Ulster Bank-Student Loan or overdraft??? So confused...

Ainekav

I need a loan pretty quick for a j1, around 1,700 euro. I'm in third year of a four year course and wouldnt be able to pay back til i graduate. I'm with ulster bank, so are my parents.I have a student a/c with them.

I'm looking at their website and as far as I can see, you can either get an overdraft or a travel loan. but the travel loan has to be paid back a year from drawdown. does this mean a year after u get it? i presume so. the overdraft you dont have to pay back til a year after you finish your course. They also can give you up to 2250. the travel loan is 2000. Does anyone have any experience of either? My parents will be gaurantors. Is it wise to get the overdraft or will I be lieft with 1,700 plus really high interest when i graduate?

So confused! Please help. Also I need this loan/overdraft a.s.a.p, how long does it take to get either one? I'll need it within ten days!!! well I have to pay the balance of my j1 within ten days...

I know I left it ridiculously late but due to major confusion and lack of communication with my folks I only found out today that I needed one...

Thanks in advance for any replies

dotsman

If you apply tomorrow, you should get the loan in time (if they approve). The problem is that if it is rejected, it might takes a few days for you to find out, and that would leave you with too little time to go to another bank. You are also right in your understanding that "a year from drawdown" means "a year from when you receive the money".

An overdraft would be easier to apply for, but will likely cost a lot more than a loan.

Is there any way you can borrow from your parents until you graduate?
Is there anyway you can borrow from your parents for the next few weeks and give yourself a bit of breathing space to think about your options.
Is there any way your parents can apply for the loan themselves (ie borrow in there name)? It might cost slightly more than the student loan (but likely cheaper than the overdraft), and they (if financially sound) would be more likely to be approved.

Your best bet is have a think about it, and talk to your parents about it (see what they are comfortable with). Then tomorrow, contact your branch straight away and make an appointment with the Student Officer (some banks/branches, you don't need to make an appointment and can just walk in off the street - best to check it first though)

Ainekav

ok so the overdraft will cost me a fortune. No, I cant borrow money for a holiday off parents until I graduate..I can probably borrow off my parents to pay for the actual j1, yes, until I get the loan sorted. It's a lot though, I have four hundred of my own and It will cost around a grand in total. It is an option though.
I dont know if they would get the loan for me, I suppose they would if I was desperate but I cant see this all being discussed and sorted in time for me to pay...It would be approved, yes.
I'll go into my local in Dublin tomorrow, my student loan is based in the town I'm from though. So i dont know...

The thing is, I wont be able to pay back that student loan a year from now.So thats out really.

I cant borrow off folks, so thats out.

So I can either get the overdraft or borrow off my parents and then get the overdraft or get my parents to get the loan.. But I think I'll have to get the loan myself so I'd say I'll have to get the overdraft...

Is this not an option for me? Or will it just be expensive... How expensive?
What kind of problems will it cause me...

Ps. Thanks so much for your help

BuffyBot

Aine..you only need one thread per topic.

I've merged your question into one place..

Ainekav

sorry about that, forgot to delete the second one.. my bad.