Student loans

For students who require financial assistance to complete their studies at RCSI, a range of loan options are available. 

Irish and EU applicants

The financial cost of undertaking a degree as a Mature or Graduate Entry student is one of the most significant challenges that students face. It is essential that students undertake appropriate financial planning in advance of deciding to apply to any degree programme.

RCSI has worked closely with Bank of Ireland (St Stephen’s Green, Dublin 2 branch) to develop a comprehensive tailored financial package for students applying to the four-year Graduate Entry Medicine programme. The bank also offers customised financial packages to students who wish to apply for Mature Entry Medicine and to the Graduate Entry routes for Pharmacy and Physiotherapy.

Information on the loans available, along with the terms and conditions, are outlined below. Please ensure you read this information carefully.

If you are offered a place on the four-year GEM programme at RCSI, you can apply for financing via the Bank of Ireland Graduate Entry Medicine Tuition Fees Loan.

Features and benefits:

  • Maximum loan: €60,000
  • Total loan term: 14 years
  • A discounted rate of 6.5% Annual Percentage Rate (APR) variable is available for the term of loan.
  • Candidates can borrow up to €15,000 (plus interest) each year over a four-year period of study.
  • No repayments are collected for the first four years.
  • At the end of the study period, standard monthly capital and interest repayments will commence for a 10-year period.
  • Parental guarantee is required.

The repayments on a Bank of Ireland Graduate Entry Medicine Loan of €60,000 over 14 years are €865.72 per month based on a variable rate of 6.5% variable APR. The total cost of credit is €43,886.40. This example is based on a 48-month moratorium period and a 120-month capital and repayment period. By availing of the moratorium period you will pay more than if you paid over the standard term.

If you are offered a Mature Entry place on the five or six-year Undergraduate Medicine programme at RCSI, you can apply for financing via the Bank of Ireland Mature Entry Medicine Tuition Fees Loan.

The Bank of Ireland Mature Entry Medicine Loan is designed to cover tuition fees for the final four years of the programme only.

Features and benefits:

  • Maximum loan: €60,000
  • Total loan term: 14 years
  • A discounted rate of 6.5% Annual Percentage Rate (APR) variable is available for the term of loan.
  • Candidates can borrow up to €15,000 (plus interest) each year over a four-year period of study.
  • No repayments are collected for the first four years.
  • At the end of the study period, standard monthly capital and interest repayments will commence for a 10-year period.
  • Parental guarantee is required.

The repayments on a Bank of Ireland Mature Entry Medicine Loan of €60,000 over 14 years are €865.72 per month based on a variable rate of 6.5% variable APR. The total cost of credit is €43,886.40. This example is based on a 48-month moratorium period and a 120-month capital and repayment period. By availing of the moratorium period you will pay more than if you paid over the standard term.

If you are offered a Graduate Entry place on the RCSI Pharmacy programme, you can apply for financing via the Bank of Ireland Graduate Entry Pharmacy Tuition Fees Loan.

Features and benefits:

  • Maximum loan: €50,000
  • Total loan term: 15 years
  • A discounted rate of 6.5% Annual Percentage Rate (APR) variable is available for the term of loan.
  • Candidates can borrow up to €10,000 (plus interest) each year over a five-year period of study.
  • No repayments are collected for the first five years.
  • At the end of the study period, standard monthly capital and interest repayments will commence for a 10-year period.
  • Parental guarantee is required.

The repayments on a Bank of Ireland Graduate Entry Pharmacy loan of €50,000 over 15 years are €767.97 per month based on a variable rate of 6.5% APR. The total cost of credit is €42,156.40. This example is based on a 60-month moratorium period and a 120-month capital and repayment period. By availing of the moratorium period you will pay more than if you paid over the standard term.

If you are offered a Graduate Entry place on the RCSI Physiotherapy programme, you can apply for financing via the Bank of Ireland Graduate Entry Physiotherapy Tuition Fees Loan.

Features and benefits:

  • Maximum loan: €30,000
  • Total loan term: 13 years
  • A discounted rate of 6.5% Annual Percentage Rate (APR) variable is available for the term of loan.
  • Candidates can borrow up to €10,000 (plus interest) each year over a three-year period of study.
  • No repayments are collected for the first three years.
  • At the end of the study period, standard monthly capital and interest repayments will commence for a 10-year period.
  • Parental guarantee is required.

The repayments on a Bank of Ireland Graduate Entry Physiotherapy Loan of €30,000 over 13 years are €382.49 per month based on a variable rate of 6.5% APR. The total cost of credit is €15, 898.80. This example is based on a 36-month moratorium period and a 120-month capital and repayment period. By availing of the moratorium period you will pay more than if you paid over the standard term.

Please note

The following terms and conditions apply to all Bank of Ireland loans listed above.

  • The loan is to fund tuition fees only.
  • The loan cannot be used for repeat years in the event of failing an academic year.
  • Consideration for a loan is limited to students who have secured a place on RCSI’s GEM, Mature Entry Medicine, Graduate Entry Pharmacy or Graduate Entry Physiotherapy programmes. A letter from RCSI, confirming each student’s allocation of a course place will be required by Bank of Ireland from the outset and subsequent years.
  • If a student leaves the course ahead of completion, the preferential interest rate of this loan will no longer apply and the loan will be restructured at a prevailing interest rate and loan term and repayment schedule may change.
  • Lending criteria, terms and conditions apply and each application is individually assessed.
  • Over 18 years only.
  • Variable rates are correct as at 12 December 2017 and are subject to change.
  • Bank of Ireland is regulated by the Central Bank of Ireland.
  • WARNING: If you do not meet the repayments on your loan your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.

To find out more about any of the Bank of Ireland loans listed above, please contact Sinead Bradley (email: sinead.bradley@boi.com or tel: 07662 39218 / 07662 31368) in the Bank of Ireland, St Stephen's Green branch.

 

Non-EU applicants

Students of RCSI who are Canadian citizens or permanent residents may be eligible for loans funded by the Government of Canada under the Canadian Student Loan Program.

The Canadian Student Loan Program provides loans and grants to eligible full and part-time students with demonstrated financial need with the exception of students who are residents of Quebec, the Northwest Territories and Nunavut. These provinces and territories have their own student financial assistance programmes.

Application forms are available through your provincial or territorial student financial assistance office. Once you have completed and signed all the necessary documents, these can be forwarded to your provincial or territorial student financial assistance office.

If you require an official RCSI signature on your loan form, please send it to studentfees@rcsi.ie and we will complete it on your behalf.

Students from the USA who choose to study at foreign institutions are not eligible for grants from the US Federal government (e.g. Pell Grants) but they may apply for US Federal loans to fund their study. The Federal 'Direct Lending' Loan Program is available to US citizens or eligible non-citizens who are enrolled at least half-time, making satisfactory academic progress and are not in default on a previous loan or exceeding federal loan limits.

Direct Loans

These are fixed-rate student loans from the US Department of Education for undergraduate and postgraduate students attending college at least half-time.

Direct Subsidised Loans

Direct Subsidised Loans are federally guaranteed loans based on financial need as determined by the Department of Education. Interest does not accrue on the loan while you are in college at least half-time, for the first six months after you leave college (referred to as the grace period) and during any future deferment periods. The federal government subsidises the interest during these times.

Direct Unsubsidised Loans

Direct Unsubsidised Loans are federally guaranteed loans that are not based on financial need. Interest accrues from the time the loan is disbursed to the college. If you choose not to pay the interest while you are in college and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalised (that is, your interest will be added to the principal amount of your loan).

Direct PLUS Loans

Direct PLUS Loans are available from the US Department of Education and are not based on financial need. The parents of an undergraduate dependent student (as defined by the US Department of Education) are eligible for a Parent PLUS Loan if they meet certain credit guidelines. Independent graduate students are eligible for a Graduate PLUS Loan if they meet certain credit guidelines.

Private loans

Eligible students at RCSI may also apply for private loans. Private loans may be obtained from a bank/lender subject to the applicant’s credit rating and in the case of undergraduate students, may often require a co-signer/guarantor. Private loans are usually offered at commercial rates which may be less favourable than Federal Aid loan rates. Private loans also need to be certified by the educational institution. RCSI currently works with Salle Mae who offers a Smart Option Student Loan. Students may apply at www.salliemae.com. Sallie Mae will then send a notification to the College that there are student loans pending certification.

Please note

US Federal loans are educational loans and Direct, Direct Plus and any Private loans are expressly for the purpose of covering the primary costs of educational study e.g. tuition, student accommodation and board, books/academic requisites, commuter travel etc.

The primary costs of education cannot exceed the student's 'cost of attendance' (COA) e.g. the educational institute's official estimate of the student's tuition and living costs for the academic year of study. Loans are not intended to cover other expenses that are not directly related to academic study. It is advisable that students plan a budget to make sure that they have enough funding to cover their period of study. Students should bear in mind that exchange rates fluctuate so when the US Federal loans are disbursed, the student may receive less than they had initially planned. It is important to keep this in mind when planning on how much to borrow.

Students should also note that it is important to borrow what they need but to remember at all times that they will have to repay it in the long-term.

More information on US student loans can be found in our Federal Aid Student Application Guide below or by emailing USFedloans@rcsi.ie.

Federal Aid Student Application Guide pdf | 525.7 kb