Post graduate fees loan

lonb

Hi there, is the post grad fees loan available to a student who is not working? If not, could the parent of a post grad 'guarantee' the loan? Thanks in advance.

Bank of Ireland: Pat

Hi lonb,

Thanks for getting in touch. As one of the requirements for the Postgraduate Finance Loan is that the applicant be a full-time postgraduate student, being employed is not a requirement. In some cases a guarantee may be required. You can find more information about the loan here. Or, alternatively, you can get in contact with the Loan Advisor in your local branch.

Thanks
Pat

lonb

Thanks Pat, I greatly appreciate your speedy reply.

brianc89

Hi Pat,

I've just finished my undergraduate degree and starting a masters soon.

I've looked into the new loan scheme with Bank of Ireland. I have also looked into a loan with AIB. With AIB I can borrow €5000 and repay over 2years. The total cost of credit will be ~€500. The cost of credit with BoI is ~€1500 for the same €5000 loan.

With BoI it is an interest only loan for the first 15 months, so obviously it is much more student friendly than AIB in this sense.

However, paying back 3 times more credit than AIB seems like a huge amount of money for the priviledge of an interest only loan.

Can you please clarify why the BoI loan is so expensive?

Thanks in advance,
Brian.

Bank of Ireland: Graham

Hi brianc89,

The Postgraduate Finance Loan from us is available at a rate of 10.8% APR for the duration of the loan, and is interest only for the period of study plus three months, at which point repayments of capital and interest apply. These rates are significantly below standard BOI unsecured personal loan rates (which are 14.8% APR for a loan less than €5k).

The cost of credit is calculated based on a number of factors, including the length of the term of the overall loan and any periods of interest only. Periods of interest only and longer term loans will result in a higher cost of credit.

We also offer postgraduate loans for shorter terms, with full capital and interest repayments from the start of the loan period. For example, a €5k loan, over a period of 2 years, with capital and interest repayments, will attract a cost of credit of approximately €555, on a rate of 10.8% APR.

In the example you have outlined above, where the cost of credit is about €1500, the loan has 15 months interest only and a subsequent three years of capital and interest. This is an overall term of 51 months, and significantly longer than 24 months.

The rates above are correct as at September 1st 2012. I hope this helps to clear things up. If you have any other questions, please don't hesitate to ask.

Thanks,
Graham

brianc89

Hi Graham,

Thank you for the speedy response. I guess I'm underestimating the value of having interest only payments for 15months. All this real world stuff is new to me and hard to adjust to!!

I decided to go with you guys for the loan and applied for it today. They were extremely helpful in the bank and everything was sorted hassle free.

Thanks again for the help.

Brian

Bank of Ireland: Graham

You're welcome Brian,

Thanks for your feedback. Great to hear your application went smoothly. If there's anything else we can help you with, please feel free to ask.

Thanks,
Graham

Funmi

Hi Graham,
If you say i dont have to be empolyed to apply for postgraduate loan why then was i told that i need to be empolyed to apply for this type of loan. If attending full time postgraduate is the requirement why then was i told that i need to be employed, this has been troublin me pls because i need to start my postgraduate course this month.

What do i need to tell them in my branch for them to know that being empolyed is not a requirement, moreover i have my brother who can stand as my guarantor. Please, if you know anyone i can talk to in swords mainstreet branch pls do let me knw. And i wait for your quick response. Thanks so much.

Bank of Ireland: Billy

Hi Funmi,

Thank you for contacting us.

When applying for a standard loan, one of the eligibility criteria is full time employment.
You do not need to be in full time employment to apply for the Postgraduate Loan.

I would advise calling Bank of Ireland Swords on 01 8905200 and speaking with the Customer Services Manager.

Thanks

Billy

buy2010

Hi BOI,

1) I've applied for Postgraduate Finance Loan at Trinity Branch, BOI, College Green last week but haven't heard anything since then. Is there any way to speed up the application process? Because I'll be away for a week starting next Thursday (4 Oct) attending research conference abroad. The deadline for paying my fees is next Friday, 5 Oct (I'm applying to finance my college fee). So I really need to know the result of this application before going away for the conference.

2) I've also read the info regarding this loan at your website. It states that "We apply lending criteria when you apply for a loan with Bank of Ireland and we decide to approve applications for loans based on them." Could you please explain more on the lending criteria? What criteria are you applying?

3) I'm a non-EU student and have savings in bank in my home country. Would BOI consider any savings/incomes outside Ireland in evaluating the loan application? I've asked AIB regarding their student loan, they mentioned that they would only consider savings/incomes in Ireland for applying their loan.

4) After comparing between the loans offered at BOI, AIB and Ulster, I think my best chance is with the BOI because the Postgraduate Finance Loan could finance 100% of my fees. At AIB and Ulster, the amount allowed is up to 2000 euro per year only and the requirements are very strict. My fee is around 6,200 euro (non-EU rates). Do BOI give out this amount of loan? Is there a way that I could strengthen my application? I really need to get this loan from BOI because I have no other option.

Hope to hear from you soon. Thanks.

Bank of Ireland: Pat

Hi buy2010,

Thanks for getting in touch. You will need to check with the Trinity Branch for an update on your application.

Unfortunately we cannot discuss our lending criteria, however, each application is assessed on a case by case basis, based on the information you have supplied us with.

In relation to your qery about incomes/savings held outside of Ireland, again each application is assessed on a case by case basis, so please provide all financial details.

It is possible to apply for the total cost of your tuitition fees. Please see this quote form the Post Graduate Finance Loan page of our website

The Postgraduate Finance Loan for fees This is available to all postgraduate students, for the total amount of Postgraduate tuition fees, less any grant received towards those fees. This loan will be paid directly to the College or Institute.

Thanks
Pat

donqui

Hey Guys,

I'm looking into going into a course that's in the region of 9000. The university allows you to pay it in segments, half now, and half in January. My Parents are willing to cover half themselves, and I was wondering if it is possible, under the scheme, to get a loan for that second segment later on in the year, or do you neccesarily have to get a loan for the full amount?

Thanks in advance,

Don Qui

Bank of Ireland: Billy

Hi donqui,

Thanks for the post.

If you are a Bank of Ireland customer, I would advise calling your branch and speaking with a Student Advisor.
A list of branch contact details can be found here

If you are not currently a Bank of Ireland customer, you can call any branch and speak with a Student Advisor.

We have a dedicated Student Website which might also help here

I hope this helps.

Thanks

Billy