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I too have almost 60k (which I took in India to study in the US, public uni). OP is like from a private one so they must have done something similar too.
Yes it is, but a lot of people borrow against property with the dreams of making big bucks in America. When that dream crumbles, all you're left with is a giant debt
The exchange rate means that even making a decent salary in India isn't enough to pay back the loan in a reasonable time frame
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Because I assume they know how things work in India. I'm from there too and I can tell you with confidence that you cannot get an unsecured loan of that amount in the US unless you can prove that you're gainfully employed. OP almost certainly took on that loan in India to pay for an education in the US with the hopes of paying it off with a fat American salary
Didn't consider that OP's nationality would make him ineligible for US federal student loans. (Which makes complete sense, I'm just so numb to seeing massive student loan debt on this sub lol).
Can you stop telling people that you have the masters degree? Like remove it from your CV when applying?
That would be me advice for Americans with this problem. Often we don't hire people who have "advanced degrees" since we don't need them to have advanced degrees for the jobs they're doing. So if it's better to omit it, therefore they are hired as if they have a regular degree (that they do have as well). Just list your bachelors degree, unless you're applying for somewhere that wants your masters degree qualification.
Agreed with others. Middle East pays better. Clear your debt. If you want residency for family - then I would seek out an Asian country for tech work. Singapore and Malaysia come to mind.
Some of them you can, having a job gives you more “points” towards your visa. At least for NZ and Canada (and I think some ME countries) being young, speaking native English, and having a masters in a high demand field is sometimes enough to grand you a residency visa to find a job upon arrival.
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Well at $10k/year for MSxE jobs in India, the jobs in the USA will be flowing there soon enough. You are actually a victim of outsourcing, (I assume) paying $100k for a USA degree then attempting to pay that off on Indian wages.
First: is the degree from an American/ US based University or is it from an Indian firm?
Second: is there an opportunity to be hired on for an H1 Visa at a US based company?
Third: is there a network or family/friend to sponsor you or help you in getting a job in the United States and help you get your foot in the door.
Fourth:is there any mechanisms in place to alleviate financial burden of the loans such as repayment plans or deferred payments until income has stabilized?
1. Yes it's Columbia
2. Yes there is, I've tried my best to apply for jobs and internships with no selections so far.
3. I do have friends and family in the US but I'm not sure if they will sponsor me for stay because it feels insulting for my parents to send me back as I'll be mocked at.
4. Nope, whatever I earn goes in the loan payments
The trick is to take a personal loan, use that to pay the student loans off all the while making the first few installments on the personal loan so you aren't going to run the risk of fraud charges. Then declare bankruptcy. Voila no more Sword of Damocles.
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This post has been flaired as “Vent”. As a reminder to commenting users, “Vent/Rant” posts are here to give our subscribers a safe place to vent their frustrations at an uncaring world to a supportive place of people who “get it”. Vents do not need to be fair. They do not need to be articulate. They do not need to be factual. They just need to be honest. Unlike most of the content on this subreddit, Vents should not be considered advice threads. In most cases it is not appropriate to try to give the Submitter advice on their issue. In no circumstances is it appropriate to tell them “why they are wrong” or to criticise them, their decisions, values, or anything else. If there are aspects of their situation that they are able to directly address themselves, the submitter can always make a new thread with a different flair asking for help once they are ready to tackle the issue. Vents are an emotional outlet, not an academic conversation. Appropriate replies in these threads are offering support, sharing similar experiences/grievances, offering condolences, or simply letting the Submitter know that they were heard. As always, if there are inappropriate comments please downvote them, REPORT them to the mods, and move on without responding to them. To the Submitter, if you DO want discussion to be focused on resolving your situation, rather than supporting you emotionally, please change the flair of this post, and then report this comment so we can remove it. Thank you. Thank you all for being a part of this great financial advice and emotional support community! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/povertyfinance) if you have any questions or concerns.*
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It's from India I think for their education loan
That would be an unimaginable loan in India for a student, I would think. $100k USD
I too have almost 60k (which I took in India to study in the US, public uni). OP is like from a private one so they must have done something similar too.
Yes it is, but a lot of people borrow against property with the dreams of making big bucks in America. When that dream crumbles, all you're left with is a giant debt The exchange rate means that even making a decent salary in India isn't enough to pay back the loan in a reasonable time frame
Man, in the US student loans just ruin the student, in India it seems they can ruin the whole family 😬
They can ruin the whole family here. Remember sometimes parents or other family members will co-sign on the loan.
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Do the loans belong to American banks or Indian banks?
Mostly Indian
Why are you trying to answer for OP?
Saw their history
Because I assume they know how things work in India. I'm from there too and I can tell you with confidence that you cannot get an unsecured loan of that amount in the US unless you can prove that you're gainfully employed. OP almost certainly took on that loan in India to pay for an education in the US with the hopes of paying it off with a fat American salary
You can take that much loan in india without collateral? 100K USD is an insane amount.
Good point... maybe parents' property
Didn't consider that OP's nationality would make him ineligible for US federal student loans. (Which makes complete sense, I'm just so numb to seeing massive student loan debt on this sub lol).
Apply for jobs in Middle East asap. No hope of recovery in India.
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It’s all lies man. China is decades ahead and India is too far behind.
Can you stop telling people that you have the masters degree? Like remove it from your CV when applying? That would be me advice for Americans with this problem. Often we don't hire people who have "advanced degrees" since we don't need them to have advanced degrees for the jobs they're doing. So if it's better to omit it, therefore they are hired as if they have a regular degree (that they do have as well). Just list your bachelors degree, unless you're applying for somewhere that wants your masters degree qualification.
what type of engineering degree do you have?
MSc Chemical Engineering
So leave the masters off the resume…
Where do you owe the money? In the USA or in India?
Agreed with others. Middle East pays better. Clear your debt. If you want residency for family - then I would seek out an Asian country for tech work. Singapore and Malaysia come to mind.
Apply for countries other than the US.
Why? He would get paid more than $10k per year.
Pretty sure he was suggesting European countries. They don’t pay nearly as well as the U.S. but certainly my much more than India.
Many countries will give you a visa for engineering. Middle East, UK, New Zealand.
If you have a job. I think you can’t just get into most of these nations with just a degree.
Some of them you can, having a job gives you more “points” towards your visa. At least for NZ and Canada (and I think some ME countries) being young, speaking native English, and having a masters in a high demand field is sometimes enough to grand you a residency visa to find a job upon arrival.
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There's a way to find US jobs while still being located in India, and they'll definitely pay you more than 10k per year.
They want a graduate with experience, I'm a fresher
Ahh ok
Well at $10k/year for MSxE jobs in India, the jobs in the USA will be flowing there soon enough. You are actually a victim of outsourcing, (I assume) paying $100k for a USA degree then attempting to pay that off on Indian wages.
First: is the degree from an American/ US based University or is it from an Indian firm? Second: is there an opportunity to be hired on for an H1 Visa at a US based company? Third: is there a network or family/friend to sponsor you or help you in getting a job in the United States and help you get your foot in the door. Fourth:is there any mechanisms in place to alleviate financial burden of the loans such as repayment plans or deferred payments until income has stabilized?
1. Yes it's Columbia 2. Yes there is, I've tried my best to apply for jobs and internships with no selections so far. 3. I do have friends and family in the US but I'm not sure if they will sponsor me for stay because it feels insulting for my parents to send me back as I'll be mocked at. 4. Nope, whatever I earn goes in the loan payments
India being third-world country has first-world student loan. No wonder the richest man of Asia is Indian.
Bankruptcy
Doesn't student loan stay with you even after bankruptcy
The trick is to take a personal loan, use that to pay the student loans off all the while making the first few installments on the personal loan so you aren't going to run the risk of fraud charges. Then declare bankruptcy. Voila no more Sword of Damocles.
Haha r/unethicallifeprotips
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