Education Loan for Ireland: Everything You Need to Know!
An island nation situated at the western most tip of Europe, Ireland is an emerging study overseas destination. With over thousands of international students choosing to study in Ireland, the country comes in the first five study overseas destinations.
With 8 universities and 14 Institute of Technology located around Ireland, over 40,000 international students’ study in Ireland every year. One of the driving factors for the students to study in Ireland is its affordable cost of education. However, even with an affordable tuition fee, students might have to take an education loan to study in Ireland.
In this blog, we are going to discuss in detail about an education loan to study in Ireland. But first let us take a look at the cost of education in Ireland.
Cost of Education in Ireland
The cost of education in Ireland is divided into three major categories i.e., Tuition Fees, Accommodation and Living Expenses.
The tuition fees of the study programs like Humanities, Arts and Education are quite cheaper comparative to the subjects like Engineering, Business, Management and Medicine. The average tuition fee for courses at bachelors and master’s level are as follows:
• Bachelor’s Degree: €9,850 to €25,500 Per Year
• Master’s Degree: €9,500 to €34,500 Per Year
While studying in Ireland, students can opt for on-campus and off-campus accommodation. It may range anywhere around €300 to €600 per month depending upon your location.
The living expenses depends majorly on the standard of living of the student. As an international student, the monthly living expenses that are likely to incur are €650 to €1,000.
Expenses Covered in an Education Loan
• Tuition fees
• Living Expenses
• Study tours and project work during the academic year
• Purchase of books, laptop, and stationary
• Other expenses required to successfully complete the course
Types Of Education Loan for Ireland
Students have the option of applying for two types of overseas education loans i.e., Secured Education Loan and Unsecured Education Loan.
Secured Education Loan
Secured Education Loan is the type of overseas education loan that requires an applicant to pledge a collateral security against the education loan. Aspirants can pledge any of the mentioned kinds of assets as a collateral:
• Immovable Property: All the financial institutions accept immovable properties like residential flat, individual bungalow, urban land as a collateral security against an overseas education loan.
• Liquid Security: Liquid assets like fixed deposits, life insurance policy, government bonds are also accepted as tangible collateral security against an overseas education loan.
• Third-Party Collateral: When it comes to government banks, assets belonging to the third-party are also acceptable, provided collateral belonging should be an uncle, aunt, or family friends.
Unsecured Education Loan
Unsecured Education Loan is the type of overseas education loan that doesn’t require any kind of collateral or guarantee. Government banks lend up to INR 7.5 Lakhs of Unsecured Education Loans whereas NBFCs and Private Banks have maximum limit.
Right Time to Apply for an Education Loan
Know about the exact timeline to apply for an overseas education loan. Mentioned below are the important phases in the overall admission process:
• Phase 1: Secure admission to an Irish University.
• Phase 2: Fulfil the financial prerequisites mentioned in the offer letter
• Phase 3: Apply for an education loan for studying in Ireland
• Phase 4: Pay 50% of the tuition fee
• Phase 5: Apply for an Irish student visa
So, the right time to apply for an education loan for studying in Ireland is after receiving the offer letter from an Irish University.
Irish Student Visa
To qualify for an Irish Student Visa, students are required to fulfil certain financial prerequisites. They must show an estimated living expenses of €850 Euros in the sponsor’s savings account then only the Irish Embassy approves the student visa.
Students applying for education loan for a total duration of the course must show the 50% of the total requirement in other liquid form say for ex: Savings, Fixed deposits etc to the Irish Embassy.
How will ELAN help in an overseas education loan process for Ireland?
At ELAN Loans, our expert team assists study overseas aspirants in the entire overseas education loan process for Ireland.
We will not only guide you in your foreign education loan process, but we will also coordinate with the respective financial institution.