I propose to take Questions Nos. 421 to 423, inclusive, together.
In the context of the necessary but difficult expenditure reduction measures announced in Budget 2012, new students entering postgraduate courses from the 2012/13 academic year onwards will not be entitled to maintenance payments under the Student Grant Scheme.
The Department, with support and advice from the National Treasury Management Agency, met with a number of commercial providers in relation to the provision of credit to enable postgraduate students to pursue their studies. The new loan offering referred to by the Deputy is a Bank of Ireland product and therefore full details of the scheme will be available from the bank. The features of the product are considerably more flexible and affordable than standard unsecured personal loans as the repayment schedule provides for a significant period of interest-only payments. As the loan is variable, the student can pay off the balance of the loan early, without any fees or charges, to further reduce the overall cost of credit. The current variable rate of 10.8% APR is below the bank's standard unsecured personal loan rates (which are 14.8% APR for loans less than €5,000) and also below the standard student loan rate of 11.9% APR. Further information on the terms and conditions of the loan is available from the bank.