoc wrote: »

Well, BOI are offering a loan...looking for a guarantor though. Would be interesting to see how the UL UB interest rates stack up against the BOI loan.

Might be a secret master plan of UL to drive its Gamsat score above the rest! :P

I could be wrong here, but did they not always want a guarantor? The first post of this thread is from years back and mentions it.

edit: my mistake it was BOI not AIB asking for a guarantor. Were you relying on AIB Eng Doc? I saw the post yesterday saying the manager of the UCD branch of AIB claimed it was the regulator that made them drop it. Surely they could have done fees only like BOI though? If I'd got Cork or anywhere outside Dublin I couldn't have done it, relying on living at home to keep costs down...

EngDoc

Well, when I started out studying for the Gamsat I just figured AIB would sort me out. I've always banked with them and have my savings account with them. They weren't looking for a guarantor so I figured I'd go with them. Of course...they've decided to pull out.

Just off the phone with the UB branch in UL. Very nice guys down there but no good news I'm afraid. They're offering a fees only loan, 4% interest for the first four years, then up to 7% apr when they've graduated. They're not looking for a guarantor or anything like that.

They said there's no way they could offer it to someone with an offer from another Uni. I asked why they weren't offering it to students with Dublin offers through one of there branches up here. He said that the only reason they have the UL loan is because they were approached by UL. He assumes that the reason it's not available to UCD students is because UCD never approached UB in Dublin.

Now, I'd be half tempted to get in touch with UB in Donnybrook and ask if this is true. Or even give UCD a call and ask them if they've gone to UB. But I'm kinda sick of chasing people at this stage. If it's true that UCD didn't bother getting in touch with UB then they're hardly going to change their mind because I call them.

Palo Alto

Ulster Bank in Cork have basically confirmed the UL loan won't fly with them.

Awaiting absolute final confirmation from a manager but it does not look remotely good.

eire_245

bizarre situation!

i missed out on UCD by random selection and it looks like it was a lucky break, because there is no way i could afford the course this year or the coming years without the fees covered at least!

eire_245

Moji70 wrote: »

This is sad for me too, as I can not get a loan from UB too. I guess the biggest winners are the Irish applicants with low GAMSAT scores being offered a place at UL when all the UK applicants pull out. This is beacuse most of the Irish applicants with high GAMSAT score have already holding a place elsewhere. May be I am wrong, but lets see how many UK applicants decline the UL offer due to fees.

Im pretty sure it was mentioned earlier that there is only 2 british students in second year in UL so may not make a huge difference...still ludicrous all the same!

EngDoc

Just off the phone with UCD. The administrator who used to look after GEM affairs no longer works there.

I got through to someone else and explained the situation with the banks. They said they'd take the whole thing under advisement, bring it up in a meeting tomorrow and get back to me if there's any update.

If anyone else out there would like to see UB offer a funding scheme to UCD, it would do no harm at all to give UCD a quick call and let them know it's an option you feel they should consider (01 7166437).

Even if you're not too pushed about needing a guarantor with BOI, it would do no harm at all to have a bit of competition with the banks.

shaz84

EngDoc wrote: »

Just off the phone with UCD. The administrator who used to look after GEM affairs no longer works there.

I got through to someone else and explained the situation with the banks. They said they'd take the whole thing under advisement, bring it up in a meeting tomorrow and get back to me if there's any update.

If anyone else out there would like to see UB offer a funding scheme to UCD, it would do no harm at all to give UCD a quick call and let them know it's an option you feel they should consider (01 7166437).

Even if you're not too pushed about needing a guarantor with BOI, it would do no harm at all to have a bit of competition with the banks.

Might be worth speaking with Ruth Harrison, she is the Head of Registration, Fees & Grants. I am liaising with her to sort out the Career Development Loan situation for Uk students and she has been incredibly helpful.

Her contact details are below.

Ruth Harrison
Head of Registration, Fees & Grants
Administrative Services
UCD Registry
Tierney Building
University College Dublin
Tel: +353 1 716 1575
Email: ruth.harrison@ucd.ie

EngDoc

shaz84 wrote: »

Might be worth speaking with Ruth Harrison, she is the Head of Registration, Fees & Grants. I am liaising with her to sort out the Career Development Loan situation for Uk students and she has been incredibly helpful.

Her contact details are below.

Ruth Harrison
Head of Registration, Fees & Grants
Administrative Services
UCD Registry
Tierney Building
University College Dublin
Tel: +353 1 716 1575
Email: ruth.harrison@ucd.ie

Cheers Shaz...might drop her a mail about it.

Moji70

Shaz

Do you know if Career Development Loan for Uk students applies to UL or UCC too? Thanks

shaz84

Moji70 wrote: »

Shaz

Do you know if Career Development Loan for Uk students applies to UL or UCC too? Thanks

Hi Moji

I dont see why UCC and UL wouldnt be eligible, however you'd need to check with SFA (their contact details are in one of my previous posts), because it could be that either the university or the course needs to be registered before you are able to apply for financial aid.

Good luck!

ul hopefull

Hi guys. i have applied to ub and boi in limerick for the full loan for the fees. has anyone heard much from people that have taken these loan to date. which bank do ye think would be better to go with


also with the tax relief i know people were talking on here about it a few pages back. i spoke to the tax office today and they said the max amount you can claim on is 5000 a year@ 20% so 1000 a year. somone mentioned that you can organise for more than one family member to claim for relief in order to claim on the full 15000. can anyone confirm if this is true and if so how would i go about organising it

eire_245

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)!!

Not sure if this method will work this year as i think the fees go through your account (they remain in your account for seconds) before going directly into UL`s account.


The only other option,I can think of would be if we can get the bank to split the giro into 2 payments and use the 2 family members accounts to pass the money through to UL (its only in their accounts for seconds before passing directly onto UL). Obviously the family members would have to have an account with the bank in question.

Then they have a record of paying fees which they can claim back on their tax return for you.

eire_245

Got my loan approved today, asked about this tax thing! Apparently the fees have to go through your account straight to UL so that rules out someone else paying them for you and claiming back that way.

Not sure what way to do it, as the only other way i can see is if the college would give you 2 separate receipts for the payment

Any accountants on??

Joe2011

Anyone have any more information regarding BOI or UB besides Limerick?

Agnesssse

eire_245 wrote: »

Got my loan approved today, asked about this tax thing! Apparently the fees have to go through your account straight to UL so that rules out someone else paying them for you and claiming back that way.

Not sure what way to do it, as the only other way i can see is if the college would give you 2 separate receipts for the payment

Any accountants on??

How long did you wait for approval? And did you need guarantor?

eire_245

Agnesssse wrote: »

How long did you wait for approval? And did you need guarantor?

2 days from when he sent my application form off, and no guarantor! That was fees only

lelouchan

eire_245 wrote: »

Agnesssse wrote: »

How long did you wait for approval? And did you need guarantor?

2 days from when he sent my application form off, and no guarantor! That was fees only

This is Ulster I take it?

eire_245

lelouchan wrote: »

This is Ulster I take it?

yea sorry, UB in limerick.

shaz84

Hey All

can someone explain the tax back situation on the fees for me please?

if i am moving over to ireland from the uk, and will be making the payments myself out of an irish bank account (but as a uk citizen), will i be able to claim back some of the tax and if so how much?

thanks!

Jammyc

eire_245 wrote: »

yea sorry, UB in limerick.

Sorry if I'm prying here eire_245, but was the application process similar to the one posted earlier in this thread for BOI? Did they require much information?

DeadEight

shaz84 wrote: »

can someone explain the tax back situation on the fees for me please?

if i am moving over to ireland from the uk, and will be making the payments myself out of an irish bank account (but as a uk citizen), will i be able to claim back some of the tax and if so how much?

In the Irish tax system certain expenses you incur are eligible for tax relief. In the case of certain education fees you can claim relief at the marginal rate of tax, which is 20%.

Example: You pay fees of €14,915. The first €2,000 is disregarded. Tax relief is thus available on 14,915-2,000 @ 20% = €2,583 relief. You reduce the amount of tax you need to pay by this amount. For a PAYE worker who has already paid the tax you would get a cash transfer to your bank account of that amount.

There is a cap of €7,000 per year in relief, which would only apply if the person claiming the relief is paying lots of fees for their children.

You can only get this relief if you have paid tax in the relevant year. If you have not paid enough tax, you cannot get any relief.


There appears to be a misunderstanding about claiming the relief if the bank pay the fees directly to the college. Unless the bank is giving you a scholarship, grant or gift they are not "paying" the fees. The fact that you are borrowing the money from the bank does not mean that you cannot claim the relief. Just make sure the college give you a receipt for the fees so that you have the evidence to back up the claim if Revenue ever come looking.

The example that I have used before is paying my doctors bill on Visa. The money goes from Visa to the doctor directly, and never goes near my accounts. But I am responsible for paying Visa back the money later on, and I can claim the tax relief on the medical expenses.

The full rules are available here: http://www.revenue.ie/en/tax/it/leaflets/it31.html

eire_245

cheers for that post, one question.

If i got the bank to split it into 2 payments and hence issue 2 receipts for each payment, could say each of my parents claim the tax back on their individual earnings? Even though their names are not on the receipts etc?

Or is this avenue only open to people who have paid enough tax in the financial year themselves to claim it back?

Thanks