The Bank of Ireland UK has launched a new account with an arranged overdraft designed especially for students entering the new School of Medicine at Ulster University in Derry which will open in August 2021.
As graduates embarking on a second degree, the medical students are required to self-fund tuition fees as well as their living expenses for the duration of the four-year course.
The new account will allow students to borrow funds to pay for the fees to the value of £4,530 in the first year and rising on an annual basis along with £500 of living expenses.
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The arranged overdraft is not required to be repaid until graduation, and graduates will be given a preferential rate over four years to complete repayment.
William Thompson, head of branch banking NI at Bank of Ireland UK, said: “We are delighted to launch this new and unique account. Our aim in providing the new account is to enable successful applicants to achieve their ambitions and 'begin’ their journey in a career in medicine without a concern as to how they fund the fees."
He said: "The opening of the new School of Medicine will significantly contribute to reducing the shortage of doctors the health service faces each year and will undoubtedly be a catalyst for the economic growth and development of Derry and the North West region as a whole. We are proud to play our part in helping to make the new school a success and enabling our community and customers to thrive.”
Professor Louise Dubras, foundation dean of the School of Medicine, said: “As our medical students prepare to take on their most rewarding role yet, we are pleased to know this option is there to ease the financial obstacles they may face.
"Since we started planning for the opening of the new School of Medicine, we have sought to find ways to support our students who are already graduates and therefore may need this kind of financial assistance for the four-year period. Thank you to Bank of Ireland UK for developing this new option for our students.”
Professor Malachy Ó Néill, provost at Ulster University’s Magee campus, said: “The opening of the School of Medicine at our Magee campus in August is a huge milestone for the city. We have encountered tremendous support from partners across the city and region.
"It has been a pleasure to collaborate with the Bank of Ireland UK team on this initiative. We are grateful to Bank of Ireland UK for their commitment to our vision for the School of Medicine and to our students, Northern Ireland’s future doctors.”
To be eligible to apply for the account and arranged overdraft, students must be a UK resident; have been accepted for the School of Medicine at Ulster University and have their primary account with Bank of Ireland UK.
For students interested to learn more, a webinar about the new account is happening on Thursday, July 22 at 1pm via Zoom – details for registration can be found here.
Otherwise call 0800 0850 4444 (Mon-Fri 9am to 5pm; closed Saturday and Sunday) for further information and to apply.
The School of Medicine will open in August 2021 at Ulster University’s Magee campus with an intake of 70 medical students.
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