I have applied for a masters program in Spain, and I was accepted (yay!). However, now I am faced with the daunting task of determining how I am going to pay for it. My university in Spain is not linked to an American loan program, therefore I do not qualify for a student loan. While I have enough money right now to pay for the program, I need that money to be fluid for my living expenses while I am abroad in case of emergencies, etc. The program itself will cost me about 11k USD, and I was going to factor in about 2K extra to make up for the fact that I can't be working as much. I was thinking about needing a personal loan between 12k and 13k. I could borrow the money from my parents...However, I would prefer not to do that because I am 23 and living and working abroad and they take care of me enough as it is.

Is it unreasonable to take out a personal loan for this amount at my age? Should I consider taking out about 5K and having my parents help with the rest? What about a line of credit? Due to scholarships and my parents I have not had to deal with student loans or any sort of loan, so I don't know what to do. I also need to be doing all of this from Europe, which I'm not even sure is possible.


If your parents can spare it, take the money from your parents and return it to them with interest. It is always better to pay interest to family than to a bank.

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