Graduate medicine Loans

nerrad01

Russellynx wrote: »

60k would barely cover fees, probably won't with inflation. what are you going to live on for 4 years? you'll be graduating with 100k debt, either to your granny or to the bank.



that's ~2000 gross per month. Minus 700 loan repayment (or 1000 like most people) and then minus rent then minus living.

after everything is said and done i'm working off the same thing people on job seekers are.

are you an intern russell?? how you finding day to day living while paying back the loan? wana prep myself what im in for! :eek:

Russellynx

nerrad01 wrote: »

are you an intern russell?? how you finding day to day living while paying back the loan? wana prep myself what im in for! :eek:

grand. i live in limerick. rent is significantly cheaper than the likes of dublin around vincents. i basically have maintained the life style i had in med school, i'm not poor and i don't have a problem feeding/clothing myself. i don't have any savings and i think i'd get laughed out of a bank right now for a mortgage. I have no kids. I live beside the hospital so petrol is small business. health insurance and the dentist are two big whacks i had to budget for.

if you're expecting brown thomas you'd be mistaken, it's penny's with one or two river island items.

MathsMedMixed

So I went into Ulster Bank, Blanch Village this morning to carry out a transaction. I thought I'd seize the opportunity to enquire about Grad med loans. Here is the conversation that ensued after I got the receipt for my transaction.

Me - Could I speak to someone about the graduate medicine loan? I just want any info I could get about it.

Cashier - Do you have an account with us?

Me - No

Cashier - Did you get an offer from college?

Me - No but I did a certain exam and I am confident of getting one.

Cashier - We only give out loans to students who have gotten an offer.

Me - I understand, I just want to know what the loan entails.

[Cashier gets up from her seat and came back a minute later]

Cashier - I am sorry we no longer give out student loans.

Me - For graduate medicine entry?

Cashier - No, you'd have to take it out as a personal loan.

Even though it's still early days and all I wanted to make was an enquiry, it is very possible that people don't take up places because of their inability to get loans. The claim by the cashier that grad med loans are no longer made out might be fiction or fact, come August we shall know for sure.

Abby19

MathsMedMixed wrote: »

So I went into Ulster Bank, Blanch Village this morning to carry out a transaction. I thought I'd seize the opportunity to enquire about Grad med loans. Here is the conversation that ensued after I got the receipt for my transaction.

Me - Could I speak to someone about the graduate medicine loan? I just want any info I could get about it.

Cashier - Do you have an account with us?

Me - No

Cashier - Did you get an offer from college?

Me - No but I did a certain exam and I am confident of getting one.

Cashier - We only give out loans to students who have gotten an offer.

Me - I understand, I just want to know what the loan entails.

[Cashier gets up from her seat and came back a minute later]

Cashier - I am sorry we no longer give out student loans.

Me - For graduate medicine entry?

Cashier - No, you'd have to take it out as a personal loan.

Even though it's still early days and all I wanted to make was an enquiry, it is very possible that people don't take up places because of their inability to get loans. The claim by the cashier that grad med loans are no longer made out might be fiction or fact, come August we shall know for sure.

I think you may find that these loans are only provided by the specific college branches. At least that appears to have been the case in previous years if you check through similar threads.

Maybe call the UL branch of UB and check? There aren't that many Grad Med places to start with and half are taken up by overseas students, so makes sense to limit training and paperwork to specific branches.

nomoreexams

Also you'll find they won't have any info for loans for entrance 2014 yet. They won't know if the loans are going to be available until around July/August (from what I remember from last year). That, and until you have an offer in your hand they don't care how sure you are. Even when you get your results and it's obvious you're going to get an offer they still won't begin the process.

Actually, apologies, come to think of it- It may have been slightly earlier that they knew the loan was available. When I'd received my results they were fairly certain the loan would be offered.

MathsMedMixed

Thanks for your input guys, it would make sense that college loans are dealt with by specific bank(s) to limit the paper work. Like I said it's early days. All I wanted to know is such things as: if we give you X, you'd pay Y over Z number of years; also you need a guarantor or not etc... I wanted to talk face to face with someone.

pharmacrunch

MathsMedMixed wrote: »

Thanks for your input guys, it would make sense that college loans are dealt with by specific bank(s) to limit the paper work. Like I said it's early days. All I wanted to know is such things as: if we give you X, you'd pay Y over Z number of years; also you need a guarantor or not etc... I wanted to talk face to face with someone.

I actually tried to speak to someone in a college branch BOI last August about this when the idea of Gradmed first came into my head.

I was refused a face to face meeting three times- until finally I was told I couldnt have a face to face meeting until I was offered a place but they would send me an email ( which I subsequently never received).

Jammyc

My experiences last year were that you won't be entertained in any sense of the word until you have an offer to show them.

pc11

MathsMedMixed wrote: »

So I went into Ulster Bank, Blanch Village this morning to carry out a transaction. I thought I'd seize the opportunity to enquire about Grad med loans. Here is the conversation that ensued after I got the receipt for my transaction.

Me - Could I speak to someone about the graduate medicine loan? I just want any info I could get about it.

Cashier - Do you have an account with us?

Me - No

Cashier - Did you get an offer from college?

Me - No but I did a certain exam and I am confident of getting one.

Cashier - We only give out loans to students who have gotten an offer.

Me - I understand, I just want to know what the loan entails.

[Cashier gets up from her seat and came back a minute later]

Cashier - I am sorry we no longer give out student loans.

Me - For graduate medicine entry?

Cashier - No, you'd have to take it out as a personal loan.

Even though it's still early days and all I wanted to make was an enquiry, it is very possible that people don't take up places because of their inability to get loans. The claim by the cashier that grad med loans are no longer made out might be fiction or fact, come August we shall know for sure.

I pursued UB quite strongly last year and went all the way to head office. They will not offer the loan to anyone except in UL. Almost everyone in UL will qualify, they're relaxed about it, no guarantor is normally needed.

Only the UL branch will deal with it, other branches won't have a clue.

etymon

I'm about to graduate and am in the fortunate position of having a partner with income so we are actually hoping (!) with our joint incomes to maybe apply for a mortgage after Xmas. The plan is to save as much as possible and pay maybe 750 per month off my AIB loan, currently 107,000, unsecured and with no repayment plan (dunno if AIB were smoking crack when they gave it out; probably, but I'm glad they did!). I mean I have no idea how much they are going to want me to repay but I don't see how they can force or specify any certain amount given they never structured a repayment scheme with me. I want to pay it off but I'd prefer to keep it to 750/month for first few years. It's still going to be a few more years of Penneys not Brown Thomas here too!

nerrad01

etymon wrote: »

I'm about to graduate and am in the fortunate position of having a partner with income so we are actually hoping (!) with our joint incomes to maybe apply for a mortgage after Xmas. The plan is to save as much as possible and pay maybe 750 per month off my AIB loan, currently 107,000, unsecured and with no repayment plan (dunno if AIB were smoking crack when they gave it out; probably, but I'm glad they did!). I mean I have no idea how much they are going to want me to repay but I don't see how they can force or specify any certain amount given they never structured a repayment scheme with me. I want to pay it off but I'd prefer to keep it to 750/month for first few years. It's still going to be a few more years of Penneys not Brown Thomas here too!

how many years will it take to pay off the 107k ??? is that the standard amount that most people with the full loan have when the interest is included?

might be worth asking them could they combine it with the mortgage into one repayment ?? since they cant hold you to a repayment plan?? (this is just me throwing ideas ive no idea if thats possible)

etymon

nerrad01 wrote: »

how many years will it take to pay off the 107k ??? is that the standard amount that most people with the full loan have when the interest is included?

might be worth asking them could they combine it with the mortgage into one repayment ?? since they cant hold you to a repayment plan?? (this is just me throwing ideas ive no idea if thats possible)

No idea how long, how long is a piece of string, yeah ideally adding it to a mortgage would be nice, and anyone in my class RCSI who took the full loan has the same amount to repay. I mean if we went for a mortgage of say 250k and it ended up being 350k we would have to pay back less per month for sure, thank if it were two separate loans.

pc11

nerrad01 wrote: »

think theres a lot of variables involved and ultimately would be the decision of the underwriters!

but having that much saved will certainly help the case if your trying to get the loan from BOI without a guarantor (which im not sure they even do) and then Ulster bank give fees loans without a guarantor relatively easy to UL students

BOI do occasionally give the loan without a guarantor. I know this for a fact. Being older, more independent from parents and having good finances/supports will all weigh in your favour.

I posted the BOI form on the other thread yesterday, take a look: https://us.v-cdn.net/6034073/uploads/attachments/272571/301622.pdf

MathsMedMixed

pc11 wrote: »

BOI do occasionally give the loan without a guarantor. I know this for a fact. Being older, more independent from parents and having good finances/supports will all weigh in your favour.

I posted the BOI form on the other thread yesterday, take a look: https://us.v-cdn.net/6034073/uploads/attachments/272571/301622.pdf

I'd imagine it difficult if not impossible that the bank (any bank) would agree to loan half or the fees in parts as and when required such that one borrows what s/he actually needs rather than been made to accept the 60 or so grand and then suffer to pay back in the future. I mean all grad med loans will have more or less the same Ts & Cs so that the banks can get the maximum interest possible.

pc11

MathsMedMixed wrote: »

I'd imagine it difficult if not impossible that the bank (any bank) would agree to loan half or the fees in parts as and when required such that one borrows what s/he actually needs rather than been made to accept the 60 or so grand and then suffer to pay back in the future. I mean all grad med loans will have more or less the same Ts & Cs so that the banks can get the maximum interest possible.

I had to read that first sentence 3 times! :eek:

As I've said before, my memory is that BOI insist on a 100% draw-down in any given year, but you could skip a year if you wanted. The fees go straight to the college, you'll never see the money. You can repay it any time you want however, so you can minimise the interest as much as you like. It's a 10 year repayment schedule in theory, I would expect you can beat that and save interest with any luck.

Obviously as RCSI fees are higher than the loan, you have to pay the difference (approx 2,000 per year as of last year). In UCD/UCC, the BOI loan is the same as the fees.

UB have a more generous policy: the loan is easier to get (no guarantor) and you have longer to repay (14 years) with a 1 year moratorium after graduating (15 years total). You can only get a UB loan if you go to UL.

BOI wants repayments after exactly 48 months (10 years total).

AIB is not an option.

All of the above is based on last year's info. I spent a LOT of time pursuing all the options. It's always possible things will change this year.

You are right to look into this now. I was stunned last year that some people were only talking to the bank in August.

MathsMedMixed

pc11 wrote: »

I had to read that first sentence 3 times! :eek:

As I've said before, my memory is that BOI insist on a 100% draw-down in any given year, but you could skip a year if you wanted. The fees go straight to the college, you'll never see the money. You can repay it any time you want however, so you can minimise the interest as much as you like. It's a 10 year repayment schedule in theory, I would expect you can beat that and save interest with any luck.

Obviously as RCSI fees are higher than the loan, you have to pay the difference (approx 2,000 per year as of last year). In UCD/UCC, the BOI loan is the same as the fees.

UB have a more generous policy: the loan is easier to get (no guarantor) and you have longer to repay (14 years) with a 1 year moratorium after graduating (15 years total). You can only get a UB loan if you go to UL.

BOI wants repayments after exactly 48 months (10 years total).

AIB is not an option.

All of the above is based on last year's info. I spent a LOT of time pursuing all the options. It's always possible things will change this year.

You are right to look into this now. I was stunned last year that some people were only talking to the bank in August.

Yeah the sentence is rather complicated. I have been wasting my time saving with AIB then. Like you said, there might be changes this year. If one skips a year, not drawing at all, will s/he still be liable to the interest that accrue on the sum? I know you don't work in BOI, just want to know your view :cool:

pc11

MathsMedMixed wrote: »

Yeah the sentence is rather complicated. I have been wasting my time saving with AIB then. Like you said, there might be changes this year. If one skips a year, not drawing at all, will s/he still be liable to the interest that accrue on the sum? I know you don't work in BOI, just want to know your view :cool:

Interest will accrue on whatever you have drawn from when you draw it. Obviously the way to minimise it is to draw down as late as possible, eg pay fees yourself in year 1 and only draw down in later years. So, skipping is a bad idea, just borrow as late as possible.

Yes, AIB is not a viable option.

BanzaiBk

etymon wrote: »

No idea how long, how long is a piece of string, yeah ideally adding it to a mortgage would be nice, and anyone in my class RCSI who took the full loan has the same amount to repay. I mean if we went for a mortgage of say 250k and it ended up being 350k we would have to pay back less per month for sure, thank if it were two separate loans.

Did you have any further interactions with the bank on this etymon? My partner and I are hoping to do something similar in the next few months. She's at SHO level now with a large % left to pay back. We were advised to look to look to combine the loan into a mortgage but BOI advised us that they wouldn't do this but I could qualify for a mortgage on my own. Fairly disheartening to be honest, we're trying to look at all the options. We are meeting the bank again on Wednesday.

etymon

BanzaiBk wrote: »

Did you have any further interactions with the bank on this etymon? My partner and I are hoping to do something similar in the next few months. She's at SHO level now with a large % left to pay back. We were advised to look to look to combine the loan into a mortgage but BOI advised us that they wouldn't do this but I could qualify for a mortgage on my own. Fairly disheartening to be honest, we're trying to look at all the options. We are meeting the bank again on Wednesday.

We haven't done much except set up a joint account and start being careful with money etc. we thought after about 6 months of us both earning we would look into applying. We have put our incomes and me paying off my loan into mortgage calculators and it approves us (in theory) as my loan is the only debt we have. But haven't gone near a bank yet,
Did they refuse you outright or just refuse to incorporate the loan? I mean there are people on smaller incomes paying child maintenance and personal loans etc who surely qualify for a mortgage?
Let me know how you get on on Wednesday anyway!

BanzaiBk

etymon wrote: »

We haven't done much except set up a joint account and start being careful with money etc. we thought after about 6 months of us both earning we would look into applying. We have put our incomes and me paying off my loan into mortgage calculators and it approves us (in theory) as my loan is the only debt we have. But haven't gone near a bank yet,
Did they refuse you outright or just refuse to incorporate the loan? I mean there are people on smaller incomes paying child maintenance and personal loans etc who surely qualify for a mortgage?
Let me know how you get on on Wednesday anyway!

Thanks for the reply. We were told on Weds that we would be successful in applying for a mortgage but we could not incorporate the GEM loan into this. Its a bit of a blow to be honest and has my poor OH in awful form since. At the moment we could on paper pay back the two huge sums monthly but we would have pittance left to live on. We're going to have a long think about what to do next. Going abroad for a few years seems like the best bet for my OH but she's reluctant to leave and I'm tied up here for the next 2 years at least. Mind melt!

etymon

BanzaiBk wrote: »

Thanks for the reply. We were told on Weds that we would be successful in applying for a mortgage but we could not incorporate the GEM loan into this. Its a bit of a blow to be honest and has my poor OH in awful form since. At the moment we could on paper pay back the two huge sums monthly but we would have pittance left to live on. We're going to have a long think about what to do next. Going abroad for a few years seems like the best bet for my OH but she's reluctant to leave and I'm tied up here for the next 2 years at least. Mind melt!

Ah that's sh**e. My other half works in quite a 'niche' family business job here so we are also stuck here. We have done our sums and we can afford a mortgage repayment of about 1200 plus 750 loan and we will be ok on the rest but definitely not swimming in it. Luckily we want to live Northside ;-)
ANyway at least you can get the mortgage, and don't forget your lady will be earning a bit more every year and you can head off in a couple of years and maybe do one of those nice Canada rural jobs for 600k and pay it all off! (Yes I did see an ad for that in the Medical Times!)

pharmacrunch

Can you start paying back the loan immediately once its drawn down? For instance if I take out the full loan for fees could I say pay back 100e per week on it or would I have to wait for the four years to run its course before I begin payment?

(total novice to the world of loans)

nerrad01

pharmacrunch wrote: »

Can you start paying back the loan immediately once its drawn down? For instance if I take out the full loan for fees could I say pay back 100e per week on it or would I have to wait for the four years to run its course before I begin payment?

(total novice to the world of loans)

you can start paying back straight away

supraspinaswim

Got a question relating to getting more funding for accomm off of BOI ? Are they willing participants in giving out more funding on top of the fees loan. Im just coming out of my primary degree so saving up hasnt really been an option nor is taking a year out. UL looks attractive since Im an UB customer but would BOI be willing say to give an extra 20k for accomm or is that an outside personal loan ?

Any help would be appreciated, its bad enough waiting on my final results: one more month !

nerrad01

supraspinaswim wrote: »

Got a question relating to getting more funding for accomm off of BOI ? Are they willing participants in giving out more funding on top of the fees loan. Im just coming out of my primary degree so saving up hasnt really been an option nor is taking a year out. UL looks attractive since Im an UB customer but would BOI be willing say to give an extra 20k for accomm or is that an outside personal loan ?

Any help would be appreciated, its bad enough waiting on my final results: one more month !

UB definately wont give anything else except fees loans and as far as i know BOI are the same. The people who got extra loans for accom had to get parents to take out credit union or just standard bank loans etc. at normal interest rates with payments starting immediately

pharmacrunch

Funding is now the only thing standing between me (and id assume many others) and starting in September.

I know the BOI loans are a 10 yr period in theory - would people working actually have a realistic chance of paying this off?

pc11

supraspinaswim wrote: »

Got a question relating to getting more funding for accomm off of BOI ? Are they willing participants in giving out more funding on top of the fees loan. Im just coming out of my primary degree so saving up hasnt really been an option nor is taking a year out. UL looks attractive since Im an UB customer but would BOI be willing say to give an extra 20k for accomm or is that an outside personal loan ?

Any help would be appreciated, its bad enough waiting on my final results: one more month !

I spent a LOT of time with the banks last year and there is NO chance of this under the GEM loans with either BOI or UB, sorry. You could try a credit union but you will need a guarantor and generally you will need to make payments while studying. And you will probably need a history with the credit union.

Why is taking a year out not an option? What's the rush? There are people in their 30s and even 40s doing GEM. Frankly it would do some people the world of good to enter a little later.