University team up with bank for student loans

The University of Ulster has teamed up with Northern Bank to develop Northern Ireland’s first loan scheme specifically designed for full-time postgraduates.

The package, which is available to all full-time postgraduate students at the University of Ulster, has been designed to cover tuition fees and has been structured in such a way that the student pays interest only for the first 18 months of the loan - around £25 per month on a typical £4,000 loan.

After that period, the loan payment increases to cover the capital amount borrowed as well (currently around £110 per month). The student has up to five years to repay the loan at 7.5% APR on current rates.

Professor Norman Black, Pro-Vice-Chancellor Academic Development and Student Services at the University of Ulster said: “Postgraduate students represent the very brightest and most talented of our society and the contribution they make to its economic and social well-being cannot be underestimated.

"It is of particular importance therefore that the University takes every opportunity to assist the growth of postgraduate provision and indeed we have a very extensive suite of postgraduate courses including both taught and research provision aimed at meeting the academic and professional elements."

Rosamond Bennett, Head of Marketing and Communications at Northern Bank said:

“We were really pleased to work with the university on this loan package. These students are our future and it is important that we help them to be able to continue their studies. We are happy to be investing in their futures.”

Student Orlaith Kane from west Belfast, who is about to start an MSc in Management and Corporate Governance said the scheme does make a difference.

"If it wasn’t available I would have been forced to give up my studies. It’s as simple as that," she said.

(MB/SP)