Marie Louise O'Donnell (Independent) | Oireachtas source

Regarding Senator Power's comments, does the Department have an opinion on the banks' disgraceful behaviour in respect of postgraduate fees? They sell loans at certain interest rates to students, some of whom are taking long courses in, for example, engineering, medicine, accountancy and veterinary medicine, but then leave them high and dry the minute they qualify and increase their interest rates by 3%, 4% or 5%. It is amoral. The Department of Education and Skills should take a lead or have an opinion on this matter. The Bank of Ireland is a disgrace for young medics. As education progresses and families lose income, they become more dependent on banks and students in certain areas must rely on grants to be able to afford university and accommodation. After their interest rates increase, those students are beggared for the next ten years. What kind of signal is this to young people who want to stay in and repay this country? Senator Power is correct - those people leave. Sometimes, they do it to leave their debts behind. Others do it because it gives them a better chance of repaying their debts without being beggared. I know for a fact that some must repay double what they have borrowed. The fees are significant.

We all know that a primary university degree is almost like holding a leaving certificate now. As such, someone must do postgraduate education to move up. Rightly so, but young people who do this are choked financially by a bank to which we gave €3.75 billion to keep it open. Recently, a graduate entering into medicine discussed this matter with the committee. That person seems to have been left penniless. This is just one reason for young medics leaving the country. They will never be able to stand on their own two feet because they must give the banks their souls, breath, hearts and lungs on their borrowings.

The Department of Education and Skills should have a policy or conversation on this matter. Perhaps we could keep the interest rate at a certain level for a few years to allow people breathing space. Currently, those rates can double within three months of qualifying. That is amoral and unethical.