Mature Medicine Loan Facilities

footie10

Hey,

Depending on LC results, due to start Medicine as a mature/points entry student from this September and beginning to look into financing of same(properly) for the duration ie. 5 years.

Anyone any suggestions/experiences/ideas/etc etc with this be very appreciated.

Also anyone know can we apply for the GEM Loan Facilities also?

Cheers

Joeyjoejoe83

footie10 wrote: »

Hey,

Depending on LC results, due to start Medicine as a mature/points entry student from this September and beginning to look into financing of same(properly) for the duration ie. 5 years.

Anyone any suggestions/experiences/ideas/etc etc with this be very appreciated.

Also anyone know can we apply for the GEM Loan Facilities also?

Cheers

Saw this thread a while ago, its a good place to start. The loans are a disgrace, some of Tue repayments are shocking!

markheneghan

Hello,

I got the phonecall 2 weeks ago too. I still don't believe it, as I have nothing on paper yet. Hopefully that'll arrive this week and we can all relax and trust in our sanity again. I must have checked my call history a thousand times since!

I called AIB Westmoreland street last week. The girl I was talking to said that they cannot confirm the granting of loans, as they haven't received their budget for the rest of the year yet. So I'm on a list of people she's going to call back later this month. She said to contact your local branch about loans, which I have to do this week, but it'll be hard to explain the type loan I need to them, if they haven't given similar before and especially in this economic climate. So I fear being laughed out the door in my Galway branch!

She also said that they hadn't given MEP fee loans before, just GEP, but that it should be no problem as it's with the RCSI and they can figure something out.

Also, if a few of us approach the bank looking for the same thing, they may be more liable to grant the loans. Power in numbers and all that lark...

Let me know if you guys have any success.

Mark.

Joeyjoejoe83

markheneghan wrote: »

Hello,

I got the phonecall 2 weeks ago too. I still don't believe it, as I have nothing on paper yet. Hopefully that'll arrive this week and we can all relax and trust in our sanity again. I must have checked my call history a thousand times since!

Where is the bloody letter!! Apparently though the longer we're waiting the better, they want payment pretty soon after you receive it!!

footie10

Hey,

Yeah well regards letters from RCSI i would imagine it is post leaving cert results/CAO offers as people still waiting on science subject results etc.

Heading into AIB Westmoreland Street tomorrow for a chat to see what facilities are on offer, cost, repayment terms etc. Will let ye know what they say. Called in last August/September and the girl was speaking to was very positive, whether that is the same this year remains to be seen.

Any of ye know what branch of BOI deals with similar facilities?

Luck

ady

Hey,

I've nothing to add to the finance info request I'm afraid, but I am very relieved to hear that none of you have received paper work from them yet. It's taking forever! I was starting to get worried.

anastacia86

Could be worse guys. I haven't heard anything back (no phone call) and therefore assuming I haven't got a place. I hope the letters do arrive this week though, put me out of my misery finally!

footie10

Ulster Bank:

Called into branch on Grafton Street today, girl was talking to was unfamiliar with the facilities i was enquiring about (GEM loan) but she rang down to Ulster Bank branch on campus in UL who deal with the GEM programme down there. They told her that they only deal with UL. Will be calling the branch myself in UL tomorrow to double check anyway. Believe UCD's GEM prog. have contacts with the ulster bank branch in Donnybrook so will be calling them in morning to see what they have to say also.

BOI:

Called into branch on dame street and they directed me to the trinity branch. they were unaware of any such facilities but have seen from websites that they have offered a facility for the GEM prog. in UCC and as far as am aware have one for UCD aswell so calling the Montrose branch on this tomorrow.

AIB, Westmoreland St.:

By far the most helpful as they actually knew what i was asking about..a good start! Again as mentioned above they did not have their budget in yet so not able to give definites but was able to get ballpark figures on costs, interest, repayments(interest rolled up for five years/interest only first five years/interest&capital for full term from beginning etc..) which a help to start my planning. And yes seemed fairly positive about providing a facility to MEP as opposed to GEM prog. but again be case by case basis.

Don't know if the above rambling is of any help to anyone else but how bad!

footie10

AIB Westmoreland St. alot less positive this week on the granting of a similar facility to the GEM to matures....

Joeyjoejoe83

footie10 wrote: »

AIB Westmoreland St. alot less positive this week on the granting of a similar facility to the GEM to matures....

What did they say?

footie10

Well last week was like ''yeah should definitely be able to work something out as its with RCSI and similar amounts just waiting on budget to come in...etc etc''. It was a very positive conversation!

This week was very wishy washy..''will have to talk to my manager and get back to you as not sure about MEP as opposed to GEM now, do not think same facility be available to matures...contact your own branch for loans!''.

So definitely a completely different hymn sheet! More WORK involved than had hoped for after chatting to them last week when seemed straightforward, but always knew that would be the case.

anastacia86

I got a similar response from them yesterday. Left all of my details anyway so hoping for a call by the end of the week with more information.

Wisco

Anyone have any updates? I'm doing grad vet and BOI told me they won't offer me same facilities as GEM. Am waiting to get hold of AIB but if anyone has updates I'd love to hear it- have a feeling I'm probably in same boat as you mature medicine people. Now starting to get worried I won't get money from anyone...and that would mean no vet school for me

footie10

There is money there, branches not laughing at my questions..yet anyway Wisco.

AIB apparently not offering GEM loan facility to Matures however

Annasopra

footie10 wrote: »

There is money there, branches not laughing at my questions..yet anyway Wisco.

AIB apparently not offering GEM loan facility to Matures however

What? - I have no idea what gem loans are but surely a bank cannot refuse on the grounds of age under equality laws

Jessibelle

Unfortunately age has little to do with it, GEM loans are Graduate Entry Loans, a lot of banks offer special loans for Graduate entry into Medicine students cause the fees are so high, Mature Students are students over 23, who are going in as an undergraduate, and who may be liable for fees because they've already completed a degree under the free fees scheme. The banks are not usually so receptive to giving loans there for some reason

anastacia86

Anyone had any luck? My own bank, AIB, are reviewing my application. Ulster Bank and Bank of Ireland dont seem to know anything about it though and havent been able to give a specific contact.

Ga_Ga_Fan

Just wondering does anyone have any updates about getting a loan for mature entry to medicine? I have an offer from RCSI, however I am told that AIB do not offer the GEP loan facility to mature students; while Ulster Bank pretty much laughed me out of the place and BOI told me that they only loan for TCD, NUIG and UCC....anybody have any luck getting a loan for RCSI? Even if I get a school leaver place it's going to cost the guts of 60K and can't seem to get a loan anywhere....all suggestions greatly appreciated. Thanks

anastacia86

Ga_Ga_Fan wrote: »

Just wondering does anyone have any updates about getting a loan for mature entry to medicine? I have an offer from RCSI, however I am told that AIB do not offer the GEP loan facility to mature students; while Ulster Bank pretty much laughed me out of the place and BOI told me that they only loan for TCD, NUIG and UCC....anybody have any luck getting a loan for RCSI? Even if I get a school leaver place it's going to cost the guts of 60K and can't seem to get a loan anywhere....all suggestions greatly appreciated. Thanks

Welcome to the thread and congrats on your offer! As you can see from the post above I haven't had much luck getting an answer from BOI and Ulster Bank yet myself. AIB were very positive about a loan, but still waiting for final answer. It won't be exactly the same as what they offer graduate entries but hopefull that they'll figure something out.

joshua20

Hi guys,
I just wanted to ask... if u are on the 5year program, and are an international applicant, can you pay the tuition for the first year and then do the AIB 4year loan plan (usually for GEM) for the last four years?:o
actually can international students apply for the AIB loan deal?:rolleyes:

Ga_Ga_Fan

Hi Anastacia, thanks for your reply. I see that you are already a customer with AIB, maybe that's why they're willing to help you out? Just my luck that I'm with BOI and Ulster Bank.... :-( Would you say to go into AIB in town and try to sweet talk them maybe?!

anastacia86

Ga_Ga_Fan I would definitely try it if I was you, can't hurt to ask.

Joshua, to be honest I haven't a clue if they have financing available for international students. Again, can't hurt to contact them and ask. Good luck!

Wisco

joshua20 wrote: »

Hi guys,
actually can international students apply for the AIB loan deal?:rolleyes:

Have you looked at loans in your home country? For example, I know US citizens can get US government loans for many schools outside the US.

ady

anastacia86 wrote: »

Welcome to the thread and congrats on your offer! As you can see from the post above I haven't had much luck getting an answer from BOI and Ulster Bank yet myself. AIB were very positive about a loan, but still waiting for final answer. It won't be exactly the same as what they offer graduate entries but hopefull that they'll figure something out.

Were you guys not asked in the interview how you were going to fund it? I'm surprised RCSI doesn't have an agreement with a bank.. have you asked them?

Ga_Ga_Fan

Hi Ady, oh yes believe me I was questioned as to how I would fund my studies. Didn't realise every single bank was going to stone-wall me though :-( Would love to know how all the other mature students are planning on funding it....

ady

Ga_Ga_Fan wrote: »

Hi Ady, oh yes believe me I was questioned as to how I would fund my studies. Didn't realise every single bank was going to stone-wall me though :-( Would love to know how all the other mature students are planning on funding it....

It does seem a bit mad.. I honestly presumed this would be a standard request and the college would have an agreement in place with a bank.. I've definitely heard of people funding it with loans in the past... although I suppose its harder than ever now to get a loan whatever its for.. I really don't understand why they are distinguishing between the GEM and MEM.. It sounds like most people are looking for loans to fund it.. hopefully AIB will relent..

hollingr

I had a feeling alot of people were going to have trouble with the banks this year. However, Medicine is as solid a career as you can have these days and I can't imagine there is much chance of default on a loan of this type. Hope logic and reason wins out for you guys.

I'm a bit surprised the interviewers didn't focus a bit more on how people would be funding the course - which at the end of the day is make or break. The only finance question they asked me was "do I know how much it costs per year".

Have you guys talked to students from the last 1-2 years and which banks granted them loans? Might even get a name or two of the bankers that granted the loan for people in the past few years would be very useful.


As for GEM/MEM - heres the main difference:

"RCSI has negotiated a 4th Level Loan Package, with AIB, for all students on the RCSI Medicine Graduate Entry Programme. The loan offers competitive interest rates for amounts up to €100,000 over a 4 year term. For more information drop into AIB Westmoreland Street or call 01-6799222 (Monday to Friday 10am-4pm)"

Obviously they have no such facility agreed for MEM.

anastacia86

Does anyone have details of what the banks are offering for GEM? Been searching but can't track down the details. I know they're saying they can't give us the same package but would like to know for reference. Thanks!

hollingr

guess you didnt read my post (above yours)!

Ga_Ga_Fan

Anastacia, you may find this link helpful r.e. GEP loans

http://www.boards.ie/vbulletin/showthread.php?t=2055772034&page=3

See the link posted onpage 3 by "mystery1"

anastacia86

hollingr wrote: »

guess you didnt read my post (above yours)!

I did read it, thanks. When I went into AIB Westmoreland Street though I was told ''There's not much point in us giving you details of the interest rate/terms and conditions since we can't offer you the facility anyway''.

Thanks a million Ga Ga Fan!

Amity

Just went into BOI where I have my account. I enquired about loan facilities for mature medicine and was told that there is one available for years 3,4,5 (max 30,000 over 3 years but that it is difficult to get approved for that amount, usually much smaller). However, GEMs get 100,000 which includes fees etc. Very unfair.

Ga_Ga_Fan

Amity, are you currently trying to get a loan for mature med? I have an offer of mature med but cannot get a loan anywhere (even though I am already a qualified allied health professional in permanent employment). Looks like I'm going to lose my place now. I even offered AIB if I paid my first year fees myself could I get access to the GEM loan for the remaining4 years and they said no way. It's absolutely heart-breaking I'll lose the place ;-(

Allie79

Ga Ga - will they let you defer? Give you more time to sort something out? It just sucks that it seems to be such a major problem getting a loan, surely there are more and more people in this position every year? I know things are tough with the banks but it's an awful lot of money to have to come up with on your own.

Ga_Ga_Fan

Well the letter offering me the place states that the offer is for 2011 only and cannot be deferred under any circumstances...I'm going to talk to them tomorrow though but it's not looking good. Are you starting this Sept yourself? It's shocking how sticky the banks are being r.e. loans!

Jessibelle

BOI and UB have told me they won't fund first year but will loan for 2nd year onwards, it's to stop people drawing down big loans and then dropping out, so maybe approach them? They might be able to do something if you have evidence of savings, even if it is with another bank? I'm lucky to be ok for fees for the next two years at least, barring any serious jumps up, but things are still going to be tight to say the least.

Allie79

I'm starting Sept at Trinity, I have the fees for first year and will sort something out after that. Will be in a different position re: loans though as my husband is working so we can apply together/ he can get a personal loan. By the sounds of it a lot rides on the staff at the particular branches, I hope it works out. It would be devastating to pass it up, it's so hard to get an offer in the first place.

hollingr

definitely shop around.. I guess they are going to be very tight on loans and look at individual credit ratings and financial circumstances. The same bank might not give a loan for the same reason to two different people. Is anyone you know in a position to be a guaranteur for you?

surely if they accepted you this year they would accept you again next year given the circumstances. would be a real shame to loose a year though..

ady

I'm so sorry to hear that Ga Ga Fan. Best of luck talking to the college tomorrow. I hope they understand... I'm pretty disgusted the bank are being so harsh... I haven't heard of anyone getting a loan from them yet for MEM. I'm in a different position as my family are going to help me out so haven't approached them myself.... I wonder if you went back to the bank with 1 year under your belt would they look at it more favourably..

footie10

Ga_Ga_Fan wrote: »

Well the letter offering me the place states that the offer is for 2011 only and cannot be deferred under any circumstances...I'm going to talk to them tomorrow though but it's not looking good. Are you starting this Sept yourself? It's shocking how sticky the banks are being r.e. loans!

How you get on talking to RCSI?

Try the credit union. They are/have introduced a student rate so might be funds available there.

Ga_Ga_Fan

Thanks for the advice everyone. I'm still waiting to hear back from the college....not holding out much hope though. It would be ideal if I could defer it, work for the year and save some money then get a loan next year. Guess I'll know my fate soon enough!

Feu

myself and another mature had to pay fees for our four year course, we used savings the first 2 years, then she got credit union i think for 3rd year, and we both got bank loan for 4th year. Think they're fairly reasonable once you've paid a year or 2 yourself. Especially for meds, i would have thought.

If you can get a guarantor it obviously makes things easier again, all the guarantor has to do is sign a few forms

i do agree tho that it is best to have as much savings as possible, as it just means less stress. the last thing you want is to be worrying excessively about money. good luck with it folks