Deposits?

[drjvie]

For those of you receiving acceptance packages (or happen to know otherwise), how much is the deposit to hold your spot for the Irish schools (UCD, NUIG, Trinity)? Do all schools require a different amount, or are they all in the same ballpark?

I would like to have an idea, so I can hopefully have it ready! Any insight would be helpful!

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[toescrossed]

This is a good question. The only school I have heard from so far is RCSI and the deposit is 6500 within 21 days... seems a bit steep to me.

 

[med2UCC]

7 years ago UCC wanted 3300 euro within 6 days, which at the time amounted to 1/6 of a year's tuition. If you take that as a guide you probably qon't be far off. Cheers,
M
Oh, and they are all non-refundable.

 

[MintJulep]

med2UCC, would you recommend that obtaining a bank loan/student loan would be good to do when making a deposit upon admission (if your intention is to pay for school with loans)?

 

[med2UCC]

med2UCC, would you recommend that obtaining a bank loan/student loan would be good to do when making a deposit upon admission (if your intention is to pay for school with loans)?

Yes. Get as much of your financing in place as humanly possible in advance. I would advise applying for the Scotia Bank professional student line of credit and the RBC medical student line of credit at the same time (ideally on the same day). Cheers,
M

 

[Catalytic]

Med2 thanks for the info, would the intention be that you would take out both lines of credit at the same time? Is this possible?

 

[med2UCC]

Med2 thanks for the info, would the intention be that you would take out both lines of credit at the same time? Is this possible?

I'd certainly try. Med school in Ireland is ferociously expensive. Have your ducks in a row financially before you go or you will be sorry later. Banks will ditch you in 3rd year - they really don't care. Get everything in writing. Not trying to scare you away, just make you aware that it's a lot of money. Cheers,
M
(I'm probably not the best person to be asking questions about money right now since I owe a lot and am having a bad week over it. I'll be more cheerful in a week or two when this wears off again).

 

[asd979]

I'm wondering whether I should take out both lines of credit and convert them to euros right away when the dollar is strong and just pay the interest.

 

[med2UCC]

I'm wondering whether I should take out both lines of credit and convert them to euros right away when the dollar is strong and just pay the interest.

I think over 4-5 years, if you do the math, this would not be wise. The interest would be a lot (and interest rates will inevitably rise over the next few years), and the difference in the conversion rate would haveto be pretty high to cover it. Unless you think the dollar will tank compared to the euro in the next few years, better to use what you need when you need it. Remember, many countries in the Euro zone are in a state of total econimic chaos, so the euro will likely not be as strong in the next couple of years. I tended to wait until near the end of the year to pay my fees, just before exams. Cheers,
M