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BOI Loan Scheme

jemmyboy · 2012-08-07 11:07:24

Just seen this earlier this morning -> http://www.universitytimes.ie/?p=11558. Just wondering what peoples taughts and feeling are on it and wether it will work out or not??? My own feeling is that it will be very hard to actually qualify for the loan to begin with, meaning only people that originally would be able to…

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07-08-2012 12:07pm

#1

jemmyboy

Registered Users Posts: 134 ✭✭

Join Date: September 2011

Posts: 108

Just seen this earlier this morning -> http://www.universitytimes.ie/?p=11558.

Just wondering what peoples taughts and feeling are on it and wether it will work out or not??? My own feeling is that it will be very hard to actually qualify for the loan to begin with, meaning only people that originally would be able to afford the fees will be awarded a loan.

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#2 09-08-2012 2:56pm
Uriel.

Registered Users Posts: 8,061 ✭✭✭

Join Date: February 2010

Posts: 7981

An interest rate of 10.8% seems steep to me (variable). That's only a couple of percentage points under my credit card rate.

€8k masters over two years on interest only would be €432 interest in year 1 and €864 in year 2. Then into paying off the principal plus interest for the remainder of the loan. Surely there are better finance deals around.

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