Grad Med Loans

del85

Hi all,


I scored a 60 in the UK GAMSAT last September which I'm hoping will be enough to get me into Grad Medicine in Limerick.

If I do get a place, it will mean drawing a loan of 100 grand to cover the cost of tuition and expenses for the duration- a scary thought, but I'm intent on doing medicine so I'll borrow what I have to.

In that vein, I would really appreciate some advice from anyone who has been down this route already, specifically with regard to the flexibility shown by lenders. Is the ten year repayment period set in stone, or is there scope for extending it? Bank of Ireland expect 84 monthly repayments of 1,700 quid, which on an Intern/SHO salary would be exceedingly difficult. In other people's experience, are the banks willing to take this into account by agreeing to lower monthly repayments upon completion of training? Thanks to EWTD, overtime is being decimated, so surely they must make some allowances for this?

The financial stuff will not stop me from pursuing medicine, but any advice would be extremely helpful!

Cheers,

Del.

common sense brigade

That is scandalous. No wonder it is so expensive to go and see a doctor, if your all paying 100k college fees. im shocked. well done on pursuing such a respected and difficult career.

del85

Thanks very much. The total cost is a bit steep IMO, but worth it in the long run.

vrfcno7

Started Grad Med this year. Great so far. Researched all the banks pre-entry and AIB had by far the best deal. Lowest interest rate (approx 3.2%apr). You don't have to draw down all at once so you save money, as interest only accrues on the money you have drawn down. Allows up to 25k per year. And, most importantly (in my humble opinion), you don't need a guarantor.

You won't find any official AIB literature on the loan online. Instead, contact the local aib branches that deal with the loan for each college; their managers will be well versed in the details (though be wary, some may not have a clue, as this is a very specific loan, only available to people doing this specific course, and ergo only really available through specific people in specific branches).

For UL, contact the castletroy branch. UCC ring the college road branch. Westmoreland street branche for RCSI (I think). The UCD campus branch for UCD.

Hope this helps.

vrfcno7

Also, on completion of the 4 years, they'll tailor a repayment schedule to your circumstances over 10 years. I can't remember the details, however, I imagine they will be flexible, as the loan is unsecured, so they have no option but to work with you.

GradMed

The AIB loan is only unsecured for the 1st year. At the start of second year my classmates and I had to get life insurance to cover the loan. Don't go in house with AIB for insurance, you can get better deals elsewhere; eg though 123.ie

vrfcno7

Life insurance has nothing to do with whether the loan is secured or not. Life insurance does not secure the loan. Security for a loan is either in the form of assets which you mortgage or lay an equitable charge against, or a guarantee from a third party (i.e. an undertaking to cover your debts should you default).

In other words, you need neither assets nor a third party guarantee for the loan.

That doesn't mean you forgo your debt. The debt will always be there until you pay it off, or default and end up bankrupt. If you die, the debt remains upon your estate.

Life insurance is a third party contractual agreement whereby upon payment of a premium, in the event of death (as contracted for), an agreed sum of money will be paid to your estate. Therefore, your heirs will get that money, after all the debts of your estate have been discharged. In practicality, this will mean that your aib debt and any other debts would be paid out of your life insurance payout, with the remainder (if any) going to your heirs/beneficiaries. If the cost didn't cover your loan and other debts, that would be aib's loss. Furthermore, if you failed, or did not get a job, or did not earn enough and defaulted, the bank would get nothing except the menial possessions you as a student may already have (eg car, laptop, tv).

In short, the aib loan is completely unsecured.

GradMed

thanks for correcting me

del85

vrfcno7 wrote: »

Started Grad Med this year. Great so far. Researched all the banks pre-entry and AIB had by far the best deal. Lowest interest rate (approx 3.2%apr). You don't have to draw down all at once so you save money, as interest only accrues on the money you have drawn down. Allows up to 25k per year. And, most importantly (in my humble opinion), you don't need a guarantor.

You won't find any official AIB literature on the loan online. Instead, contact the local aib branches that deal with the loan for each college; their managers will be well versed in the details (though be wary, some may not have a clue, as this is a very specific loan, only available to people doing this specific course, and ergo only really available through specific people in specific branches).

For UL, contact the castletroy branch. UCC ring the college road branch. Westmoreland street branche for RCSI (I think). The UCD campus branch for UCD.

Hope this helps.

Thanks for the detailed reply! My local AIB didn't seem to have a clue what I was talking about when I inquired about grad med loans; I'll give the Castleroy branch a bell.

Thanks again.

spagboll

You have to go to the College branch to talk about the med package (also applies to UEM)

AIB are the best for it by far

etymon

vrfcno7 wrote: »

if you failed, or did not get a job, or did not earn enough and defaulted, the bank would get nothing except the menial possessions you as a student may already have (eg car, laptop, tv).

what if you decided, oh, I don't like medicine and think I'll go on the dole...

hurdygurdy85

Then im guessing you'd have a pretty good time with 100k in your pocket + a phenomenal €180 per week.....

dubcitycentre

I think you are absolutely crazy to spend this money on a career that is becoming increasingly difficult and less profitable in this country. Why dont you consider moving up north to Queens. Thats what I did and my fees are only £3290 per year. Granted, there are plans to increase fees but im not sure when that will come in. You might already be too late but when they do increase them, it will be somewhere between 6,000 and 8000 ppounds i reckon, which is still cheaper than down south. On top of this, the course in Queens is 5 years so u would be able to work part time to support yourself, reducing your debt. Im not sure this is possible on the 4 yr courses as i hear the workload is hefty. Plus, the cost of living is cheaper up norht, although im sure Limerick isnt as expensive as Dublin. I know you have your heart set on it, as i did but i cannot lie, i have been having doubts if i made the right decision. The road ahead is long, really long and difficult. And i dont mean academically difficult, its just a difficult life to lead sustaining relationships and a work/life balance and to do all that while you are broke...and u will be because of those loans you have to repay. Having said that, u prob wont have a problem getting ajob because a few doctors i know down here are leaving the country as conditions worsen, and the number of people leaving will rise over the next few years. Think about this carefully, really carefully and good luck with it all.

del85

TBH, I've been so focused on getting into the Grad Med courses that I never even considered Belfast.

Financially, if you take into account that Queens is a five year course whereas Limerick is only four, then I think the costs involved would be broadly similar- especially now that they're jacking up college fees in the UK

Also, the loans offered by AIB et al are specifically geared towards Grad Med students; I don't know if the banks would be willing to let me hightail it over the border for five years with a shedload of their (unsecured) money.

Paying it back won't be fun. My plan is to maybe work as a locum for a year or so and service the loan with every penny I make during that time. I'll still owe loads, but hopefully the monthly payments would be more manageable after doing that. I do take your point though, and I'm under no illusions about what a long, stressful road it would be.