Taking an schooling mortgage to review overseas is usually a high-stakes gamble. With out securing a job post-graduation, the monetary burden could be crushing, leaving college students trapped in debt and uncertainty.
A 27-year-old Indian graduate lately shared his harrowing expertise on Reddit, detailing how his dream of learning within the US was a monetary nightmare. He took a ₹40 lakh schooling mortgage in 2022 to pursue a Grasp’s diploma, however after failing to safe a job on account of financial downturns and visa restrictions, he was compelled to return to India, burdened with overwhelming debt.
“My complete life will go into simply surviving this disaster,” he wrote, describing how his household exhausted their financial savings to assist his schooling. His father, who ran a small manufacturing enterprise, invested closely in his future, however the monetary pressure led to the collapse of the enterprise and his father’s declining well being.
After relentless job looking within the US for a 12 months, the graduate returned to India, touchdown a job that pays ₹75,000 per 30 days — virtually fully consumed by his ₹66,000 month-to-month mortgage EMI. “That leaves me with simply ₹9,000 to outlive, assist my household, and deal with every little thing else. We’re a household of 5, and we’re barely holding on,” he shared, expressing his emotional and bodily exhaustion.
Determined for an answer, he turned to Reddit for recommendation. “I don’t know who to show to anymore. I’ve tried contacting the financial institution for restructuring, utilized for facet gigs, and reached out to trusts and NGOs — however nothing has labored up to now.”
The put up resonated with many, drawing supportive feedback and sensible recommendation. One person inspired perseverance: “Your earnings solely goes up from right here. Your mortgage quantity solely will get decrease from right here. That is the worst it’s going to be. Issues will get higher.” One other steered debt restructuring as a short-term aid: “Discuss with lenders to extend tenure or scale back rates of interest. If doable, make it an interest-only mortgage for a 12 months to get some respiration room.”
Others strongly suggested towards promoting his household dwelling. “Don’t promote your property. Put all of your power into making more cash. In 3-5 years, you’ll recuperate. Simply preserve pushing.”
