Job Discussion Forums

goman72 · Posted: Tue Apr 26, 2005 1:49 pm Post subject: Paying off debts whilst on JET

Dear people, I have just come back from holidays and I have been put on the shortlist for JET. Although I have no idea if this is the 1st best or 2nd best option (I can't remember) I am now curious to hear from people who have taken the plunge to do JET and are currently paying off debts.
How hard (or easy) is it?
Do you find it easy to transfer funds from your Japanese bank accout to your account back home?
Are the transaction fees really high?
I have not given a reply yet as I still have to do the medical (deadline is end of April), this is the only thing that is holding me back from accepting the position...

Any informative posts would be welcome,

Chris.

moot point · Joined: 22 Feb 2005 Posts: 441

Chris,

How much debt have you accumulated?

If possible, can your folks spot you while you're away?

Carry some cash back home with you or make a lump payment to them at some later date (with interest accrued, of course). Making monthly contributions is going to cost you unneccessary service charges. I think it would be best to save a half a million yen (very possible on a JET salary) after six months in country.

Mike L. · Joined: 28 Feb 2003 Posts: 519

You can easily send cash back home to make payments.

I used the Go Lloyds service via my local bank back when I had to pay me student loans.

you cna pay those loans down pretty quickly if you're smart wiht your cash.

Don't let this one hold you back!

worlddiva · Posted: Tue Apr 26, 2005 3:47 pm Post subject:

Hey Chris,

I'm not on JET, but I can say that if you are smart with your money at minimum you should be able to save 100,000yen per month. It is very easy to spend money in Japan but if your main goal is to save money than you should always try to remind yourself of that, although it's not always easy.

I make about the same or less than JET, I still eat lunch out everyday, sometimes I'm a bit careless and I still manage to send home 100,000yen every month. The key for me is that I have to send it, the minute I get it, this way I'm not even tempted!

As for transferring money, I'm not from Australia so I can't say for sure but I use GoLloyds money transfer service. To apply is free, they will send you the info you need, and voila! You just go to the ATM and transfer the cash. It gets to Canada the same day for me , so I'm guessing the same for Australia, if not faster.They do however charge 2000yen for this service. But, given that I don't speak Japanese, the post office seems too complicated in my opinion, although it has been argued on this site that it might be cheaper, depending on the amount you're sending. Keep in mind that with GoLloyds, you will also incur the charges from your bank in japan for the transfer, mine charges 450yen, plus I have to pay my bank in Canada 10.00$CAD. So, yeah I guess it is a bit pricey but for now it's easy.

www.golloyds.com

As for paying of loans, I don't know how much you owe but if you can manage to get interest relief (don't know if they have that in Australia) while you're gone and pay off the debt when you get back it will be better. However, if your interest is recapitalized then it's not worth it. I opted to continue making monthly payments as it seemed like the best option.

I owe about 40 000$CAD...so I know how you feel...

Ah, the vicious circle of loans, I wish I never would have borrowed the money to begin with....

Hope his helps somewhat.

Celeste · Posted: Wed Apr 27, 2005 1:03 am Post subject:

My husband and I have paid off ALL of our debt in our 3 years on the JET programme and are going back to Canada with the downpayment for a house saved up. We had a lot of debt. It felt so good to write the big final cheque to the student loans people.

DO the JET programme, stay 3 years, pay off your debts and then jump-start your future.

PAULH · Joined: 28 Jan 2003 Posts: 4672 Location: Western Japan

dtomchek · Joined: 07 Jun 2004 Posts: 135

Hey:
I am on the JET program and at the end of this, my 2nd year, I am going home with about $40,000 US...I did not have student loans to pay but I know someone who did and he paid it back by ATM...just went there on Payday and punched it the numbers to have it transferred to his bank in the US and I guess the loan sharks he owed just took it from there...quite convienient I would say and he had no complaints...it is no problem and you can make a fortune if you are careful with you $$$ Very Happy

goman72 · Posted: Wed Apr 27, 2005 12:46 pm Post subject:

Thank you guys so much for all this great info. I will now plan to try and take care of the debt for the first 3 - 6 months from this end.
Was initially planning to do JET for just 1 year as I have a permanent government job back in Australia (with 12 months l.w.o.p. virtually guaranteed) ... But I can see myself extending JET for the full 3 years (but losing my job as a result).
Will go and check out that Go Lloyds site soon!

Once again thankyou all,

CG