Graduate Medical School Borrowing FAQs

To be eligible for this product, you must:

• Have proof that you have been accepted for the Graduate Entry Medicine course at the Ulster University or that you are a fee paying Graduate entry student to the Queen’s University Belfast medical school
• Have an active 3rd level Student account with Bank of Ireland UK – this means having maintenance or any other income paid into the account. Alternatively you can open and switch your active current account to Bank of Ireland UK.
• Be a UK resident.

Yes you can but the maximum amount that all students can borrow each year is limited to the tuition fee amount applicable to students resident in NI plus an additional £500 per year.

To be eligible for this product you must have an active 3rd level Student account with Bank of Ireland UK – this means having maintenance or any other income paid into the account. Alternatively you can apply to open and switch your active current account to Bank of Ireland UK.

The maximum amount you can apply to borrow each year is the tuition fee amount applicable to students resident in NI plus an additional £500 per year. A maximum amount of £25,000 can be borrowed in total. Please also note that students with this account are not able to apply for the Elective & Intercalated Borrowing account.

While we cannot guarantee we will approve your application, before applying you can find out if you are likely to be approved by using our overdraft eligibility checker. Using this overdraft tool won’t have a negative effect on your credit history.
 
You can also use our overdraft cost calculator to work out how much overdraft interest you will be charged.

No, in line with the way the university charges and to reduce the amount of interest you would pay, each year you will need to apply for an increase in your overdraft limit when the invoice for fees is produced.

Details of interest rates are available on the Personal current account rates page.
 
Interest is applied to the account monthly. We will tell you 14 days before the interest is charged to the account. If you have borrowed the full arranged overdraft amount available you will need to ensure that you pay enough money into the account monthly to cover the interest charge. This will prevent the account having an unarranged overdraft.

You will not have to repay anything until after you graduate. After graduation this borrowing must be repaid in full. You will have the option to apply for a personal loan* with us or repay the amount by any other means.
 

*All borrowing is subject to the Bank’s lending conditions. Bank of Ireland UK Personal Loan is a separate product with its own terms and conditions. It is not guaranteed that the loan will be approved.

You will have access to your Graduate School Borrowing account through our banking app and 365 online. Once the arranged overdraft is approved, you will need to pay the tuition fees directly to the university, this can be done using the Payments, send money option.

There are no fees for paying money into or taking money out of the account.
 
You will pay charges if you try to make a payment from your account and there is not enough money in the account or enough of an overdraft limit available. We will tell you about these charges by sending you a pre-notification of charges pack at least 14 days before we take them from your account.
 
Other charges apply for extra services for example requesting a bank draft; these are usually charged at the time we provide the service and we will tell you about them when you ask for the service.
 
More details can be found at the Fees and Charges area of our website.

Please email onlineapplications@boi.com for more information or to arrange an appointment to submit an application.