Scenario is that child has been accepted to Med school in UCD as a Grad student with a prior college degree so has to pay full fees of
14,915, inclusive of Student Contribution of 2,750 and Student Centre Levy of 231.
Child has to get a student loan and I understand the process with the student loan is that the bank pays the fees directly to the college.
From here http://www.revenue.ie/en/tax/it/leaflets/it31.html
I see that there is tax relief at 20% on a max of 7,000 less the Student Contribution)
So for 2014/15 its (7,000-2750) = 850 in tax relief.
If the bank pays the fees and the student has no income, then is the tax relief lost?
I also understand from other posts here that the loans become repayable on demand at the end of the degree, so usually this requires a guarantor.
Is this correct?
Thanks
14,915, inclusive of Student Contribution of 2,750 and Student Centre Levy of 231.
Child has to get a student loan and I understand the process with the student loan is that the bank pays the fees directly to the college.
From here http://www.revenue.ie/en/tax/it/leaflets/it31.html
I see that there is tax relief at 20% on a max of 7,000 less the Student Contribution)
So for 2014/15 its (7,000-2750) = 850 in tax relief.
If the bank pays the fees and the student has no income, then is the tax relief lost?
I also understand from other posts here that the loans become repayable on demand at the end of the degree, so usually this requires a guarantor.
Is this correct?
Thanks