brokeasfeck Registered User
#16

Beariski01 said:
It took 3 days after I sent it through so at least it's not too long of a wait, I'll keep my fingers crossed for you!


Ok fantastic! Thank you! I will keep you updated

drrkpd Registered User
#17

Hi just trying to get my head around the figures for boi UL Graduate Medicine Loan and wonder would someone getting loan could confirm? According to web
http://www.ul.ie/gems/sites/default/files//Tailored%20Financial%20Package%20for%20Students%20of%20the%20Graduate%20Medical%20School.pdf
then UL Graduate loan is maximum 60,000  interest rate 6.3% APR 6.5% though this is subject to change. Interest accrues over 4 years of course but no payments are made so if my calculations are correct you then owe 2013 interest for first 15,000, 1504 for the next 15,000, 1006 for next 15,000 and 517 for last 15,000 so  then .at the end of your course you owe total 5040 interest total amount 65,040.; This is repaid over 11 years maximum so this is 684.73 per month for 11 years, So if you dont repay early you will have need to pay interest of 5040  over the first 4 years plus 25344 interest for the 11 years repayment meaning a total interest bill of Euro 30,384.
Makes you think doesnt it. Assuming you cant stay at home and assuming Limerick is cheaper than Dublin then take a  figure of 10,000 a year to live including rent as a student then the total cost would be 60,000 fees plus 30,384 interest plus 40,000 living which is 130,384. This  assumes world interest rates stay low.If interest rates go up and they will sometime then these figures will increase. Do I have this correct??

Dont forget that consultants salary excluding private practice start at 108478 for full private practice to no private practice 129,956 with income tax and a pension levy to come off those figures and then goes up yearly for 9 years. No wonder the Irish Medical Times  commented on loan defaults and the emigration of these doctors and the  IMO called on the Government to do something about the high cost of the Graduate Medicine Programme in all Universities-
https://www.imt.ie/news/doctors-defaulting-on-graduate-entry-loans-12-04-2016/

julie101 Registered User
#18

drrkpd said:
Hi just trying to get my head around the figures for boi UL Graduate Medicine Loan and wonder would someone getting loan could confirm? According to web
http://www.ul.ie/gems/sites/default/files//Tailored%20Financial%20Package%20for%20Students%20of%20the%20Graduate%20Medical%20School.pdf
then UL Graduate loan is maximum 60,000  interest rate 6.3% APR 6.5% though this is subject to change. Interest accrues over 4 years of course but no payments are made so if my calculations are correct you then owe 2013 interest for first 15,000, 1504 for the next 15,000, 1006 for next 15,000 and 517 for last 15,000 so  then .at the end of your course you owe total 5040 interest total amount 65,040.; This is repaid over 11 years maximum so this is 684.73 per month for 11 years, So if you dont repay early you will have need to pay interest of 5040  over the first 4 years plus 25344 interest for the 11 years repayment meaning a total interest bill of Euro 30,384.
Makes you think doesnt it. Assuming you cant stay at home and assuming Limerick is cheaper than Dublin then take a  figure of 10,000 a year to live including rent as a student then the total cost would be 60,000 fees plus 30,384 interest plus 40,000 living which is 130,384. This  assumes world interest rates stay low.If interest rates go up and they will sometime then these figures will increase. Do I have this correct??

Dont forget that consultants salary excluding private practice start at 108478 for full private practice to no private practice 129,956 with income tax and a pension levy to come off those figures and then goes up yearly for 9 years. No wonder the Irish Medical Times  commented on loan defaults and the emigration of these doctors and the  IMO called on the Government to do something about the high cost of the Graduate Medicine Programme in all Universities-
https://www.imt.ie/news/doctors-defaulting-on-graduate-entry-loans-12-04-2016/


Wow if this is correct the job simply isn't worth it for such a huge financial and time sacrifice. Really unfair for people who are less well off and have no help from parents or spouse.

drrkpd Registered User
#19

Hi I am asking am I correct from the people who are there. I dont kow the figures but I am just working them out from first principles. Wait until we see if I have got it right from people doing the course. If I am correct then yes it is a big commitment financially.

Beariski01 Registered User
#20

Hi, yes this is roughly correct. I will be paying back the 60k over 10 years and it'll cost me about 30k in interest. Living expense for the 4 years will cost roughly 10k per year so once I graduate I will be significant debt and have blown through any savings I have. I also have to try to get some part time work during summers to help supplement my savings to try cover the living expense.

It was a huge decision to go back to do Medicine and not a decision I made lightly....the finance piece is still an ongoing concern to be honest. So far I don't regret it and friends who have already graduated are able to meet the loan repayments without severe hardship so I hope I find the same once I have to start repayments.

drrkpd Registered User
#21

Beariski01 said:
Hi, yes this is roughly correct. I will be paying back the 60k over 10 years and it'll cost me about 30k in interest. Living expense for the 4 years will cost roughly 10k per year so once I graduate I will be significant debt and have blown through any savings I have. I also have to try to get some part time work during summers to help supplement my savings to try cover the living expense.

It was a huge decision to go back to do Medicine and not a decision I made lightly....the finance piece is still an ongoing concern to be honest. So far I don't regret it and friends who have already graduated are able to meet the loan repayments without severe hardship so I hope I find the same once I have to start repayments.

Thanks for the reply. Clearly I was basically correct in the figures. People have to kow what they are letting themselves in for taking out such a loan but the important part of your post is that graduates  that you know are making the repayments without severe hardship despite the repayments being a big percentage of their income. especially as an intern and SHO. The more people have saved and the less you have to borrow would make  it more manageable. The worry I still see is an increase in interest rates which will happen at some point in the future. Hopefully salaries will rise.
There is clearly no competition in these Loans as UB have withdrawn according to other posts. The need for a guarantor means that BOI are concerned about securing their loan position but clearly this is understandable if some have defaulted on their loans.
Potential Graduate medics should read these posts before starting on GAMSAT. They need to be saving as much as possible and if you have to take out such a loan you have to know exactly what this means financially.

la ultima guagua Registered User
#22

To grasp at a straw to ward off total gloom I suppose that by the time you graduate there is a good prospect that that pay scales will have increased from todays

drrkpd Registered User
#23

Yes i do think that pay will increase but so could interest rates dont forget. I hoped for people to have a realistic idea of the figures they have to repay even before they started GAMSAT as from other threads some people seemed not to have considered these at all. I did not wish  to be gloomy. I have loved Medicine but I didn't start with a large fees loan that had to  be paid back and had more years to work to earn money as I wasn't a graduate. But I wouldn't have changed career for anything else.

Celestial12 Registered User
#24

drrkpd said:
Yes i do think that pay will increase but so could interest rates dont forget. I hoped for people to have a realistic idea of the figures they have to repay even before they started GAMSAT as from other threads some people seemed not to have considered these at all. I did not wish  to be gloomy. I have loved Medicine but I didn't start with a large fees loan that had to  be paid back and had more years to work to earn money as I wasn't a graduate. But I wouldn't have changed career for anything else.


What type of doctor are you if you don't mind me asking? GEM is undoubtedly very expensive, but it's even more so for international students. Fees here are still lower than they are in the US.

nerrad01 Registered User
#25

Celestial12 said:
What type of doctor are you if you don't mind me asking? GEM is undoubtedly very expensive, but it's even more so for international students. Fees here are still lower than they are in the US.


yes but in the US they will earn anything from 150k-500k within max 5 years and in some case 2-3 years for family medicine.

In ireland, a consultants salary will be 10 years down the line, and isnt much over 100k. I wouldnt discourage anyone but just know you are trading off paying debt for first 10-15 years of your career for a job in medicine.

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Pierre_Robin Registered User
#26

Beariski01 said:
It was a huge decision to go back to do Medicine and not a decision I made lightly....the finance piece is still an ongoing concern to be honest. So far I don't regret it and friends who have already graduated are able to meet the loan repayments without severe hardship so I hope I find the same once I have to start repayments.


You'll be fine. You'll have less money than your peers, and frankly quite a bit less than you deserve for the work you're doing (unless you're a dermatologist ), but you'll be grand.

You will have essentially a job for life, and are employable throughout the country and the UK. Also, you have a fixed progression provided you meet all your milestones, and can put up with the slog.

Consultant salary is too low at present, hence all the unfilled positions. That said, there are very few other jobs with a near guaranteed progression to €100k job. Also very few jobs where you have such a tremendous impact on your fellow man/woman/child. If all you wanted was cash, you should've done accountancy.

Over the last few years I've noticed that only the negative aspects of the GEM course are spoken about online. Maybe I'm riddled by Stockholm syndrome, but I really enjoy my life. I'd like more cash, certainly, but who doesn't?

You'll be grand.

julie101 Registered User
#27

Pierre_Robin said:
You'll be fine. You'll have less money than your peers, and frankly quite a bit less than you deserve for the work you're doing (unless you're a dermatologist ), but you'll be grand.

You will have essentially a job for life, and are employable throughout the country and the UK. Also, you have a fixed progression provided you meet all your milestones, and can put up with the slog.

Consultant salary is too low at present, hence all the unfilled positions. That said, there are very few other jobs with a near guaranteed progression to €100k job. Also very few jobs where you have such a tremendous impact on your fellow man/woman/child. If all you wanted was cash, you should've done accountancy.

Over the last few years I've noticed that only the negative aspects of the GEM course are spoken about online. Maybe I'm riddled by Stockholm syndrome, but I really enjoy my life. I'd like more cash, certainly, but who doesn't?

You'll be grand.


Good to get another perspective! What you mean about dermatologists? I know it’s a joke but just didn’t understand!

Pierre_Robin Registered User
#28

julie101 said:
Good to get another perspective! What you mean about dermatologists? I know it’s a joke but just didn’t understand!


Just a crack that their job is easy!

1 person has thanked this post
Saimir Registered User
#29

Hello all,
Congratulations to all starting this year. I thought I would add and ask for advice really- I got an offer at UL this year but sadly could not get the loan application sorted due to guarantor issues. Do we know how many scholarships were given out this year and what are the chances? I hope to apply with the same scores next year too.
Best wishes to all

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