Including the US, UK, Australia, and Canada, Ireland too has been achieving praise and acclaim as the top-notch study destination for STEM Masters for international students. Data also give credence to this statement as the number of international students in Ireland is expected to reach 176,500 in 2020, according to a report released on Saturday, July 04.
Number of Indian students seem to rise:
The number of students from India opting for Ireland for a master’s degree in the coming years shall soar sky high as the two-year stay back graduate visa rules seem to attract the interest of many,
The cost of MS in Ireland:
Irish colleges have gained maximum popularity in recent times for MS courses. It is now time to take a quick peek at the cost of education in the country. The education for full-time, one-year Masters in Science for the top five colleges in Ireland are mentioned here below:
- € 23,252 – Trinity College Dublin
- € 24800 – University College Dublin
- €17,750 – National University of Ireland, Galway
- €18,000 – University College of Cork
- €17,000 – Dublin City University
Approximately €7,000-17,000 annually depending on the type of area you choose. The cost of living must be calculated along with the tuition fees.
Education Loan Options for MS in Ireland:
Funding an aspirant’s education in Ireland seems much easier when equated to other destinations globally. The sum to which the standard course fee and cost of accommodation however adds to a concrete amount. Education loans and Irish scholarships work wonders and are highly recommended to aid the cost and course in Ireland.
A feather in your hat would be to fund education that covers your program fee and other miscellaneous expenses. The options for educational loans for Ireland offer two beneficial alternatives:
- Loan Without a Collateral
- Loan with a Collateral
Opting for an education loan without collateral proves beneficial for the student who does not have a financial asset to pledge as collateral against the loan. Please remember while public and private banks only offer unsecured loans for up to INR 7.5 lakhs. NBFCs have a much higher amount to offer which makes them more appropriate for a without collateral loan for Ireland.
Education Loan Without Collateral:
- Repayment Period: In the case of NBFC’s, the repayment duration is 10 years. Moreover, the student has the flexibility of customizing their loan that best suits their needs.
- Processing Time: The time for loan processing through NBFC’s is hardly 4-5 days. Most NBFC help accelerate the process by permitting you to upload documents online.
- Costs covered: 100% of the total expenditures for education loans are covered by NBFC for masters in Ireland.
- Income proof of Co-applicant: The co-applicant’s monthly income must be 30k or more. This also depends on the loan amount. With NBFC’s around 50% of the co-applicant’s earnings should be sufficient to withstand the interest on a monthly basis.
- CIBIL Score: If the co-applicant has a poor CIBIL rating low income the NBFC might not consider the education loan. In such a scenario consulting a professional counselor who can conduct a comprehensive assessment of your profile is advised. The counselor then takes suitable measures and coordinates with the lender first and is most likely to sanction the loan.
- List of Documents: Academic records, admission proof from the university in Ireland. Documents of valid income and KYC documents of the student and the co-applicant.
Make sure to get a standard list of documents from the lender beforehand. This helps gear up and expedites the procedure resulting in almost negligible chances of loan rejection.
Options for Education Loan with Collateral in Ireland:
This option certainly offers a higher loan amount. The simplest reason being the security the student provides the bank against non-repayment. Collateral can be a possession or a financial asset. These are also known as secured education loans, and the interest rates are much lower.
Education Loan for MS – With Collateral:
- Repayment Period: In the case of NBFC’s, the repayment duration is 15-20 years. Public banks also offer repayment tenure up to 15 years.
- Processing Time: Public banks might take around 13-15 working days whereas private banks would take a couple of days less. NBFC’s take the lead with a quick processing time of 7-8 working days.
- Costs covered: 90-100% of the total expenses are covered by the public banks, depending on the bank. Private banks would offer around 80-85% of the total cost and NBFC would vouch for 100% education loans for MS in Ireland.
- CIBIL Score: Incomplete documents or a low CIBIL score can be the ruling factors of the loan decline by any lender be it a public or private bank or an NBFC.
- List of Documents: Relevant academic records, admission proof from the university in Ireland. KYC documents of the aspirant and the co-applicant. Documents supporting ownership of property etc.
Preferred Education loan for Ireland:
On average the most opted for a loan is a secured loan and is the best option for an education loan for MS in Ireland since the interest rate is considerably low.
But for those who are unable to pledge security for a secured loan then NBFC’s offer lower processing fees than banks and can be approached.
Start early! As soon as the letter of admission is received, the loan application procedure must commence.
Best Education Loan for Ireland:
Consider the following while opting for a loan
- Rate of interest
- Processing Time and charges
- Tax Assistance
- Loan tenure
- Expenditures Covered
- Payment terms and conditions
For better consultation, you can get in touch with education loan counselors. They go through your financial profile with a fine-tooth comb and evaluate which lender fits you the best!