The country's first post-graduate loan initiative for students has been announced by Bank of Ireland.
The scheme has been developed in conjunction with the Department of Education and Skills and the National Treasury Management Agency.
The latest figures, for September 2011, show that over 22,000 students, who had completed their primary degree registered for a post-graduate course in that year.
In a statement issued by BOI it says the new loan will cover the full cost of course fees, less any grant received towards fees.
It will be paid directly to the College or Institute and is in the student's own name.
It says "repayments will be interest-only for the period of study and an additional 3 months thereafter, at which point repayments will be capital and interest at 10.8% APR variable."
The repayment period can be up to five years, depending on what best suits the student.
The bank is offering a maintenance loan of up to €2,000 to those students who have previously received a maintenance grant as an undergraduate which will be paid directly to the student.
Minister for Education and Skills, Ruairí Quinn has welcomed the news.
"Officials in my department have worked closely with the bank and the NTMA on this loan scheme which I hope will mean that students who were concerned about meeting the costs of post graduate studies will now be able to access these loans," Mr Quinn said.
However, the Unions of Students in Ireland has warned that the Minister is creating a two-tiered education system.
Bank of Ireland Chief Executive Richie Boucher says the bank is focused on deploying its capital, funding and resources.
"The development of this new loan reflects our understanding of the needs of students and will provide vital funding to the current and future generations of Ireland’s post graduate students,” he added.
