<p>I'm a senior at UCSC, graduating in the spring, and I want more than ANYTHING to be able to go back to Australia (where I lived for a couple of my high school years) and undertake the Urban Planning program at the University of Melbourne. The only thing is the money issue, which of course is a huge issue given my circumstances. My mom is in extreme debt, as am I (but for my case, it was identity theft), but I'm planning on filing for Ch 7 bankruptcy as that will AT LEAST look <em>better</em> than having an upwards of $36k on my file. Anyway, I know these are not the best circumstances to want to go to grad school overseas but like I said I would do anything to be able to make it happen. The only loans I have taken out have been Stafford loans (sub and unsub) for 6 quarters at the UC. I guess my main question is: how much do you think Stafford would give me if I applied to University of Melbourne (whose tuition alone for the 2 year program is total $58k)? I'm not sure how much Stafford loans are usually offered for graduate programs. Other than that, I do have a possible cosigner who is obviously not my mother as she is in debt, so that leaves me with private loans (if I could even get them, even with the cosigner)..so I suppose my second question is: What private lending source would be advised for funding an overseas grad school? (while tuition costs are approx $58k, food, housing, transport, etc. would be approx 40k.)
Additionally, ideally I'd like to just stay in Australia, which is another reason I'd like to get my masters degree over there.
Thank you, any responses to my queries are appreciated</p>
<p>You should not do it.</p>
<p>Borrowing tuition plus living costs of $100,000 through private loans will saddle you with hugely unsustainable loan payments - and that’s if anyone would loan you money, given your extensive existing debts and pending bankruptcy. That could even prevent you from getting a student visa, as governments generally require proof of sufficient living funds.</p>
<p>You should look for a funded graduate program, or one you can attend at an in-state tuition rate.</p>
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<p>Stafford loans for grad students are capped at $20,500/year and the foreign school must participate in the US education programs, so check to make sure they actually have a federal school code and can be added to FAFSA. If they do, I’m pretty sure they would also qualify for the Grad Plus loan program, but you’d likely be denied based on your credit history/bankruptcy. Is there no other way to get the debts that resulted from identity theft out of your name?</p>
<p>I agree with polarscribe that $100K+ in education debt may be very difficult for you to pay back…you’d be looking at loan payments of over $1K/month for many years. Have you thoroughly researched the immigration/visa process for Australia and do you know if you’d be allowed to work there while you’re in school? What is the demand and starting salary level for urban planners and what is the cost of living like? Does it really make a big difference if you get your master’s degree in the US? If you haven’t already, you might want to pose these types of questions to urban planners in Australia, or those who hire them, and consider their responses. Good luck!</p>
<p>You should have a bigger fear of debt than you do. </p>
<p>This is not a good idea. </p>
<p>*What private lending source would be advised for funding an overseas grad school? (while tuition costs are approx $58k, food, housing, transport, etc. would be approx 40k.)
*</p>
<p>You’re not thinking this thru at all. You just said that you’re going to declare bankruptcy. Why would you think a private lender would then lend you money. the idea is bad even without the bankruptcy, but with it, no bank is going to lend you the money.</p>
<p>I would suggest you NOT file BK, instead pursue the tedious means to get that identity theft debt off your record. If it is not your debt, it should not ruin your credit score for the next 7-10 years.</p>
<p>Then explore options of funding at Melbourne. Can you be a dorm warden/RA? Earning free rent and possibly food? Are there any vehicles for funding which include non-Aussies? I don’t know how things are funded in Australia, but you don’t want to have to take loans for that amount. That does not mean the end of your dreams, it just means you need to do some research and get creative.</p>
<p>[Scholarships</a> | Study in Australia](<a href=“http://www.gostudyinaustralia.org/scholarships]Scholarships”>http://www.gostudyinaustralia.org/scholarships)</p>
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