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Postgraduate loan

  • 28-01-2015 7:09pm
    #1
    ftse100
    Registered Users, Registered Users 2 Posts: 187 ✭✭


    Looking to get a postgraduate loan of about 14k. Anyone have any recommendations of what bank has the best postgrad service? I'd also like to defer payments for the one year I'm actually doing the MSc. Paying interest only would be fine.


Comments

  • #2
    Finance Grad 2015
    Registered Users, Registered Users 2 Posts: 40 ✭Finance Grad 2015


    Have you a credit union account? They offer the lowest apr and interest rates...! However, you can't defer payments for the first year - you have to start paying immediately.

    I got a loan to do my masters course this year and went around to a few banks etc and none of them would allow me to pay interest only for the first 6 months.... I only needed the loan from December, and had a signed contract to start employment in June but this didn't matter. However, my local credit union put me on a minimum payback scheme - I pay back €20 a week, and then I can up it when I start working.

    You're best bet is to actually get details from all the different banks - you can find their rates online! Plug these figures into a loan calculator to see who is offering you the best rate overall, then go in with all of this knowledge and plead your case.

    -Do you need the full loan straight away? Can you pay your fees per semester? If you can, then look at what rate you can get by putting your 2nd installment into a savings account until it's really needed.
    -For €14k you'll need a guarantor... Think about who you're going to ask for this, do they have good credit etc
    -Look at what bursaries/scholarships you can get from your university... and start applying NOW! they usually have very early deadlines.


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