International student debt

austinmshauri
Tue, 21 Dec 2021 14:13:43 +0000

Does your country allow students to borrow $60k/year? US students are limited to ~$6k/year. If they want to borrow more they need an (American) cosigner. Cosigned loans are generally discouraged because they’re so hard to pay back. Students whose cosigner isn’t approved midway through school are in a real bind because they have to withdraw and they end up with enormous debt but no degree.

How much you should borrow depends on the types of loan programs your country offers and what kind of job you’ll be able to get when you return home after graduation. If interest rates are high and pay for entry level positions is low then you should limit your debt as much as you can.

What are your other options? We always encourage students to have some financial safeties on their list. Have you applied to any of those?