Grad Med Living Costs / Working While Studying?

Jobin1

Hi,

I’m just wondering if anyone else is slightly panicking about the thoughts of being able to fund the 4 year Graduate Medicine degree? I recently sat the GAMSAT and I am hopeful of receiving an offer from one of the 4 universities to start this September, however now that the reality is getting a bit closer, I’m beginning to question the affordability. If the banks were still offering the €100,000 4 year loans, this would put my mind at ease. However, this is obviously not the case and I fully understand the reasons for them withdrawing the full €100,000 loans.

If any current students would be able to comment on how they or their class mates are finding it financially, it would be very helpful. For example, is it possible (workload wise) to work part time? Do many people do it? Does anyone end up taking a break for a year due to finances?

Any thoughts from current grad med students or other prospective students would be much appreciated!

Thanks

strangeweather

Jobin1 wrote: »

Hi,

I’m just wondering if anyone else is slightly panicking about the thoughts of being able to fund the 4 year Graduate Medicine degree? I recently sat the GAMSAT and I am hopeful of receiving an offer from one of the 4 universities to start this September, however now that the reality is getting a bit closer, I’m beginning to question the affordability. If the banks were still offering the €100,000 4 year loans, this would put my mind at ease. However, this is obviously not the case and I fully understand the reasons for them withdrawing the full €100,000 loans.

If any current students would be able to comment on how they or their class mates are finding it financially, it would be very helpful. For example, is it possible (workload wise) to work part time? Do many people do it? Does anyone end up taking a break for a year due to finances?

Any thoughts from current grad med students or other prospective students would be much appreciated!

Thanks

Hay,
It's pretty normal to be feeling panicy - it's a really big financial commitment. If you are in UL it's pretty easy to get the 60,000 loan from Ulster, especially if you are an existing customer. Open an account now it'll make things a bit easier. So you need another 40,000 to get you through, I think some people will try and work for a while before the course, you have your summers to work too.

I can only really comment on UL. Some people do work not many though. Personally I couldn't have. I guess it depends on how you manage yourself. It's certainly possible of you have a good science background. I imagine it would be easier to work part time on UCD's course - it's much lighter in year one and two than UL.

UL have a scholarship scheme, that covers all fees and also gives about 6000 per year living expenses. None of the other colleges do.

I think you would probably be surprised at the amount of people who don't need loans. They come from wealthy families who pay their way for them. Lucky them!

letsdothis

Plenty of people work in GEM, both those with a science and a non-science background. Having said that, some give up closer to the exams. It's all depends on how organised and efficient you are with your study. Some people need the time off at the weekend, others are happy to consider a part-time job time off, as it's a break away from the norm. I'd imagine that holding down a part time job is much more difficult during the clinically years of the course though...

It's probably no harm working out a budget for the four years and seeing how you will manage/how much time you would need to work / how much savings you need. Think about whether you will be able to afford to make all the prepayments afterwards and if you will have enough savings to live on or if it's worth working now for a year or two before you start. People start GEM right into their forties. If you want to do it and you get in, there's always a way.

Jobin1

Hi,

@strangeweather & letsdothis, many thanks for both of your replies. I have been looking at Grad Med for the last 2-3 years and I suppose that now that I hopefully have enough to get in, the doubts are beginning to seep in. Financially, I have saved up a bit to get through the first 2 years but after that, I don’t think I would have enough. I wonder would the banks / credit unions lend more money (on top of the €60,000 fees loan) after the first 2 years, knowing that students would only be 2 years away from earning money at that point. Fingers crossed! Regarding saving for another year, I will be 32 at the time of starting so I really just want to get going with it rather than putting it off any longer.

Re the part time job, it is good to hear that some people manage to hold one of these while studying Grad Med at the same time. Also, it is true what you say regarding the summers. Hopefully, a lot can be earned in 3 months, especially as the tax should be quite low if that is the only work being done in a given year.

Anyway, thanks again for your replies. I must say that the GAMSAT thread on boards.ie is a great source of information and also inspiration (long time lurker here!). Best of luck to others in the same boat too…

letsdothis

I'm sure that if it came to it and you ran out of living costs money that your credit union or bank wouldn't see you drop out over it! Just do whatever's right for you. BTW, I was a little bit older than you starting (and not the oldest either) and it really doesn't make a difference if you did need another year.

loopylulu

I'm in the same boat, got 59 and hoping for rcsi. Kind of panicked about the costs. I rang BOI last week just to get an idea of the loan conditions so I'm going to have to open an account with them and find a guarantor. I really don't want to put it off another year, it's already taken me years just to get the courage to apply and sit the gamsat last year!

gaffer93

loopylulu wrote: »

I'm in the same boat, got 59 and hoping for rcsi. Kind of panicked about the costs. I rang BOI last week just to get an idea of the loan conditions so I'm going to have to open an account with them and find a guarantor. I really don't want to put it off another year, it's already taken me years just to get the courage to apply and sit the gamsat last year!

Slightly panicking about RCSI also making you pay some of the fees every year yourself as the loan from BOI doesn't cover all of it.