Education Loan for Ireland for International Students 2023: A Complete Guide!

While the standard options of the United States, United Kingdom, and Canada are always available to students, others pick less expensive nations, such as Ireland. There are several advantages to choosing to study in Ireland, including highly ranked universities with low tuition and the country’s proximity to some of the world’s major MNCs. Even with low tuition, Indian students may need to take out an education loan to fund their studies and stay in the country. Let’s look at the possibilities of education loans for Ireland in this blog. This will help you finance your education better!

Must Read: Study in Ireland

Cost of Studying in Ireland

Studying in Ireland is an appealing option. But here’s something you should know before relocating to Ireland: the country is expensive to live in! This means that your study expenses and living expenses in Ireland are likely to be slightly higher.

The cost of studying in Ireland varies depending on the programme you choose. Annual tuition fees in Ireland can range from €9,000/INR 7,14,330 for UG programmes to €35,000/INR 27,77,950 for courses such as MBA, MBBS, and so on.

Despite the hefty cost, studying there can be well worthwhile once you acquire a job. After starting a career in Ireland, the ROI on your education expenses should be reimbursed within a year or two.

ExpensesCost in Ireland
Rent€ 1000 – € 1200/ INR 79,370 – 95,244
Food and drinks€ 150 – € 200/ INR 11,905 – 15,874
Education, stationary and others€ 100 – € 250/ INR 7,937 – 19,842
Travel€ 100 – € 150/ INR 7,937 – 11,905
Others€ 300 – € 500/ INR 23,811 – 39,685

Must Read: MBBS in Ireland

Must Read: MBA in Ireland

Education Loan for Ireland for Different Courses

Check the options of education loans in Ireland for different types of courses available and decide which of them suits you the best.

Diploma/Certificate Courses

You can choose a Diploma/Certificate course from some top-ranked universities based on your area of interest. Some of them include:

They have annual fees ranging from 2500 to 3200 Euros. The study typically lasts 9 to 12 months, after which students have access to a robust employment market. 

Most lenders do not fund diploma/certificate programmes. Students, on the other hand, may be able to fund their short-term course through new-age FinTech companies or seek an unsecured school loan from an NBFC. Scholarships are recommended since they lessen your reliance on loans and have no interest charges. 

Bachelor’s Degrees

International Business, Law, Journalism, Hospitality Management, Structural Engineering, Computer Engineering, and Language are among the top bachelor programmes in Ireland. Top Irish universities provide three to four years of bachelor’s degrees in over 5000 courses and programmes. So you’ll find a course that interests you.

An undergraduate degree in Ireland can cost as little as 9,850 Euros and as much as 25,000 Euros per year. Students will need to apply for a student loan in addition to scholarships to pay for their studies. 

You can apply for an unsecured education loan from a private bank or lender. An earning co-applicant with a solid income and CIBIL score must qualify for an unsecured education loan. Other criteria that may influence the loan amount limit include the intended course, the ranking of the colleague, the student profile and financial background, the co-applicant profile, and the student’s future earning potential. 

Some of the things you should think about before choosing a lender are 

  • Loan amount limit – The loan amount limit for most unsecured education loans is INR 40 lakhs. The maximum can be raised based on the student’s profile and the co-applicants income. 
  • Interest rates Loans without collateral typically have higher interest rates beginning at 11.25%. 
  • Moratorium period – During the study period, the co-applicant must make interest-only payments. However, EMIs begin after the moratorium period, which is normally the course length plus six months. 
  • Processing costs – The lender may impose a fee ranging from 1% to 1.5% of the loan amount to complete your loan application. 
  • Loan payback period – The loan repayment period is ten years.

Must Read: How to Pay Off Student Loans?

Master’s Degree

Ireland is known as a hub for major multinational corporations. Google, Facebook, LinkedIn, GSK, Accenture, and other worldwide corporations have made Ireland their European headquarters. It means more career options and better job prospects for postgraduate students. This, in turn, leads to simple funding choices for an Irish Master’s degree. There are both secured and unsecured college loan choices. 

Must Read: Scholarships in Ireland for Upcoming Intake Seasons

Eligibility Requirements for Education Loan for Ireland

The eligibility conditions for obtaining an education loan for MS in Ireland or for bachelor/undergraduates may differ depending on the institution/bank. Let’s start with the fundamentals:

  • In Ireland, the student/borrower must be an Indian citizen.
  • To apply for an Ireland Education Loan, the applicant must be over the age of 18. Students under the age of 18 are advised to apply for the loan jointly with their parents/guardians.
  • The student must have successfully obtained admission to a reputable university’s job-oriented professional, technical graduation degree course, post-graduation degree or diploma courses such as MCA, MBA, or MS.

Expenses Covered in Education Loan

Nationalised banks would only grant loans for educational purposes, not for personal spending. Aside from tuition and accommodation fees, the loan would also cover: 

  • Examination/library/laboratory fees, 
  • The purchase of books/equipment/instruments/uniforms, 
  • The purchase of a computer essential for course completion, 
  • A caution deposit/building fund/refundable deposit, 
  • Travel expenses/passage money for travelling abroad, 
  • The cost of a two-wheeler up to Rs. 50,000/-, 
  • And any other reasonable expenses required to complete the course such as study tours, project work, etc.

Must Read: Study Abroad Loans: 10 Things to know before applying for Loans for higher studies abroad

Education Loan for Ireland: Repayment Options

Students going to Ireland for further education can get a loan of up to Rs. 20 lacs. Higher loan amounts for studying abroad, on the other hand, are considered on a case-by-case basis. As previously stated, overseas students will be able to work part-time to reduce their living and tuition costs while abroad. All overseas students with a valid work permit are entitled to work 40 hours per week from June to September and December to January, and 20 hours per week the rest of the year. Students will also have the option of returning for 12 months to look for work in their field of study.

Students who have applied for an education loan from a nationalised bank must begin repayment after the course period and the moratorium period has ended (repayment begins one year after the course completion or six months after getting a job, whichever comes first). However, students should be aware that the moratorium period varies depending on the loan provider.

FAQs

Can I get a student loan to study in Ireland?

If you ordinarily live in Northern Ireland and are studying or starting a higher education programme in the Republic of Ireland (ROI) in the 2023-2024 academic year. In that case, you may be eligible for a loan to cover the full cost of the €3,000 student contribution levy.

Can international students get loans in Ireland?

You may be eligible for an Ireland international student loan if you are a US citizen or permanent resident attending an approved school. To compare loans and start the application process, your school must be one of the approved schools mentioned below.

How can I fund my studies in Ireland?

Personal Savings for Ireland Study. Most students that travel to Ireland have a couple of years of job experience.
Parental sponsorship.
Education loans.
Scholarships.
Employer contributions.
Part-time jobs.

We understand how expensive studying abroad can be, so we don’t charge students anything. Yes, you read that correctly: all of our services are free of charge. So, from the comfort of your own home, begin your loan application to study in Ireland, submit papers, and finalise the loan agreement. Let Fly.Finance assist you in every step of the way. 

About Vidisha Dewan

Graduated with English as a major, I’m a writing enthusiast. Writing helps me blend my passion and profession to achieve creative satisfaction. Here, you'll find content related to finance: bank accounts, money transfers, loans and more. Still learning about how to handle my own finances better, I keep sharing all the relevant information to help my readers as well. I try to keep my work surroundings creative and fun, with space for constructive feedback.

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