Studying in Ireland can be a mesmerising experience for you as an international student. Picture yourself living in a picturesque town, driving across the Atlantic way or having a stroll at the iconic Cliff of Moher. These thoughts do seem dreamy. Isn’t it? However, as splendid as it may sound, finance remains a big hurdle for many students. But what if we told you it is POSSIBLE? It is possible to smart finance your education to study in Ireland. Funding your study to Ireland as an international student can be done in six simple and efficient ways.
Let’s discuss in detail how to get student loan for international students in ireland.
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Cost of Studying In Ireland: How Much Will You Spend in Ireland?
Studying in Ireland is a tempting opportunity. But, here’s something you need to know before moving to Ireland—the city is an expensive country to live in! This means that your study expenditure and your cost of living in Ireland are expected to be slightly high.
The cost of studying in Ireland will vary according to the program you are studying. The annual tuition fee in Ireland may start from up to €9,000/INR 7,14,330 for UG courses to up to €35,000/INR 27,77,950 for courses such as MBA, MBBS, etc.
Although the cost is high, studying there can be totally worth it once you get a job. The ROI of your study expenditure can be covered within a year or two after taking up a job in Ireland.
Apart from the cost of studying, students also have to bear the cost of living. Here is a list of your basic regular expenses and jot your monthly expenditure:
Cost in Ireland
€ 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
€ 100 - € 150/ INR 7,937 - 11,905
€ 300 - € 500/ INR 23,811 - 39,685
All in all you will need about €1850/ INR 1,46,834 per month in Ireland. This definitely seems like a massive amount to cater to every month. However, you can strategically finance your education and ease out on your expenses with students loan Ireland.
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Now you know the costs involved in pursuing education in Ireland. Next, let’s explore ways to….
Financing Your Education: Ways to Fund Your Ireland Study
Traveling to Ireland for further education can seem a lot financially at the beginning. But, if planned in the right manner, you will surely be able to afford a decent lifestyle in Ireland.
To assist you with this planning, let’s discuss in detail the ways you can fund your study in Ireland or procure loans for students Ireland:
1. Personal Savings
Most students heading over to the Irish land tend to have work experience of a couple of years. This is done with the intention of being exposed to the industry they are from. Therefore, many students hold some amount of personal savings to spend in Ireland.
You will also be pleased to know that having work experience while you study in Ireland eases your job hunt abroad. You will be able to find a job for yourself sooner with previous work experience.
2. Parental Sponsorship
In case you don’t intend to invest your savings and your parents are your education sponsors, you will still be able to study abroad. Parental sponsorship is an accepted financial aid in Ireland.
All you need to do is submit documents that prove your parental income. Pay your fees and keep the receipts of the same handy. This way, you will be able to get a visa without any hassle.
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3. Education loan
If you are keen on studying in Ireland but don’t have enough savings, you don’t have to be dejected. Studying in Ireland is still doable with the help of an education loan. Banks lend low-interest student loans to study in Ireland. So, if you wish to get a loan, you can visit your preferred bank or consult a Yocket professional to get a bank loan sanctioned.
Study abroad experts can help you ease your loan process by helping you calculate the approximate amount you will need in Ireland. Post that, they also provide you with assistance to get a low-interest loan that suits your needs.
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There are a number of scholarships available to study in Ireland. You can check on the university you are applying to or government portals to check the scholarship options available. Grants, scholarships, and financial aid ease your expenses while studying in Ireland.
To get scholarships take the assistance of a professional counsellor. As study abroad experts, they will be able to help you reduce your Ireland costs.
Some of the popular scholarships to study in Ireland as an international student are:
- The Government of Ireland International Education Scholarship
- University of Cork Scholarships
- Maynooth University Scholarships
- The Intel Scholarship
- Caroline Walsh Bursary in Creative Writing
- Giri Global Excellence Scholarship
- Global Excellence Graduate Scholarships
- Max Arthur Macauliffe Special Merit Scholarship
- Quercus Taught Masters Academic Scholarships
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5. Employer Contributions
Some of the students moving abroad for further studies can also have their company fund their education. Employees working in an establishment long enough to develop mutual trust can be offered employer contributions to study.
In such a case, the company you’ve been working for will pay for your study expenses. If you are one of those lucky chaps, make use of the opportunity to study in Ireland for free.
6. Part-time Jobs
The sources of funding discussed above help you before you step into Ireland. However, most of your funds may get exhausted in the primary expenses incurred while moving to Ireland. To manage regular expenses in Ireland, international students can take up part-time jobs in Ireland. This is the most sought-after method to fund education in Ireland.
International students are allowed to work up to 20 hours/week in Ireland. Part-time jobs help you manage your regular expenses as well as add to your professional experience (if you work in the same field as your study).
Next, let’s explore the eligibility of student loans Ireland.
Eligibility Guidelines to Apply for Student Loans Ireland
The eligibility requirements to procure education loan for MS in Ireland or for bachelors/undergraduates may vary as per the intuition/bank. However, let’s explore the basic ones:
- The student/borrower in Ireland is required to be an Indian Citizen.
- The applicant should be above 18 years of age to apply for an Ireland Education Loan. However, students below 18 are recommended to apply for the loan co-jointly with their parents/guardians.
- The student must have successfully secured admission to a job-oriented professional, technical graduation degree course, post-graduation degree, or diploma courses like MCA, MBA, or MS offered by a reputed university.
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Now you know the criteria to apply for an education loan for MS in Ireland or any other field. Next, let’s explore the top lenders for international student loans Ireland.
Top Education Loan Providers in Ireland
Education loan providers in Ireland include government banks and NBFCs. The education loan for Ireland is usually provided based on degrees. Let’s explore the options:
The cost of undergraduate education in Ireland is between EUR 9,850-25,000/ INR 7,81,794-19,84,250. The applicant has the option to apply for an unsecured education loan from private banks in Ireland and lenders. The requirement to apply for an unsecured education loan in Ireland is an earning co-applicant with a good income and CIBIL score.
Some other factors that might help determine the loan amount limit include the target course, ranking of the colleague, student profile, financial history, co-applicant profile, and the future earning potential of the student/aspirant.
2. Post Graduate
Ireland is a hub of various MNCs. Therefore, many students visit the country to pursue post-graduation degrees. The options to procure loans for students Ireland include secured and unsecured loans. The tuition fees for masters in Ireland vary from EUR 7,000-17,000/ INR 5,55,590-13,49,290. A student can procure a loan with and without collateral from the:
- Public Banks
- Private Banks
Further, the applicant must analyse the loans on factors like interest rate, processing fee/time, margin money, moratorium period, loan duration, expenses covered, etc.
The MBA fees in Ireland ranges from EUR 13,500-37,500/ INR 10,71,495-29,76,375. The student can choose from various options to procure educational loans.
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Now you know the best student loans Ireland. Next, let’s explore the…
Expenses Covered Under Loan Repayment Facilities
Students travelling to Ireland for higher education can avail of a maximum loan amount of INR 20 Lacs/ EUR 25,284. However, higher loan amounts for studying in Ireland are considered on a case-to-case basis.
As stated earlier, international students will have the benefit of working part-time and their living/tuition costs in Ireland. In fact, all international students holding a valid work visa are permitted to do a job for 40 hours/week between the months of June to September and December to January; and 20 hours/week for the rest of the year. Further, the students will also be given an option to stay back for 12 months and look for a job that corresponds to their area of qualification/degree.
When to pay? Students who have applied for an education loan in Ireland from a nationalised bank are required to start the repayment process after the completion of the course/degree period and moratorium period. The repayment commences one year after the course/degree completion or 6 months after securing a job, whichever is earlier. However, please note that the moratorium time varies for different loan-providing institutions/banks/sources.
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Studying in Ireland can be a great step toward your personal and professional growth. Therefore, don’t let the financial constraints limit your opportunities. The above methods are some of the most practical ways to fund your education. By opting for these methods, you will be able to manage your student life in Ireland. Once you complete your education, you can look for a post-study job in Ireland and get an ROI on your initial investment.
However, in the process, if at any step you feel intimated or confused, get in touch with our expert counsellors by choosing Yocket premium. They will surely provide you with end-to-end personalised guidance.