Education Loan for Studying in Ireland: Everything You Need to Know

Ireland has over the years developed as a prominent education hub for international students and rightly so. The island country is also home to some of the finest education institutes in the world with an excellent academic record. However, with rising costs, students may require some financial aid to complete their studies in this student-friendly country. This article contains complete information about education loans in Ireland. 

The education system in Ireland is broadly classified into Primary, Secondary and Tertiary Levels of education. The Republic of Ireland has seen a significant rise in the number of international students visiting the country. And this is only set to rise further. The government of Ireland invests millions of euros every year into its education infrastructure, bringing it to par with the best in the world. Such hard work has resulted in universities in Ireland pioneering in the field of natural sciences, social sciences, and humanities globally.

About Ireland – The Country

Ireland enjoys a rich culture and tradition and is one of the few countries in the European Union to recognize English as an official language. International students pursuing undergraduate and postgraduate courses, acquire a unique opportunity to join research programmes that are propelling innovation and altering lives worldwide. The country is also recognized as one of the safest and friendliest countries in the world, allowing international students to complete their courses without worrying about their overall well-being.

Cost and Work Opportunities

The average tuition fee for undergraduate and postgraduate courses for Indian students planning to pursue higher studies in the Island nation range from €8,000- 30,000, while the cost of living varies between €6,000-10,000 per year. While the cost of education is moderately low for Indian students as compared to other international destinations, another advantage which students enjoy is the option of staying back for one year after the completion of their course in pursuit of employment opportunities.

Scholarship and Opportunities in the Country

Outstanding scholarship programmes are also available for international students to apply and each scholarship is based on specific criteria of eligibility laid down by individual institutions. All international students holding a valid study visa are permitted to work part-time up to 40 hours/week between the months of June to September and December to January and 20 hours/week for the rest of the year. Ireland is also home to some of the world's biggest and best brands that function out of the country. Companies like Facebook, Google, Apple, PayPal, Intel, Twitter, EA Games, and LinkedIn have set up operations in the Island nation, apart from Ireland's own homegrown organizations like DCC, CRH, and Kerry groups. These organizations also provide employment opportunities to several international students on completion of their courses.

Top Universities in Ireland

In this section, we are going to be talking about top universities in Ireland. 

• Letterkenny Institute of Technology
• Dublin Institute of Technology
• University College Cork
• National University of Ireland Galway
• Griffith College
• Dublin City University
• National College of Ireland
• University College Dublin
• Dublin Business School
• Trinity College Dublin

Eligibility Guidelines to Apply for an Education Loan to Study in Ireland

It is important for students to understand the eligibility guidelines and qualify the same, to be able to apply to their preferred money lending institution/bank for their Education Loan. The eligibility criteria vary for different banks. However, some common factors that are taken into account by all money-lending institutions (banks) include

• The student (borrower) is required to be an Indian Citizen.
• The applicant should be above 18 years of age to be able to apply for an Education Loan. Students below 18 are required to apply for the loan co-jointly with their parents.
• The student is required to have successfully secured admission to a job-oriented professional/ technical Graduation Degree course/ Post Graduation Degree and Diploma course like MCA, MBA, or MS offered by a reputed university.

Check detailed education loan eligibility in India at one click.

Understanding the Cost of Education in Ireland

Once a student decides to pursue his higher education in Ireland, there would be a lot of factors that would start looking important and cost money. Largely the cost of studying in Ireland would include:

• Tuition Fees
• Food and Accommodation
• Books and Stationary
• Medical Insurance
• Transport
• Telecommunications
• Visa Application
• Utilities
• Personal Expenses

Read: Studying Abroad attracts tax collected at source (TCS) of 0.5 and 5%

Applying for an Education Loan

Today, applying to India's top education loan providers through Shiksha Study Abroad has become extremely consumer-oriented. With the latest technological developments, applying for a loan has become simpler and much more customer-friendly. Students should be closely in touch with their coordinators abroad to determine the expenses they would incur while abroad and apply for an education loan accordingly. With banks introducing lucrative schemes, all-around-the-year borrowers should do thorough research of the market before settling on their choice. Factors that should determine their preferred bank are:

• The interest rate offered by the Bank
• The processing fee that would be levied
• Expenses covered under the Education Loan
• Loan processing duration
• Repayment terms and duration

Also, Read

Expenses covered under the Loan include

The loan sanctioned by nationalized banks would be solely for education purposes and not cover personal expenses. Apart from Tuition and Accommodation fees, the loan would also extend to examination/library/laboratory fees; purchase of books/equipment/instruments/uniforms; purchase of computer- essential for completion of the course; caution deposit/building fund/refundable deposit; travel expenses/passage money for travelling abroad; cost of a two-wheeler up to Rs. 50,000/- and any other reasonable expenses required to complete the course like study tours, project work, etc.

Bank Formalities

While the formalities vary for different banks while applying for an Education Loan, however, there are a set of formalities that are identical across the board such as documents that you would require to disclose along with your Loan Application Form. The documents primarily include but are not limited to:

For Student-applicants

• Proof of Identity (any one): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
• Passport
• Academic Records: 10th Result and 12th Result
• Graduation Result: Semester-wise (if applicable)
• Entrance Exam Results through which admission has been secured (GMAT, GRE, TOEFL, and IELTS)
• Proof of admission: Offer Letter or Admission Letter from the Institution. A conditional admission letter may be considered in the case of studies abroad.
• Statement of cost of study/ Schedule of expenses
• 2 passport-size photographs
• If any previous loan from other Banks/Lenders, then the Loan A/C statement for the last 1 year

For Co-applicants

• Proof of Identity (any one): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
• 2 passport-size photographs
• If any previous loan from other Banks/Lenders, then the Loan A/C statement for the last 1 year

For Income Proof for Salaried Co-applicant/ Guarantor

• Salary Slip or Salary Certificate for the last 3 months
• Copy of Form 16 for the last 2 years or copy of IT Returns for the last 2 financial years, acknowledged by IT Dept.
• Bank account statement for the last 6 months (of Salary Account)

For Income Proof for Self-employed Co-applicant/ Guarantor

• Business address proof (If applicable)
• IT returns for the last 2 years (if IT payee)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for C.A./ Doctor and other professionals)
• Bank account statement for the last 6 months

Loan and Repayment Formalities

Students travelling to Ireland for higher education can avail a maximum loan amount of Rs. 20 Lacs. However, higher loan amounts for studying abroad are considered on a case-to-case basis. As mentioned earlier, international students will have the opportunity to work part-time to ease their living and tuition costs abroad. All international students holding a valid work document are permitted to work 40 hours/week between the months of June to September and December to January and 20 hours/week for the rest of the year. Students will also be given the option of staying back for 12 months to look for a job that corresponds to their area of qualification.

Students who have applied for an education loan from a nationalized bank are required to start the repayment process after the completion of the course period and moratorium period (Repayment commences one year after the course completion or 6 months after securing a job, whichever is earlier). However, students should understand the moratorium time varies for different loan-providing institutions. Candidates looking for assistance with university admissions can get in touch with our Shiksha Study Abroad Counsellors on our website. 

Also, read:

• How to Repay Student Loans Faster?
• Best student cities of Ireland
• Exams required to study in Ireland
• MBA in Ireland
• Ireland Student Visa: Application Process