<p>I have just graduated from University and I am looking to do a Masters in Business from a really prestigious International Business School in Spain. The only problem is I have no idea how I am going to finance it. The tuition is about 14,000 Euros or rough $21,000 but I cannot find a SINGLE institution to finance it. My relatives who are loaded but really cheap have offered to give me a loan but with 5% interest starting after the first month of the loan (what generous family I have) which is ridiculous because how am I supposed to pay off interest when I have no income? I have looked on numerous US financing sites for Americans trying to study abroad but there is a tiny amount of approved schools you must attend before they will loan you money. Scholarships are an option but I could only get about $1000-2000 and I need A LOT more than that. Financial aid same problem since my school is not "approved." Could someone please give me any advice on how to finance it?</p>
<p>talk with your relatives i have a similiar situation about financing for my bachelors i BSed a bunch of stuff to my grandfather saying if he financed my undergrad education I would have zero debt going into med or graduate school which then would turn out me having good income within 5-7 years of earning my MD degree. Which I could then pay him back plus he would have unequal bragging rights about his doctor grandson plus convienent medical advice. </p>
<p>So my point BS a bunch of stuff to your relatives saying if they facing and let you pay them back when your financially stable it could be very benificial to them. Dont know if it would work but good to give it shot.</p>
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<blockquote> <p>My relatives who are loaded but really cheap have offered to give me a loan but with 5% interest starting after the first month of the loan (what generous family I have) which is ridiculous because how am I supposed to pay off interest when I have no income? >></p> </blockquote>
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<p>OK...this is not going to be what you want to hear...but this IS a generous offer. Getting a private loan from a bank would not be possible without a co-signer (you said you have no income), and the interest rate would be MUCH higher on even a co-signed loan.</p>
<p>Your "rich but cheap" relatives are really not required to finance your college education. I hate to sound harsh, but in my opinion, considering the FINANCES of college should be done first. In other words, if you had no way to pay for this school, perhaps it should not have been a choice. </p>
<p>There are many students in the same boat as you for graduate school. They are on their own to finance advanced degrees. Their families either can't, or won't help them...or the families have already paid for a significant portion of undergrad school. Most grad students find themselves needing to figure out the finances themselves. Some are able to gain admittance to graduate programs with assistantships or fellowships to pay the bills. Others work for a few years and save the money to attend grad school. Others work and attend grad school in the evenings or on weekends. And others work for companies that offer some kind of tuition reimbursement for employees.</p>
<p>Would it work if you ask your wealthy family members to defer first repayment on the loan until a 9 months or a year after you obtain the business degree? Maybe a compromise is needed. Talk rationally to your lender. </p>
<p>By comparison, to tell them: Most student government loans for schooling don't expect you to begin repaying while you're in school. For example, Stafford undergraduate terms include a 6 month grace period after college graduation to get yourself situated. It's really 9 months after diploma before the first bill comes due. And they pause billing completely during graduate school, realizing a grad student isn't in a position while in grad school to make payments on an undergrad loan. </p>
<p>So this is consistent with what an educational loan <em>should</em> be. Your relatives are thinking of the loan as a quick investment, so want the money back sooner, which is the way it is for some kinds of business loans. Explain to them that education is a slower, but sound, investment, if they would just hold off a few years on the start of repayment. End the conversation with, "Think about it, I'll get back to you."</p>