Can I take out a student loan in japanese yen?
I will be attending Internation Christian University in Tokyo, Japan this fall, and I was wondering if it is possible for me to take out a student loan in yen BEFORE I go. I feel like it would be a lot more stable since I wouldn’t have to constantly worry about the exchange rate and stuff. My dad is paying for my tuition and school fees, all I have to pay for is living expenses and food and stuff. So I’m hoping to only spend about 100000 yen a month. So is there a way for me to do this?
No, the loan will be in USA dollars, if the company that gives you the loan is in USA.
You might try to qualify for a loan from a Japanese lending institution, then they would loan you money using their Yen exchange rates.
Of course, you will have to convert your USA dollars to Yen, when you arrive in Japan. There are banks that do that
(you can use USA travelors checks at the bank, or write a personal check there, but this may take longer to convert).
Or you can use ATM’s in Japan, just like in USA. Use your debit card, to Withdraw money from your personal savings, or checking account.
ATM’s too, however, will charge you a conversion fee of USA dollars to Yen, so that’s why banks are usually a better bet to convert USA dollars to Yen.
Hopefully, you will have a cheap college dorm to stay in too, because rent princes in Japan are very high, especially in Tokyo. One apartment could cost your 80000 Yen or more.
