Student debt, what is it? We are surrounded by people who suffer through it, yet it feels so insignificant. As international students, it’s a burden many people have to bear for almost half their lives. Student loans have different terms and agreements in different countries, but one of the more significant distinctions comes when most counties don’t write off loans, unlike the UK.
It’s getting harder and harder for international students to manage their budgets after the rising cost of living. Being a student comes with many expenditures, including accommodation, bills, groceries, travel and university fees. Most students coming for master’s degree pay the bills themselves without backing from their families. Even though the university provides job opportunities, finding well-paying jobs is still challenging. Since the working limit is only 20 hours for a student visa, it gets hard for them to manage expenses.
It comes in both as a blessing and a curse. “To people struggling to make a living, loans become a blessing that allows them to make amends for their lives. Some say it provides them with an ‘opportunity for a good career’ and eventually sets them on the right path. On the other hand, if people don’t work hard or miss the right opportunities, it becomes a curse that keeps piling up, ultimately leading to stress and depression.” It’s not worth taking loans and coming to a different country if students don’t work hard.
Most people are unaware of all the validities of loans.
In India, most loans come with an added interest, which increases with the loan you take. The interest rate also increases if it’s more than INR 20 lakh (20k pounds).
Women get lower interest on student loans than men because of a scheme in India that encourages people to send their daughters for higher education.
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