GAMSAT 2015

Durf

j.mcdrmd wrote: »

Do you see any basis to support loaning anyone any money here?

Huh, maybe i phrased my question poorly, I'm afraid i dont understand your responding question.

Cymini Sectores

I might be wrong but I can't imagine BOI giving out loans without a guarantor even for UL GEMs. I had no guarantor last year and was refused. No guarantor this year either . The fee is a lot but the course worth it. That some get loans and others are denied is unfortunate!

Durf

Cymini Sectores wrote: »

I might be wrong but I can't imagine BOI giving out loans without a guarantor even for UL GEMs. I had no guarantor last year and was refused. No guarantor this year either . The fee is a lot but the course worth it. That some get loans and others are denied is unfortunate!

Thanks Cymini Sectores. Were u applying for BOI or UB last year? I wont have a guarantor either. This is somewhat conjecture, i understood UB had some arrangement with UL which enabled them to be a tad more liberal in granting loans without guarantors. Perhaps UL underwrites some of the risk ?! It would be nice to have some insight

dublindoctor

Durf wrote: »

Thanks Cymini Sectores. Were u applying for BOI or UB last year? I wont have a guarantor either. This is somewhat conjecture, i understood UB had some arrangement with UL which enabled them to be a tad more liberal in granting loans without guarantors. Perhaps UL underwrites some of the risk ?! It would be nice to have some insight

BOI and AIB both require a guarantor as far as I'm aware! UB, I don't know, seemingly some people needed a guarantor however I did not need one with my loan, so I would look into trying to get the loan with them again despite their branch not being on campus, I don't see this as a reason for them to not give out the grad med loan, as far as I'm aware, UB also offer the best loan rates etc!

Durf

Thanks Dublin Doctor. PAUW said the below:

pauw wrote: »

Hi for those hoping to go to UL we received an email explaining that the Bank of Ireland were recently successful in tendering to become UL’s banker. This means that past students who enrolled under ulster banks graduate loan will now be transferred to Bank of Ireland. Those incoming first years should perhaps look into getting the loan with Bank of Ireland instead.
All the best with the offers.

Despite this change and based on what you said, Dublin Doctor, i would be interested to know if any UL gems tried UB before the weekend?

Cymini Sectores

Durf wrote: »

Thanks Cymini Sectores. Were u applying for BOI or UB last year? I wont have a guarantor either. This is somewhat conjecture, i understood UB had some arrangement with UL which enabled them to be a tad more liberal in granting loans without guarantors. Perhaps UL underwrites some of the risk ?! It would be nice to have some insight

I attend RCSI so my loan had to be from BOI. I am not sure about the loan policy for UL GEMs except that people say a guarantor is not required.

j.mcdrmd

BOI taking over UB role in UL is a major change. UB, in particular, seemed to have a large capacity to loan money for GEM in UL, sometimes based on really low GAMSAT scores (by international standards) and without any guarantor, I often wondered why. Maybe UL can put pressure on BOI to offer unguaranteed loans?

Banks have a particular responsibility to ensure potential guarantors are very well informed regarding GEM loans imo. The Banks know why they now need guarantors, they need to explain why they (the banks) are no longer willing to take the risk.

Many currently working Doctors including GEM are having solvency problems. Often they are propped up financially by partners, family and friends. Rising rents, double renting, cuts in pay, rising costs to keep working (professional fees, exams, childcare etc.), constant moving between hospitals and accommodation, regular battles with the HSE to get paid what is owed on time, all take their toll. For clarity, this paragraph is based on information already available in the public domain.

dublindoctor

Durf wrote: »

Thanks Dublin Doctor. PAUW said the below:



Despite this change and based on what you said, Dublin Doctor, i would be interested to know if any UL gems tried UB before the weekend?

Ok, i don't know where that info came from but i am fairly sure one bank can't just hand over a bunch of loans to another bank just because they have relocated buildings?..Am I missing something, because that seems ridiculous?

My loan has not been transferred to BOI, as im fairly sure thats not possible, they have just moved their branch into limerick city centre...As far as Med loans go, I don't see why this would mean UB no longer give out the loan..?

UL students/UL GEMS recieved the following email regarding BOI medical loan, so I hope this is off some help, but again, I don't see why UB would no longer give out their loan..?






Tailored Financial Package for Students of the Graduate Medical School

Contact: Liz Horgan at Bank of Ireland, University of Limerick 0766240826 or email Liz.Horgan@boi.com

This proposal is open uniquely to students who qualify and are awarded a place on the 4 year Graduate Medical Course in the University of Limerick, through the CAO application process.
Personal loan up to a max. of €60,000 over the four year course for Graduates entering the Graduate Entry Medical Programme. Candidates can borrow up to €15,000 (plus interest) per year for a maximum of four years.
Preferential interest rate of 6.3% (6.5% APR) applies and is subject to change. Interest will accrue over 4 years.
Full moratorium of capital and interest repayments will apply for the first four years. Thereafter, repayments will be made on a monthly basis for 132 months.
Each year the student must provide proof of acceptance for the following year’s course.
Each year the student is required to apply for the BOI loan required through the Bank of Ireland, University of Limerick Branch only.
On completion of the 4 year course the total loan accumulated including interest accrued will be restructured into a regular repayment pattern. The maximum repayment term is 15 years and each loan will be reviewed on a case by case basis.
Should the applicant leave the Graduate Medical Programme at any point during the four years, the preferential rate and repayment moratorium shall no longer apply.

Additional Funds
We are delighted to offer additional funds of up to €10,000 for maintenance purposes subject to standard lending criteria. Each applicant will be assessed individually.

Bank of Ireland Requirements
1. Only open to students who have been awarded a place in the UL 4 year Graduate Entry Medical Programme.
2. Candidates must have an active Bank of Ireland current account.
3. Bank of Ireland may request a parental guarantee at the underwriter’s discretion. Bank of Ireland will work with each individual applicant to negate the need for parental indemnity whenever possible.
4. Lending criteria, terms and conditions apply and applicants will be assessed individually

j.mcdrmd

Banks sell off loan books all the time.

dublindoctor

j.mcdrmd wrote: »

Banks sell off loan books all the time.

ah right. My loan is still with UB anyway, nothing is being changed to BOI for me.

j.mcdrmd

Everyone needs to realise that banks really do sell off loan books and it can happen years after borrowers think. Unless in the small print there is an exclusion.

Banks do not sell off the debt to your local community who will take into account the number of years your extended family 'had a relationship with the bank' or that a Doctor piled up debt because 'they really, really wanted it' or 'they were doing it for the real reasons'.

Banks care not a jot about health care, they cared about Doctors (as customers) when Doctors were earners, now that lots of Doctors cannot pay their bills the banks can and will send in the debt collectors.

gaffer93

How much are the fees for UCD? Slightly over the 15,000 offered by BOI?

Anita Blow

Slightly under €15,000

Blue_Zebra

For anyone headed to UCC there is a Facebook group at: https://www.facebook.com/groups/814341775315042/

I'm going into 2nd year GEM and there are other 2nd/3rd years in the group who can help out with questions on loans/registration/accommodation etc.

pickmeplease

Hey guys,

So i was talking to my friend in UL GEMs and he said do not let loans deter you. Accept the place and hopefully things will fall into place - apparently a couple of students started last year and had a couple of meeting with the head of school (who is apparently bang on) and they sorted it together. So with the day for acceptance being tomorrow don't let it put you off..

Money shouldn't wreck your dreams. and you may swell try your best to get it sorted this year rather than prolonging it another

Anita Blow

Anyone know when we can expect something from the universities?

Tennisfan1

I'm starting to get a bit panicky about accommodation. I live in the UK at the moment but I've been emailing away on daft.ie and the university accommodation office but all the places are being snapped up so quick.
Maybe living in a tent for the year will help me to save on expenses...

Durf

Tennisfan1 wrote: »

I'm starting to get a bit panicky about accommodation. I live in the UK at the moment but I've been emailing away on daft.ie and the university accommodation office but all the places are being snapped up so quick.
Maybe living in a tent for the year will help me to save on expenses...

Perhaps someone out there knows if there is a UL facebook page for this years entrants? Help might be found there

strangeweather

Durf wrote: »

Perhaps someone out there knows if there is a UL facebook page for this years entrants? Help might be found there

I can't post the link but if you search 'University of Limerick - Medicine - (UL Med) - Class of 2019' you will get the group. Lots of current students there that will be happy to answer any questions.

mick_murphy

Hey. Does anyone know how I approach the UCD BOI for a GEM loan? Should I start now or wait until I get a letter from UCD? Thanks.

pickmeplease

Guys can anyone tell me when second round offers sre out? Did anyone ask?

loopylulu

mick_murphy wrote:

Hey. Does anyone know how I approach the UCD BOI for a GEM loan? Should I start now or wait until I get a letter from UCD? Thanks.

I applied for the loan the day the offers came out. That's for rcsi though. I used the CAO offer letter with the application. Still haven't heard back. Get onto the bank now otherwise you could be another couple of weeks waiting.
I can't resign my job until I get the loan. It's a horrible feeling having got so close and wondering if it could all be pointless

Ballet17

pickmeplease wrote: »

Guys can anyone tell me when second round offers sre out? Did anyone ask?

Hi I think the next round is 17th August, if you check the cao site though it should state it there!

loopylulu

Loan approved!! Sh1t just got real :-O

Ballet17

loopylulu wrote: »

Loan approved!! Sh1t just got real :-O

Well done loppylulu! Were you banking with boi previously? What info did you need for applying, if you don't mind me asking? still waiting for bank to get back to me

loopylulu

I opened an account with them a month ago. Had 6 months bank statements and saving statements. Letter from employer with current salary and my credit card bill! Soooo relieved it was approved!

Ballet17

loopylulu wrote: »

I opened an account with them a month ago. Had 6 months bank statements and saving statements. Letter from employer with current salary and my credit card bill! Soooo relieved it was approved!

Thanks a million and well done again!

Durf

loopylulu wrote: »

I opened an account with them a month ago. Had 6 months bank statements and saving statements. Letter from employer with current salary and my credit card bill! Soooo relieved it was approved!

Congratulations!!

Anita Blow

mick_murphy wrote: »

Hey. Does anyone know how I approach the UCD BOI for a GEM loan? Should I start now or wait until I get a letter from UCD? Thanks.

I rang Pauline who looks after the GEM loans in UCD. She said we don't contact them until we receive the Giro from UCD and then they can process the loan application.

AndrewTheCat

Just finished first year year GEMS UL.

Over 50 students in our class failed the summer exams.

One work of advice for anyone starting.

Proceed with caution. Plenty of horror stories about UL GEMS floating around.