Advice on best way to pay off tuition fees in Ireland.

silver_4444_uk

Hello everyone,

My daughter has just been offered a place on a 4 yr post grad Medicine course in Ireland.

The total cost of fees, accommodation, utilities etc will be about 26000 per year :eek:

We have already offered to help her with the cost of "accommodation, utilities,etc." (approx 11000 per year )

We are looking for additional advice please on how best to help her pay off the tuition fees which are 15000 per year (total 60,000 ).

One of the banks is offering a personal loan of 60,000 over the 4 year course at an APR of 6.5%. A moratorium of repayments applies for the first 4 years. Then 120 monthly repayments of 790.34 are then payable, amounting to a total amount repayable of 94840.40. Overpayments are allowed and there are no penalties for over paying.

My own position is that I am 53 and have savings of 41000 and can save approximately 12000 a year. I have a pension pot of 430000 and I am 2 years away from being able to access the 25 % lump sum and could clear it in full in Aug 2019.

Any suggestions on the most efficient way of clearing the tuition fees would be greatly appreciated.

Thanks,

Silver