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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.

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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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