Bank loans for mature (not GEP) medical students

Luluk

Hoping somebody can give me some advice as I'm having trouble getting straight answers from the banks about this and Google isn't returning any useful infomation...

I'm applying to go back to college next year as a mature student to study medicine (don't qualify for GEP unfortunately). I'll need to borrow from a bank to pay for my fees. I've heard that the colleges have agreements in place with the major banks to arrange loans with flexible conditions for students entering as graduates and am wondering if the same facilities will be available to me as a mature undergrad.

Also, as I'm not a home-owner (I'm renting at the moment), I can't offer a house as security for a loan. Since I'll be looking to borrow some serious cash, will this be an obstacle for me?

I'd really appreciate it if someone whose been through the process (or has inside info on the banks!) could let me know what to expect. I'd hate to go through all the stress of the application (hpat, interview etc) and get accepted, only to find I can't raise the cash! Thanks

billy the squid

Have asked a similar question in the student finance board, never got an answer, would be interested to hear if anyone knows.

Jessibelle

I was told I'd qualify for a loan of 90% of fees on production of an acceptance letter, thats with just over a years worth of fees currently saved with the bank and having been a customer with them since the dark ages. That said, that may all change again this year pending the financial climate. As far as I could see there was no specific 'Back to Education' package, and there wasn't one offered, it was more a rather large personal loan.

billy the squid

90 percent of the fees isn't too bad. you could pay the first installment on enrollment and use the 500 materials grant given out with BTEA to go towards the remainder. That is provided you don't have to buy 500 worth of books.

buy a memory stick for 14 in currys and use the on campus computers for projects.

Luluk

That's interesting - with so much money already saved, and having been a long term customer, I would have expected them to be far more generous toward you. 90% of fees isn't exactly a huge loan. Can I ask when they expect you to begin making repayments, i.e. is it straight away or after graduation? And would you have to go back next year to ask for another loan for next year's fees?

I'm also surprised they didn't have a package to offer. I'm thinking that if free fees are abolished in the coming year, there will be a lot of demand for loan packages of this kind. Perhaps we'll see something like this being offered as we hear more from Department of Education. In a way, the abolition of free fees could be advantageous to mature fee-paying students, if it forces the banks to come up with a decent package.

Jessibelle wrote: »

I was told I'd qualify for a loan of 90% of fees on production of an acceptance letter, thats with just over a years worth of fees currently saved with the bank and having been a customer with them since the dark ages. That said, that may all change again this year pending the financial climate. As far as I could see there was no specific 'Back to Education' package, and there wasn't one offered, it was more a rather large personal loan.

Jessibelle

After graduation or 5 years, whichever came first, so a real incentive to get straight into the books. I know though that even in that space of time since me enquiring and now, things have changed siince the same bank is offering back to education loans for engineering students at a postgrad level in DCU. It's possible it's changed for loans of this type too?

Benny Cake

Anybody know which banks offer the best rates on loans such as these??

billy the squid

You might stand a good chance of getting a good deal if your college has a bank branch on campus.