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Student Loan Advice?

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  • 24-09-2008 6:13pm
    #1
    Colli_Flower86
    Registered Users Posts: 63 ✭✭


    Hi guys,

    I was just wondering if anyone had any advice to offer on taking out a student loan? A mate of mine has failed third year and has chosen to repeat, but it's a f*load of money. He's not getting any grants, etc. and his folks aren't exactly supportive financially. Any advice on financing would be greatly appreciated!

    Thanks,

    Colli.:D
    Tagged:


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    #2
    Morbert
    Registered Users Posts: 3,457 ✭✭✭Morbert


    I looked into NIB's student loan scheme a while ago. They will drip feed you a loan (up to a max of 300 a week I think) with an interest rate of 5%. The only trouble is, once you leave college, the interest goes up to 8% or 9%. Either way, He should head into the local branches of various banks and credit unions and ask about loans, or even make an appointment to discuss his options.

    Either that or start practicing.

    bowArrow.jpg


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    #3
    Colli_Flower86
    Registered Users Posts: 63 ✭✭Colli_Flower86


    Morbert wrote: »
    Either that or start practicing.
    - Ha ha ha!

    Thanks but I think nib's loan is for 6 years...right?


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    #4
    Morbert
    Registered Users Posts: 3,457 ✭✭✭Morbert


    Colli_Flower86 wrote: »
    - Ha ha ha!

    Thanks but I think nib's loan is for 6 years...right?

    To be honest I can't remember. I know you're covered for as long as you're in college, but I can't remember how they worked the repayments afterwards.

    http://www.nationalirishbank.ie/students

    Here's the website anyway.


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    #5
    Tricity Bendix
    Closed Accounts Posts: 2,510 ✭✭✭Tricity Bendix


    Shop around. Thats the only advice you need. I didn't and now I'm being ass-raped by some very ugly interest rates.


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    #6
    Crania
    Registered Users Posts: 605 ✭✭✭Crania


    The Credit Union is always good for a loan. Low interest rates and a long period to re-pay the loan.

    It's basically the only advantage of having an account there, along with the fact that I can't actualyl withdraw money from there unless I physically go in there and queue up, which I'm never bothered to do. That's why I have more savings in there than in the BOI, which makes things way to easy with their ATM machines and Laser cards!


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    #7
    Colli_Flower86
    Registered Users Posts: 63 ✭✭Colli_Flower86


    b.ie curious wrote: »
    now I'm being ass-raped by some very ugly interest rates.

    Any chance you'd say where and how much the interest is?

    Crania wrote: »
    The Credit Union is always good for a loan. Low interest rates and a long period to re-pay the loan.

    Do you know if you have to have an account there for a certain amount of time before they'll give you a loan?


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    #8
    Tricity Bendix
    Closed Accounts Posts: 2,510 ✭✭✭Tricity Bendix


    Colli_Flower86 wrote: »
    Any chance you'd say where and how much the interest is?
    The actual figure has about seven decimals in it, but its somewhere in the region of 10-11%

    I'm with AIB, btw.


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    #9
    Cokehead Mother
    Closed Accounts Posts: 773 ✭✭✭Cokehead Mother


    Colli_Flower86 wrote: »
    Do you know if you have to have an account there for a certain amount of time before they'll give you a loan?

    I hadn't used my CU account in years and it had been closed. I re-opened it on a Thursday and was given a loan the following Tuesday.

    I dunno if the same would be true if I was opening a brand new account but tbh they're basically nice people and I don't think they'll care. I guess you should just call into your local branch and ask.


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    #10
    Squigs
    Closed Accounts Posts: 4 ✭Squigs


    heya,

    My experience anyway was you have to be a member for a minimum of 6 months, this may have changed now. After 6 months you can borrow as much as you have put away. The next time you can borrow twice that and so on and so forth. Go in and have a chat with them they may be able to do something for you, I know someone who wasn't a member but was able to put a lump sum up as insurance for the loan, they're incredibly flexible with repayments.


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    #11
    MasterSun
    Registered Users Posts: 211 ✭✭MasterSun


    1. talk to his/ her tutor. tutors can negotiate with the college treasurer to reduce the tuition fees.

    2.get a part-time job

    3.get a loan

    4. for short term crisis
    The student union has a emergency loan scheme, the max u can borrow is 100eur and u have to return it by next month.


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