Hi, I borrowed heavily for my MBA in a good US school. The problem is that I borrowed only for a year, and thought something would work out once i am here. However, that didn't happen.
The next year starts in September and I'm out of funds. The school says i would have to leave if I don't pay up.
I can't repay back my loan if I am forced to go back to India. I don't want to spend the next twenty years of my life repaying the loan. Please advise.
RE:Ran out of funds in the US
by prashant rai on Aug 09, 2006 09:03 PM Permalink
contact me (raiprashant79@rediffmail.com), I might have solution for you. I can not discuss here.
This is what rediff's international education expert had to say:
I only advise the following in emergency situations:
First ask the university for a monthly installment tuition scheme. Then apply for a work permit under the "Economic Hardship Programme" which will enable you to work off campus. Your off campus job should
pay enough to help you pay your tuition and living expenses. The work permit can be applied through the university international student office.
However, keep in mind that after graduation you are allowed 12 months of Optional Practical Training (OPT). If you apply for this temporary work permit for a period of 9 months, your OPT period will reduce from 12 months to 3 months. Therefore, after graduation, you will only have 3 months to work with a company on your student visa.
Needless to say, Amit, you have taken a very big risk. Once you get through this situation, please exercise common sense and only sign up for programmes if you can afford it.
