Now it's definitely for real

Saturday morning. I have woken up early since today, like every 22 July, my favourite "fiesta" takes place. It is an uncommon one since it doesn't take place at night, but in the daylight. Thousands of people gather in a small fishermen village to drink, eat, dance and partying 'til dusk. I am listening to The Invisible Band, the third LP by Travis, one of my favourite bands.

But this year I am feeling in a slightly different way. Why? Well, since yesterday and for the very first time, a bank has become my forced friend. Yesterday I executed the credit facility that I needed to finance part of my MBA adventure. I decided to subscribe it in my home country rather than in the US given that the interest rates are lower and assuming that borrowing in euros will still be a good option vis-à vis the dollar in the following years. I cannot say that the terms of the credit are bad; however, taking a look at the three pages of the repayment table is depressing: 24 instalments paying only interest and 96 (?) for real repayment. In aggregate, 10 damned years with an unwanted - although unfortunately necessary - friend. This MBA thing is definitely true and serious.

Before yesterday I had completed many different tasks to get everything ready. However, getting engaged with the bank is the very definitive milestone. Now there is no way back (although I never thought about it!).

Now I may say that I am a kind of average indebted national. Most of twenty somethings and early thirties nationals from my country, given the country's particular culture focused on owning - rather than renting - a house, have a mortage. Before yesterday I could say that I did not owe anything to any bank. Not any more....

I felt a little weird yesterday. I have been advising corporations and closing deals valued biillions $ at notary publics' offices. However, when it comes to execute something on your own behalf (for an amount that is ridiculous when compared to what I was used to) the feeling is different. Maybe due to professional de-formation, I discussed some points of the credit facility I was about to sign. However, it is sad to see that you cannot even negotiate a word and that you have to "adhere" to the contract you are offered. Take it or leave it, they say!!! That's the reality.

Well, maybe some of you are lucky enough to avoid going through this. But if you are in a position like mine, let me give you a a good recommendation: research. Every facility is not suitable for every single student. Check fees, currencies, interest rate (fixed or variable), term, whether your assets must be deposited with the lending bank, early repayment, etc... Once you have made up your mind go for it....and good luck!! Anyway, we all hope that, if the data provided by top business schools are true, we will be paying the debt back in a few years after graduation. Let's hope they are right.