Mortgage As A Mature Student

[TX1]

I have just bought an apartment with my girlfriend of 8 years. I am desperate to go back to college next year as i need to get a degree in order to better my life as for many various reasons i never pursued this path when younger. I am worried about meeting payments etc and was wondering if anybody has advice on financial aid for mature students. It is a 4 year degree and is alot to take on but i feel it is a neccesity in which to secure my longterm career ambitions. Has anyone been in this situation previously? any help/advice much appreciated. P.S I would be a mature student.

 

[Eurofan]

If you haven't received a degree before you'll prob be able to receive 'free' fees anyway which would (in DCU at least) drop that cost to about €800 a year. Depending on your previous years earnings you may also be eligable for a grant but it doesn't amount to much (around €3800 for the year I think).

Could you do this course part-time and continue your current job to make ends meet?

 

[oulu]

Just wondering could you swap to an interest only repayment for the 4 years you will be a student , If current bank wont do it maybe transfer over to different bank, ie I would not tell them the reason I want to change to interest ,

 

[c71]

Hiya,


I'm currently a mature student and can back up both of the above posts with more detail - they're both spot on in their suggestions.

1. Check out the 'Back to Education' grant. If you do not have a degree already, you can avail of this....I think you have to be on social welfare for a couple of months before you can receive it. A number of mature students I know get this....unfortunately I can't as I have a degree already and am pursuing a degree in a different area. If that avenue isn't desireable, the local VEC give out grants...again with the stipulation that you do not have a primary degree already.

2. Go for the interest only option on your mortgage...in the first couple of years you are paying a sizeable amount of interest as opposed to the principle. This is what I'm doing....and yes, my lender is unaware of my status in that I bought a house with the interest only before I stopped working. As long as they get their money...they won't care! I intend to revert back to full mortgage payments after I qualify....another three years away.

The best of luck - the hardships endured will be worth it!

C71