Author Topic: How can I get into a lot of debt?  (Read 6400 times)

Eddy

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How can I get into a lot of debt?
« on: July 01, 2014, 10:30:52 PM »
This may sound weird, but I need a lot of money. So I'd appreciate getting some advice from you guys.

I'll go to start my freshman year in college in Electrical Engineering. Last time I created a post here about my major, and finally decided. Well, I also have a girlfriend and we both come from Venezuela, but I was lucky enough to come here a year ago. We've been together for 3 years, and we are in a really serious relationship. The only way we could be together is to wait until I'm a citizen (that is, almost four years and a half from now) and then she could stay here until she gets the residence. That's a really long time. Also, she is going to graduate next year from the university in Venezuela so after that, well, she plans to keep studying because there isn't actually much to do. She could work if she finds a job there, but she will never be independent and what I earn working 15 hours with a minimum wage salary, she would earn the same in one month, so it is not worthy.

She's brilliant and has a lot of potential. Currently, she has the highest grade in her major, and when I met her in high school she had a final grade of 19.97 out of 20, probably the best grade in the history of her school. I say this not too brag, but to point out how valuable she is and how (sadly) she won't be able to exploit her potential in Venezuela. That's why I want her to come here and basically close the distance. Finally, I want her to come here as soon as possible because Venezuela is an extremely dangerous country, where she's at risk every second of her life. She's already been robbed once, and someone could kill her just to steal her phone (it happens every day, multiple times). She studies in a city far from her house, so she needs to use public transport (dangerous too) every day and then sometimes she comes back when it is really dark, which means more danger and risk.

There is only one way she could come here, and that is by having a student visa. Her major (political science) is not worth anything here in the USA, so the only way to have some credentials would be to study a master's degree, which would be able to make her stay here for two years or more, until I become a citizen. She could study in Venezuela, but when she comes here it would have no value.

Studying a master's degree here is not cheap at all. It would cost us like $55k or $60k for a non-resident and there is not possible way to get that by myself. I need the money, and I don't mind paying it later. Even if I get in debt and it will be difficult to pay it later, I would be with her and she will be safe. We would live with my parents, so we wouldn't need to pay any rent. We just need the tuition.

How could we get such a great amount of money? I've heard of students that are $100k sunk in debt, but I don't know if someone would lend me that amount if my degree costs me way less than that and I am living with my parents.

She is a great person but has lived through tough times. I love her and I would like to help her succeed. She has no future in Venezuela, and I told you everything that happens there and everything she has to deal with, you would be amazed. It's really sad, not just for her but for every Venezuelan right now. On the contrary, I'm really comfortable with my life and I don't have to face any problem, just because I was lucky enough to move out from my country.

I know this sounds crazy, but I need your help. Thank you.

(Oh, my college degree will almost cost me nothing because I'm getting financial aid)
« Last Edit: July 01, 2014, 10:34:44 PM by Eddy »

EricL

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Re: How can I get into a lot of debt?
« Reply #1 on: July 01, 2014, 11:00:06 PM »
Wow.  I thought you were joking.  First of all, try to avoid going into debt.  It might be worth it in the short term but it will hurt you, your girlfriend, and your relationship later.  If she's just studying to keep herself occupied she might consider changing her major to something that might garner her financial aid if she tries for a student visa.  Or perhaps she can try for a work visa.  (You've probably looked into that already I'm sure.)  You might try looking at getting her to another country like Chile or Brasil where the entry requirements and crime aren't so bad - if only until you become a citizen.  I hope there are people here who can get you more substantial advice.  Even so, cast your investigation wide.  The info is out there. 

gimp

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Re: How can I get into a lot of debt?
« Reply #2 on: July 01, 2014, 11:12:50 PM »
Ignoring how incredibly inadvisable this is, let's focus on your question.

The truth is that what you describe is nearly impossible. The regular avenues are government loans for education, which are for residents; then there are private loans, and those need co-signers. You can't really co-sign someone's loan because you have no income, no assets, no credit history, and so on. In short: no dice.

Are you a lawful permanent resident of the US? If so, your best bet is probably marriage - http://www.nolo.com/legal-encyclopedia/free-books/fiance-marriage-visa-book/chapter2-8.html.

Again, ridiculously inadvisable in every way.

Gimesalot

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Re: How can I get into a lot of debt?
« Reply #3 on: July 01, 2014, 11:18:47 PM »
What a terrible situation!  I am sorry life is so tough in Venezuela.  My suggestion is that she try to get into a technical field.  She is really smart, so it shouldn't be difficult for her to go back to school in Venezuela for a couple of months and take some classes in science or engineering.  From there she could apply to schools in the U.S. for their masters programs.  Most technical masters degrees are paid positions.  This means she could get a tuition waiver and a small salary, usually about $1500 to $2000 a month.

You will have a very difficult time taking out student loans to cover her tuition.  When I was in college, my school and my private lender were in communication.  I could not borrow significantly, more than double, more than my tuition.  Also, she will not be accepted into a school without being able to prove she can pay.  She won't have a social security number, so she can't take out loans.

Keep in mind that although you plan on becoming a citizen in 4 years, it could take much longer.  My application took almost 7 years to finalize.  This means that she needs to be able to have a way to stay that is independent of your citizenship.

Good luck!

dragoncar

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Re: How can I get into a lot of debt?
« Reply #4 on: July 01, 2014, 11:24:46 PM »
I could definitely be wrong, but I find it hard to believe that it takes "$55k or $60k" to get a visa-eligible masters degree.


Are you a lawful permanent resident of the US? If so, your best bet is probably marriage - http://www.nolo.com/legal-encyclopedia/free-books/fiance-marriage-visa-book/chapter2-8.html.

Again, ridiculously inadvisable in every way.

Why is this inadvisable?  He's going to have to go through this same process anyways after he becomes a citizen... why not start now?

not related to immigration, but re: money -- could she work remotely for a US company?  Like, what if you signed up for one of those work from home things and just give her the login (maybe with a proxy so it looks like it's coming from the US).  Not sure about legality (actually, are YOU even authorized to work?  I'm curious if you are on a student visa).  Anyways, if she's really brilliant then she could probably do the tutoring thing or whatever listed in the various work from home threads around here and hopefully earn enough to move to a safer area.
« Last Edit: July 01, 2014, 11:27:37 PM by dragoncar »

gimp

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Re: How can I get into a lot of debt?
« Reply #5 on: July 01, 2014, 11:25:59 PM »
Freshman in college, that's why.

dragoncar

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Re: How can I get into a lot of debt?
« Reply #6 on: July 01, 2014, 11:30:59 PM »
Freshman in college, that's why.

Yeah, didn't think about that.  I just kinda got the impression that they were going to be getting married anyways.  I'm not advocating it FOR the green card, but just think it bears repeating that you don't need to wait until OP is a citizen.

gimp

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Re: How can I get into a lot of debt?
« Reply #7 on: July 01, 2014, 11:34:52 PM »
Indeed. To get citizenship, the resident needs to be a citizen; to get a green card, the resident needs to be a legal permanent resident.

The company thing won't work; there's a special visa for that. It's pretty damn expensive to get, the company does the leg work, and there's so much demand it comes down to a lottery. (H1B)

bradleylsmith

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Re: How can I get into a lot of debt?
« Reply #8 on: July 02, 2014, 12:09:12 AM »
I think your best bet is pave.com - they provide loans in exchange for a percentage of your future income for a few years. Makes much more sense then traditional debt too because the loan is tied with your future success.

Annamal

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Re: How can I get into a lot of debt?
« Reply #9 on: July 02, 2014, 12:19:07 AM »
It sounds like the two of you have a really strong relationship (otherwise you would not be considering this much debt)  which can definitely survive long distance....

I would suggest that she look overseas (but not in the US) for potential study or work oppurtunities for the next few years. The world is full of good universities and many of them are in much safer places.

Her degree is something that would probably be complemented by international experience and if she's achieving as highly as you suggest then she might be able to apply for international scholarships.

I understand wanting to be together but I think she really needs to consider her own career and where she is heading (and you both need to think super hard before taking on debt)

jonmchan

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Re: How can I get into a lot of debt?
« Reply #10 on: July 02, 2014, 02:53:28 AM »
If she is as smart as you say she is... look into scholarships... I went to school totally for free. US colleges and universities are always looking for smart people and you should be able to get some portion of education paid through scholarships.

Grog

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Re: How can I get into a lot of debt?
« Reply #11 on: July 02, 2014, 03:02:59 AM »
If the priority is safety and waiting time until you are a resident, think about Europe. I know that there are programs for talented foreigners (which seems to be the case) for master degree and such, where you get sponsored, or she could start a master degree in a country with far less costs than in the USA: tuition is only a couple of thousands dollar in most of the countries. If you plan to pay for her, it will be much, much less, even with rent.

I'm guessing Spain could be a destination (language), Probably even Germany, French, Italy, Switzerland and UK for English.

Still, it won't be so easy to see her, but I guess it would be better than have her in Venezuela, still far away.

Fishingmn

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Re: How can I get into a lot of debt?
« Reply #12 on: July 02, 2014, 06:47:06 AM »
Have you looked into her getting a Graduate Assistant or Research Assistant job at a University?

Many Masters students pay significantly less than the school's sticker price. My daughter ended up doing grad school very inexpensively this way. She got 9 credits of school for free (so only paid for like 3 credits a semester) and was paid something like $18/hour for the 10-20 hours/week she worked. This would significantly reduce the price actually paid for grad school.

PloddingInsight

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Re: How can I get into a lot of debt?
« Reply #13 on: July 02, 2014, 07:13:04 AM »
If she can't get to the US now, think about where she can go -- now -- that is safer than where she is.

electriceagle

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Re: How can I get into a lot of debt?
« Reply #14 on: July 02, 2014, 08:45:10 AM »

not related to immigration, but re: money -- could she work remotely for a US company?  Like, what if you signed up for one of those work from home things and just give her the login (maybe with a proxy so it looks like it's coming from the US).  Not sure about legality (actually, are YOU even authorized to work?  I'm curious if you are on a student visa).  Anyways, if she's really brilliant then she could probably do the tutoring thing or whatever listed in the various work from home threads around here and hopefully earn enough to move to a safer area.

I think he's hit the nail on the head.

OP says that the girl who he wants to go $55-60k in debt for at age 18-19 is extremely smart, hard working and well educated. OP can sign up for sites like elance, odesk, tutor.com, chegg and studypool using his US credentials. Since he is an independent contractor rather than a real employee, he can outsource the work to her.

Tutor.com pays $13.00 per hour; this is not a huge rate in the US, but a person who has no responsibilities and nothing to do but be online and work can make a fair bit of coin. Of course, it will be incredibly boring work.

If she loves him as much as the initial post says, I'm sure that she would rather do some incredibly boring work to generate the income that she needs than have the love of her life start of his adulthood with $50k in debt.

mozar

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Re: How can I get into a lot of debt?
« Reply #15 on: July 02, 2014, 04:09:38 PM »
This more of a immigration question, can you call the venezuelan embassy in the usa?