Some advice needed - in desperate financial straits.

Anonymous_Bosch

I am in a spot of bother financially and was just wondering if anyone could give some advice (or hopefully reassurance) on the best way for me to go.

I am unemployed and in my late twenties. I just finished my degree and have been accepted to a master's. I was on the BTEA for the duration of last year and am now on under €60 per week as my girlfriend's salary is taken into account (about €30k per annum). I applied for a student loan from AIB but was turned down because I have no income, even though payment was to be deferred until September next year (so I had time to look for a job before making repayments) and my mother had agreed to go guarantor. Basically I have €58 a week to live on until September by which point it gets cut off and I will be living on whatever maintenance grant I get.

So: does the new ruling mean that no matter what my financial situation, as long as I am living close to the college I am only eligible for the adjacent rate of a thousand (or so)? Because without the bank loan and with a thousand euro to last ten months I'm not sure I can pull this off. Can I even be sure to get the €6k of my master's paid for?

Does anyone know? Being rejected for that loan today has screwed up everything for me.

djk1000

Not sure if this helps, but could your girlfriend or mother go for the loan and you can pay them back? Times as they are, banks won't lend on the promise of you getting a job.

Annasopra

Anonymous_Bosch wrote: »

I am in a spot of bother financially and was just wondering if anyone could give some advice (or hopefully reassurance) on the best way for me to go.

I am unemployed and in my late twenties. I just finished my degree and have been accepted to a master's. I was on the BTEA for the duration of last year and am now on under €60 per week as my girlfriend's salary is taken into account (about €30k per annum). I applied for a student loan from AIB but was turned down because I have no income, even though payment was to be deferred until September next year (so I had time to look for a job before making repayments) and my mother had agreed to go guarantor. Basically I have €58 a week to live on until September by which point it gets cut off and I will be living on whatever maintenance grant I get.

So: does the new ruling mean that no matter what my financial situation, as long as I am living close to the college I am only eligible for the adjacent rate of a thousand (or so)? Because without the bank loan and with a thousand euro to last ten months I'm not sure I can pull this off. Can I even be sure to get the €6k of my master's paid for?

Does anyone know? Being rejected for that loan today has screwed up everything for me.

Your grant application will be assessed on your girlfriends income.

Basically the grants are paid in separate ways fee grants and maintenance grants. The top rate for adjacent (near the college) is €1250, non-adjacent is €3250 (there is also a special higher rate but this is probably much harder to get)

The fee grants are generally paid in full but if income is over €51,000 then you don't get it paid

It's worthwhile reading this is full to understand the system

http://www.studentfinance.ie/downloads/Student%20Grant%20Scheme%202011.pdf

Colleges also do have a student assistance fund which can be applied to through each college as well

louloubella

Is it time to re assess what you need right now? It is a hard pill to swallow however maybe this is not the time to do the masters? Is it a masters that will make you money? I mean are you doing a postgrad in medicine or something? If not then re-assess what you need to feel stress-free right now. Making money- however you can will probably bring alot more peace to you.

It may seem like if you do not do it now that you wont ever do it but that is the stress talking.

I felt alot of stress reading your email and I say that with compassion because I have been in your situation and have had to go a different route temporarily because I did not have the means.


I hope everything works out for you-

Anonymous_Bosch

Thanks for the advice all. I'm at the age now where I feel I need to get this master's done. I am emigrating immediately after I finish it and it will help my earning potential where I am going.

As for AIB I closed my account yesterday after 16 years. Considering they're owned by the state their unwillingness to give out a loan that's payable even by someone on the dole is unacceptable to me, if unsurprising.

louloubella

Hey- Well I feel your pain. I am doing a MSc in the UK- the bank I had my wages in for the past four years will not consider me as I am going to the UK ( Bank of Ireland ) and the bank ( Ulster Bank- who I really like) who have my savings will not consider me as my wages do not go into their bank. Fortunetly after six mnths in the UK one can apply for a loan there- repayable after you start working however I have to say I was really shocked at the Irish banks unwillingness to support me ( I only wanted 5000 euros !) .

Such is our country.

Keep us informed of your progress!