If your parents / scholarships are paying your graduate school escapades, stop reading, this blog this is not for your types.
I couldn’t sleep well last night and finances of graduate school was going through my head all the time also the after effects in case of a failure to get a job. I pay for my own studies through a loan secured through a bank in India and hence the concern.
My only hope and prayer is US government should sort out the economics within and America should once again stand on its own feet, America should never ever ever ever fail, cause if it does so will I.
So what was my concern?
1 US Dollar = 52 Indian Rupees (At current market prices)
My Tuition fees per semester USD$11,000 x 4 Semesters = USD $44,000
1 month for living + food = USD $1000 x 24 months = USD 24,000
Income from on campus job USD $700 x 20 months = USD 14,000
Total two year expense = USD $54,000 or 2,808,000 Indian Rupees.
Average salary for a graduate in India = 500,000/Annum on a higher side – Taxes – Living Expense a maximum saving of 100,000 per annum could be achieved ( No vacations, not falling sick, minimal lifestyle)
That means it would take me 100,000 Indian Rupees x 28 years = 2,800,000 to repay my graduate loan.
Yes 28 years of my life.
Average salary for a graduate in USA = $55,000 / Annum – Taxes – Living Expense a maximum saving of USD $20,000 per annum could be achieved (Some vacations, Insurance included, almost a good life compared to Indian standards)
That means it would take me USD $20,000 x 2.7 years = USD $54,000 to repay my graduate loan.
Hell Yeah just 2.7 years of my life.
I have 6 more months to graduate and find a job, 6 months later it would be decided if I live happily ever after or just……….
God Bless America and me.
