Funding for Masters abroad

CantGetNoSleep

I am thinking about going abroad for next year to do a masters, and have budgeted for around €25000/30000

I will save €5000 myself, €10000 will be a loan from my parents, and I hope do borrow a further €10000/15000

Does anyone know what my chances of this would be? What type of security would a bank / credit union look for? Would a personal guarantee from my parents be enough, or would they require further security? Also, would it be possible to suspend repayments for a year?

Penisland

CantGetNoSleep wrote: »

I am thinking about going abroad for next year to do a masters, and have budgeted for around €25000/300000

I will save €5000 myself, €10000 will be a loan from my parents, and I hope do borrow a further €10000/15000

Does anyone know what my chances of this would be? What type of security would a bank / credit union look for? Would a personal guarantee from my parents be enough, or would they require further security? Also, would it be possible to suspend repayments for a year?

Hey,
I am not going away to do mine but I am still getting a loan to pay my fees etc (so prob 10-15k same as you), wish I was going away

For the guarantor, it needs to be someone in full time and employment and you may need to get them to do a statement of assets (house car etc).

For bank of Ireland, you can delay the payments for one year

With AIB, you pay interest only payments for one year (I was told it would be about 78 euro for 12000 loan)

However the rate is higher with bank of Ireland so you will pay more in the long run.

I’d say your best bet would be to see if your parents could pay the 80 per month and just ask them for a 1000 less of a loan from then. Cost you less in the long run!

Hope this helps!

CantGetNoSleep

Thanks for that, dod you try a credit union at all?

Is it 78per month or per year interest? How many years would you be talking about paying it back over?

Penisland

CantGetNoSleep wrote: »

Thanks for that, dod you try a credit union at all?

Is it 78per month or per year interest? How many years would you be talking about paying it back over?

No probs.

Didn’t try the credit union as I personally have pretty much nothing in the credit union. But my parents are so if your parents are (or you) you can get an education loan (6.9%).

The 78 euro is for per month for one year. Use the loan amortization function in excel to calculate repayments (all you change is the amount rate and number of years you want to pay it over)

RingTheAlarm!

Hi,

I just saw this as I was about to post something similar. I am thinking of applying for a masters for this year or 2015 and I am trying to get organised now to know my options. How did you get on OP?

I have about €5000 saved myself at the moment in the credit union (and I should have a bit more saved over the next few months) and I would need a loan for about €20,000 - €25,000 for the masters I want to do. I don't think my parents are realistically in a position to help me out majorly at the moment.

Does AIB still do interest payments for a year? The options I'm looking at are the credit union, AIB (where my account is) or through the academic institution. If you don't want to disclose anything online please PM me!

RingTheAlarm!