Preferred Faculty Loan

Students in the final three years of studying Medicine, Dentistry, Veterinary, Pharmacy, Accountancy, Science), Law, B. Comm, Computing (including Business Information Systems) and Engineering (non-civil) are eligible to apply for a preferred faculty loan to cover college/living expenses.

Features & Benefits

With the preferred faculty loan you get:

  • Apply to borrow up to €2,500 each year (from year 2 in college) up to a maximum of €7,500 1

  • 0% interest and no repayments while in college.

  • A maximum loan term of 7 years.2

  • Multi-purpose loan for students e.g. fees, travel, living expenses, equipment, car.

  • Parental guarantee may be required.

APR stands for Annual Percentage. Lending criteria, terms and conditions apply and each application is individually assessed. Applicants must be over 18 years of age and be able to demonstrate that they are a student.

The Preferred Faculty Loan is a low-cost loan available to undergraduate students studying Medicine, Dentistry, Veterinary Medicine, Pharmacy, Science, Accountancy, Engineering, Law, B. Comm, IT, Telecoms and Computing (incl. Business Information).Proof of qualification may be sought from non-Bank of Ireland customers. Application can be made in any Bank of Ireland branch. Rates quoted are correct as at the 1st August 2016 and are subject to change.

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.
WARNING: THE COST OF YOUR MONTHLY REPAYMENTS MAY INCREASE.
1

Medical students can apply to borrow up to €3,500 each year (maximum loan amount is €14,000). Maximum loan term for medical students is 8 years (i.e. final 5 years in college plus 3 years repayments post-graduation).

2

No repayments for final 3 years in college and for an additional 1 year post graduation. At the end of this period the loan is restructured at a variable rate of 9.7% APR over a maximum of 3 years. The repayments on a Preferred Faculty Loan of €7,500 over 3 years are €239.64 per month based on a variable rate of 9.7% APR. The total cost of credit is €1,127.04.

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