Experience of Getting a Graduate Loan in Recent Months?

Byron85

Just wondering if anyone has any experience of getting a graduate loan in recent months off any of the banks? Specifically, how easy or difficult was it?

I ask because i've been offered a place on a Master's in UCD and the government have cut all grants for graduate students, as i'm sure you know. Obviously, I will get a job if I can find one but i'll still need money for accommodation and some of my fees.

What makes it somewhat more complicated is that my family, i.e., my mother and sister, are expecting a substantial compensation payout by November or December at the latest. Do you think any of the banks would be likely to give me in the region of €10,000 in order to get set up etc?

chris85

Byron85 wrote: »

Just wondering if anyone has any experience of getting a graduate loan in recent months off any of the banks? Specifically, how easy or difficult was it?

I ask because i've been offered a place on a Master's in UCD and the government have cut all grants for graduate students, as i'm sure you know. Obviously, I will get a job if I can find one but i'll still need money for accommodation and some of my fees.

What makes it somewhat more complicated is that my family, i.e., my mother and sister, are expecting a substantial compensation payout by November or December at the latest. Do you think any of the banks would be likely to give me in the region of €10,000 in order to get set up etc?

I cant see it happening if you have no income. A possibility is that your mother and sister get the loan for you by providing an undertaking from their solicitor handling the claim to repay the loan when the claim is clear.

An undertaking means the solicitors has legal obligation to pay off the loan first along with any other undertakings given.

This is obviously something which would need great deal of discussion with your mother and sister.

The banks are not easily giving this type of loan out as the risk associated with them is higher than ever due to the increase in emmigration. The bank would be worried about people heading abroad and not repaying the debt.

Byron85

Thanks for the info Chris. I've had a chat with my mother about it, which is kind of embarrassing considering i'm turning 27 in a few months.

I'll be popping around to a few banks in the meantime in order to find out what the precise story is but I don't think getting a letter etc from the solicitor should be too difficult. I'm just annoyed as I have a conditional offer from UCD for a Master's and I don't want to have to turn it down because of money being an issue.

chris85

Byron85 wrote: »

Thanks for the info Chris. I've had a chat with my mother about it, which is kind of embarrassing considering i'm turning 27 in a few months.

I'll be popping around to a few banks in the meantime in order to find out what the precise story is but I don't think getting a letter etc from the solicitor should be too difficult. I'm just annoyed as I have a conditional offer from UCD for a Master's and I don't want to have to turn it down because of money being an issue.

Hopefully it gets sorted. Although I cant see a solicitor providing an undertaking to repay an account in your name. Thats why may be best for your mother to get the loan for you and you agree terms to pay her back.

Skopzz

I wouldn't do a Masters because I've several friends who did a masters yet they're still unemployed despite having a post-grad qualification. My friends didn't borrow to finance it. They just borrowed cash sums from myself and a few other friends. If you still wanna go ahead doing a post-grad, perhaps borrow cash from your friends? In any case, think twice before doing a masters because the truth couldn't be more different than the appearance.