Graduate medicine Loans

Lady Jane!

Em just wondering if the €15000 includes the €2000 reg fee? Because I may be screwed over that!!

51533823

Lady Jane! wrote: »

Em just wondering if the €15000 includes the €2000 reg fee? Because I may be screwed over that!!

Yes, the €15k is the full amount due. No reg fee on top I that.

Source: I'm a current student.

Lady Jane!

Thats brilliant news. Bit of a sleepless night last night thinking about it.

51533823 wrote: »

Lady Jane! wrote: »

Em just wondering if the €15000 includes the €2000 reg fee? Because I may be screwed over that!!

Yes, the €15k is the full amount due. No reg fee on top I that.

Source: I'm a current student.

Palo Alto

Ok, in a bit of a pickle, I have an outstanding UK Government Student Loan and am unsure whether to declare this on the application for the BoI loan or not. It's not like a normal commercial loan in that interest is basically at base rate and I don't have to pay any of it back until I am post gradmed, with the repayments working out at about €90 per month initially so virtually nothing.

However, I wouldn't be in a position to pay it off in full now if that was made a condition of Bank of Ireland's loan procedure and as it is a UK government loan I have no idea whether their credit checks would be aware of it.

Basically, the last thing I want to do is lie, I've a solid guarantor and won't have trouble with the repayments down the line. Am I better being straight up and showing how little the repayments for my student loan will be (I have all the supporting info/documentation) or just not mentioning that I have this loan also? As I said, it's nothing like a usual commercial loan.

lelouchan

Palo Alto wrote: »

Ok, in a bit of a pickle, I have an outstanding UK Government Student Loan and am unsure whether to declare this on the application for the BoI loan or not. It's not like a normal commercial loan in that interest is basically at base rate and I don't have to pay any of it back until I am post gradmed, with the repayments working out at about €90 per month initially so virtually nothing.

However, I wouldn't be in a position to pay it off in full now if that was made a condition of Bank of Ireland's loan procedure and as it is a UK government loan I have no idea whether their credit checks would be aware of it.

Basically, the last thing I want to do is lie, I've a solid guarantor and won't have trouble with the repayments down the line. Am I better being straight up and showing how little the repayments for my student loan will be (I have all the supporting info/documentation) or just not mentioning that I have this loan also? As I said, it's nothing like a usual commercial loan.

Hmm I'd be more leaning towards just telling them, especially if it is that little. The reason I say this though is because you have a solid guarantor as you said. And if you havent been late on your repayments of the loan it seems things would be in your favour. I would be wary of lying, who knows how their credit check works.
But lets see what everyone else says.

Palo Alto

lelouchan wrote: »

Hmm I'd be more leaning towards just telling them, especially if it is that little. The reason I say this though is because you have a solid guarantor as you said. And if you havent been late on your repayments of the loan it seems things would be in your favour. I would be wary of lying, who knows how their credit check works.
But lets see what everyone else says.

It's what I figure too, really don't want to lie to them really!

EngDoc

lelouchan wrote: »

Hmm I'd be more leaning towards just telling them, especially if it is that little. The reason I say this though is because you have a solid guarantor as you said. And if you havent been late on your repayments of the loan it seems things would be in your favour. I would be wary of lying, who knows how their credit check works.
But lets see what everyone else says.

I reckon honesty is the best policy when it comes to these guys. At least then you know there's nothing that can come after you at some later date. A reason why they could change the terms of your loan or anything like that. That's my two cents...

Librium

Lady Jane! wrote: »

Em just wondering if the €15000 includes the €2000 reg fee? Because I may be screwed over that!!

it does

Same Same

Palo Alto wrote: »

Ok, in a bit of a pickle, I have an outstanding UK Government Student Loan and am unsure whether to declare this on the application for the BoI loan or not. It's not like a normal commercial loan in that interest is basically at base rate and I don't have to pay any of it back until I am post gradmed, with the repayments working out at about €90 per month initially so virtually nothing.

However, I wouldn't be in a position to pay it off in full now if that was made a condition of Bank of Ireland's loan procedure and as it is a UK government loan I have no idea whether their credit checks would be aware of it.

Basically, the last thing I want to do is lie, I've a solid guarantor and won't have trouble with the repayments down the line. Am I better being straight up and showing how little the repayments for my student loan will be (I have all the supporting info/documentation) or just not mentioning that I have this loan also? As I said, it's nothing like a usual commercial loan.

I'll throw in that my gut would go with leaving out anything that could disqualify you right now. Haven't the banks already been telling people they can't do a credit check for loans outside Ireland? If so, they won't find out independently.

But actually I'm more curious as to how you are getting on with the residency issue. Has that been resolved? If not, then telling them this would be definitely out, right?

To be honest I'm actually still abroad myself and won't be able to meet the banks face to face till I get back. Very anxious to see how anyone who has lived abroad is getting on with the issue of 10 year residency.

Palo Alto

Bank of Ireland seem ok about the residency issue with me as I'm an Irish citizen and I did my primary degree in the south as well. Haven't done the application yet but they seemed to suggest that it wouldn't be rigidly imposed in my case.

shaz84

Palo Alto wrote: »

Ok, in a bit of a pickle, I have an outstanding UK Government Student Loan and am unsure whether to declare this on the application for the BoI loan or not. It's not like a normal commercial loan in that interest is basically at base rate and I don't have to pay any of it back until I am post gradmed, with the repayments working out at about €90 per month initially so virtually nothing.

However, I wouldn't be in a position to pay it off in full now if that was made a condition of Bank of Ireland's loan procedure and as it is a UK government loan I have no idea whether their credit checks would be aware of it.

Basically, the last thing I want to do is lie, I've a solid guarantor and won't have trouble with the repayments down the line. Am I better being straight up and showing how little the repayments for my student loan will be (I have all the supporting info/documentation) or just not mentioning that I have this loan also? As I said, it's nothing like a usual commercial loan.

Hi Palo Alto

Hopefully I can shed some light on this for you, if you havent already discussed it with the bank, seeing the post was made yesterday.

In the UK, a student loan from the Student Loans Company (Student Finance England as they are called now) is not classed as a commercial loan product and does not appear in any credit searches or in your credit history.

I have done a lot of research on this as I took out a mortgage a good few years ago and still had 80% ish of my student loan to repay at that time. Both the Student Loans Company and the IFA processing my mortgage application advised that they will not show in any credit searches or affect any lending decisions.

So, you do not need to tell the bank about your outstanding student loan, but you do need to consider if you will be in a viable financial position to be able to pay back both debts in the future. If your student loan is post 2002 then it is a PAYE repayment, and so if you live and work in the RoI then I believe you won;t be paying it off (they allow graduates to emmigrate and not pay until they return, upto the age of 55 for the post 2002 pre 2012 student loans).

Good luck with whatever decision you make and hope you are successfully in obtaining funding.

Shaz

Palo Alto

Thanks,

that's incredibly helpful. Saved me a lot of hassle! Not meeting with the bank until Wednesday so that's very good of you to clear up the situation for me.

lonelywanderer

Same Same wrote: »

I'll throw in that my gut would go with leaving out anything that could disqualify you right now. Haven't the banks already been telling people they can't do a credit check for loans outside Ireland? If so, they won't find out independently.

But actually I'm more curious as to how you are getting on with the residency issue. Has that been resolved? If not, then telling them this would be definitely out, right?

To be honest I'm actually still abroad myself and won't be able to meet the banks face to face till I get back. Very anxious to see how anyone who has lived abroad is getting on with the issue of 10 year residency.

I don't know what your situation is but I have lived on and off in France since I've been 18. Actually lived there as much as here in that time, and there was no problem with it. I'm an Irish citizen though and have Irish guarantors so dunno if it's different to your situation.

Palo Alto

I'll wait and see but they gave me the impression that I shouldn't worry too much about the residency business what with having spent a good chunk of my time in the south and having citizenship but time will tell!

Agnesssse

My BOI loan got rejected due to residency and guarantor stuff.... Don't know what to do now. Im EU.

UB still is just with UL?

Agnesssse

Agnesssse wrote: »

My BOI loan got rejected due to residency and guarantor stuff.... Don't know what to do now. Im EU.

UB still is just with UL?

i mean declined

Palo Alto

Sorry to hear it.

Cork branch of Ulster Bank has told me that the UL loan just isn't an option at the moment anyways although waiting absolute final confirmation but it does seem that it just won't be extended outside of UL.

shaz84

Palo Alto wrote: »

Thanks,

that's incredibly helpful. Saved me a lot of hassle! Not meeting with the bank until Wednesday so that's very good of you to clear up the situation for me.

you are very welcome. good luck let us know how it goes.

shaz84

Agnesssse wrote: »

i mean declined

im so sorry to hear that agnesssse. you must be very dissapointed. what are you going to do now? do you have any other options available to you now?

the whole UB limerick loan situation is disgusting if you ask me. i have emailed the Chief Operating Officer of UB to ask her why there is no consistency in offering this product as it seems that getting a line of credit from their bank is pure lottery based on how well (or in this case badly) you could manage to achieve in your gamsat. of course i will let you know if i hear back from her.

Agnesssse

shaz84 wrote: »

im so sorry to hear that agnesssse. you must be very dissapointed. what are you going to do now? do you have any other options available to you now?

the whole UB limerick loan situation is disgusting if you ask me. i have emailed the Chief Operating Officer of UB to ask her why there is no consistency in offering this product as it seems that getting a line of credit from their bank is pure lottery based on how well (or in this case badly) you could manage to achieve in your gamsat. of course i will let you know if i hear back from her.

Thanks Shaz84, it is crazy, exactly how was I supposed to know that UL (??!!) will have the only real option to get funding for college... it's outrageous, well as my parents are really supportive of me doing medicine, we'll have to discuss the funding options and at least for first year I will be able to manage, not sure how yet, however, my hope is that after this year the situation with banks will have changed.... and AIB might restart their loan, or the Dublin universities will have to do something more than get that riddiculous BOI loan....im just out of my first degree, so might have to rethink my career plans..

Did you find funding? Thanks btw for all the info, its been very helpful..

shaz84

Agnesssse wrote: »

Thanks Shaz84, it is crazy, exactly how was I supposed to know that UL (??!!) will have the only real option to get funding for college... it's outrageous, well as my parents are really supportive of me doing medicine, we'll have to discuss the funding options and at least for first year I will be able to manage, not sure how yet, however, my hope is that after this year the situation with banks will have changed.... and AIB might restart their loan, or the Dublin universities will have to do something more than get that riddiculous BOI loan....im just out of my first degree, so might have to rethink my career plans..

Did you find funding? Thanks btw for all the info, its been very helpful..

I think we are in the exact same situation. I have 1.5 to 2 years funding sorted (living on 7,000 euros per year!) and hoping that once I am mid course that some funding options will appear. Not sure how this is going to affect my studies though as I keep having nightmares and worrying that the whole thing is in vain and I am throwing my current career down the drain, to live like a student for two years, have to quit due to lack of funding and have no qualifications to show for it as well as having no chance of being able to re do medicine ever again!

Argh....!

No worries about the advice. I hope its been helpful for people.

eire_245

Im in a similar situation, in having enough to survive first year but other years are going to prove difficult. I was lucky in a way, in that i missed out on UCD with my 57 and had UL and my 3rd choice so could luckily cover my fees.

Id like to think the banks will sort something out, but if anything i think the loan situation is going to get worse!

Same Same

lonelywanderer wrote: »

I don't know what your situation is but I have lived on and off in France since I've been 18. Actually lived there as much as here in that time, and there was no problem with it. I'm an Irish citizen though and have Irish guarantors so dunno if it's different to your situation.

Thanks for this. So you were just straight with them about it then?

Well that is heartening. I'm an Irish citizen, Irish educated and the guarantors (i.e. my parents) are too. I'm still not sure whether to tell them I've lived abroad or not, though. Obviously don't want to give them any reason to decline, but it could get awkward to explain some things if I don't.

What's it like when you meet them? Do they ask a lot of probing questions?

Thanks Palo Alto too. Fingers crossed it won't be a problem for you either.

Lady Jane!

So I applied to BOI with my parents as guarantors and got a call to say my parents weren't good enough. We are a working class family, I'd be the 1st professional on either side but I have to opportunity to better my situation and the banks are holding my parents against me. I worked my ass off for 4 years in college, been in full or part time employment in bars and shops since I was 16. Paid my own way through my 1st degree. My parents aren't loaded, nor are they poor. We get by. Mortgage is always paid, no outstanding loans, no social welfare. Only an overdraft and a credit card bill. I just feel as though if you don't come from money the bank are punishing us. Its silly! As far as I can see the loan will be paid back by me and yes they are covering their asses but if we were even less well off, on the dole or disabilities, where would that leave me?? Is any1 else having any issues like this?? I sent my grandmother in as a guarantor now but she is 75 and I'm worried that her age may work against me. How do the government expect to have a skilled workforce if they are letting the banks dictate who is rich enough to be granted a loan we wouldn't need if we had the money!!

Sorry about the rant but I need to vent somewhere! :-D Argh!!

avalon68

Lady Jane! wrote: »

So I applied to BOI with my parents as guarantors and got a call to say my parents weren't good enough. We are a working class family, I'd be the 1st professional on either side but I have to opportunity to better my situation and the banks are holding my parents against me. I worked my ass off for 4 years in college, been in full or part time employment in bars and shops since I was 16. Paid my own way through my 1st degree. My parents aren't loaded, nor are they poor. We get by. Mortgage is always paid, no outstanding loans, no social welfare. Only an overdraft and a credit card bill. I just feel as though if you don't come from money the bank are punishing us. Its silly! As far as I can see the loan will be paid back by me and yes they are covering their asses but if we were even less well off, on the dole or disabilities, where would that leave me?? Is any1 else having any issues like this?? I sent my grandmother in as a guarantor now but she is 75 and I'm worried that her age may work against me. How do the government expect to have a skilled workforce if they are letting the banks dictate who is rich enough to be granted a loan we wouldn't need if we had the money!!

Sorry about the rant but I need to vent somewhere! :-D Argh!!

Have you tried meeting the bank manager? This seems a little ridiculous. I was considering applying for GEM myself next year, but I definitely couldnt afford it without a loan, and my family are also not very well off. They get by just fine, no debts etc, but not wealthy by any means.

Lady Jane!

avalon68 wrote: »

Have you tried meeting the bank manager? This seems a little ridiculous. I was considering applying for GEM myself next year, but I definitely couldnt afford it without a loan, and my family are also not very well off. They get by just fine, no debts etc, but not wealthy by any means.

I'm going to ring the branch down in UL again tomorrow to see if they have any issues with my grandmothers indemnity. If they do I'll be on to the manager and my local TD asap. Its just double standards. I mean, nobody in the country is super well off anymore.......my dad worked his whole life and has always supported his family.........but it seems his hard work and efforts don't matter in our highly capitalist country these days.

lonelywanderer

Same Same wrote: »

Thanks for this. So you were just straight with them about it then?

Well that is heartening. I'm an Irish citizen, Irish educated and the guarantors (i.e. my parents) are too. I'm still not sure whether to tell them I've lived abroad or not, though. Obviously don't want to give them any reason to decline, but it could get awkward to explain some things if I don't.

What's it like when you meet them? Do they ask a lot of probing questions?

Thanks Palo Alto too. Fingers crossed it won't be a problem for you either.

I was worried about it (posted a good few pages back) like you but it barely came up. There weren't lots of probing questions at all and she* never even asked me about France. I mentioned in our meeting that I'd lived/worked there for the last couple of years and she didn't bat an eye lid (it was brought up in the context of what savings I had). I put on the form that I've been 'resident' in Ireland from birth to present and no questions were asked. I justified it to myself by saying that I always intended on coming back to Ireland so I never fully 'moved out' (came home for two summers etc).

*She as in Carmel in BOI at UCD Montrose.

EngDoc

Lady Jane! wrote: »

So I applied to BOI with my parents as guarantors and got a call to say my parents weren't good enough. We are a working class family, I'd be the 1st professional on either side but I have to opportunity to better my situation and the banks are holding my parents against me. I worked my ass off for 4 years in college, been in full or part time employment in bars and shops since I was 16. Paid my own way through my 1st degree. My parents aren't loaded, nor are they poor. We get by. Mortgage is always paid, no outstanding loans, no social welfare. Only an overdraft and a credit card bill. I just feel as though if you don't come from money the bank are punishing us. Its silly! As far as I can see the loan will be paid back by me and yes they are covering their asses but if we were even less well off, on the dole or disabilities, where would that leave me?? Is any1 else having any issues like this?? I sent my grandmother in as a guarantor now but she is 75 and I'm worried that her age may work against me. How do the government expect to have a skilled workforce if they are letting the banks dictate who is rich enough to be granted a loan we wouldn't need if we had the money!!

That's an absolute disgrace!!
Your 75 year old grandmother required as a guarantor FFS?

"It is important that prospective applicants are not discouraged because of socio-economic factors and therefore may require some level of funding support."

What a joke...

I submitted my application for the BOI loan over a week ago and I stated at the time that I'm not in a position to supply a guarantor. A few days later I got a call from them, apparently the underwriter wanted to know the exact reason why. Started asking about my parents/ siblings etc. As politely as I could I just said the reasons were personal, if they don't want to give me the loan, that's fine...just let me know.

They said they'll let the underwriter know and get back to me as soon as a decision in made. Expecting an official rejection soon. If I don't hear back from them by Wednesday, I'll call UCD and explain that I can't take the place, at least then they can offer it to someone in Round 2 on the 30th.

lelouchan

Lady Jane! wrote: »

I'm going to ring the branch down in UL again tomorrow to see if they have any issues with my grandmothers indemnity. If they do I'll be on to the manager and my local TD asap. Its just double standards. I mean, nobody in the country is super well off anymore.......my dad worked his whole life and has always supported his family.........but it seems his hard work and efforts don't matter in our highly capitalist country these days.

Yeah, same story for me. Guarantor's not appropriate. Again like you, not reach but we get by. I am sickened. I'm going to try again with my aunt but seriously this is a joke.
What I don't get is someone else on this thread got the loan without a guarantor. which is brilliant of course. But surely we'd be in the same boat at the end of the 4 years so what exactly is their reasoning??
UCD just told me that they play no part in student's funding. I don't want their money, I just want their help.

EngDoc

lelouchan wrote: »

But surely we'd be in the same boat at the end of the 4 years so what exactly is their reasoning??

I was told that the lack of a guarantor wouldn't be such a problem if I was an existing customer with BOI. That they don't have the same account history since I'm with AIB. I thought the 6 months of statements for all my accounts would give them all the history they needed. It's not like I was laundering money for some drug cartel 7 months ago. I've had acccounts with AIB for over ten years. Surely your credit history can be shared between the banks? I'm not sure where all the confusion is...