|
Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Students and Teachers from Around the World!"
|
| View previous topic :: View next topic |
| Author |
Message |
brownj1594
Joined: 07 Dec 2011
Posts: 19
|
 Posted: Mon Dec 26, 2011 6:04 pm Post subject: Pay off debts first or GO NOW? |
 |
|
So I've been reading through the boards and I know what I have to do to reach my goals of teaching english overseas. But I have a question that I want to aim towards those with student loans or any other financial obligations/debts at home, specifically. FYI: I have approx $60,000 in loans for my 4 years 
If you were graduating from a university soon, would you:
A) Save up enough money for a CELTA course, take it, and go for an ESL job overseas ASAP?
or
B)Get a job in the states for a year making maybe $15,000-25,000 a year with your bachelors (i know its a small amount for a bachelors but the original career i was going for only pays well when you have a masters), pay off as much in student loans as possible and save for the CELTA, take it, then go overseas?
*** I do realize the CELTA or other training isn't required in some places however, i've made the decision that i want to take it for my own benefit and preferably take it in my home state of Texas as well***
I know this may seem like a stupid question and may have an obvious answer to some people, but i really want some honest advice on this.
I feel so many people are always waiting for the "perfect time" to go and do something they want and i don't want to be that person who gets trapped and three or five years later winds up in the same position they were and never went after their dreams.
I'm honestly not trying to run away from my financial obligations or not pay off my loans (that wouldn't be wise for me anyway being that my parents are cosigners). But i don't want to put paying off these loans in front of achieving my goals if its going to set me back years.
I'm not looking to make a lot of money in my life. I just want to experience new cultures and see the world. If i knew this is where my path would eventually lead me, I wouldn't have gotten such an expensive degree. But oh well, can't change the past.
Is there anyone else who went into ESL careers with a lot of debt? Do you regret it? How did you handle it?
If I I could send a minimum of $700 a month home towards my loans with an esl job I would just go for it.
***I'm looking at Korea for my first esl job***
Thanks in advance.
JB |
|
| Back to top |
|
 |
Glenski
Joined: 15 Jan 2003
Posts: 12844
Location: Hokkaido, JAPAN
|
| Posted: Mon Dec 26, 2011 10:20 pm Post subject: |
|
|
$60,000 / $700 per month = 85 months = 7 years to pay that off.
Can't say how much you will make in Korea, but how long are you willing to work in ESL to pay that loan off before you return for a master's and/or get into your chosen profession? Too much time away from it will not give you a very good chance at landing such a job, depending on circumstances.
You could pay that amount per month in Japan with just a little frugality and basic wages, and with a bit of initiative to take on supplemental work, you could also pay off more. Depends on you. You might want to ask the Korean forum how possible it is to do that in Korea. |
|
| Back to top |
|
|
EFLeducator
Joined: 16 Dec 2011
Posts: 595
Location: NONE OF YOUR BUSINESS
|
| Posted: Mon Dec 26, 2011 10:46 pm Post subject: Re: Pay off debts first or GO NOW? |
|
|
| brownj1594 wrote: |
| I have a question that I want to aim towards those with student loans or any other financial obligations/debts at home, specifically. FYI: I have approx $60,000 in loans for my 4 years |
Only $60,000? That's nothing amigo. Here's a few questions I need to know first. The student loans you have, are they all sub, unsub, or a mixture of both? I ask because you probably know the federal govt pays the interest on any sub loans as long as they are those wonderful Stafford loans. If you only have subsidized then you can get you loans put into deferment and not worry about the interest building on it. I can tell you how to do that if you'd like.
Those loans can be in deferment for up to ten years almost. Most people don't know that. Nothing illegal about it, you just have to know how to do it. PM me if you want more info on that. Even if you have some unsubsidized stafford loans, you could always put them ALL in deferment while you get started overseas.
For the loans that are unsub, you could make payments on the interest only while the actual loan is in deferment.
| brownj1594 wrote: |
If you were graduating from a university soon, would you:
A) Save up enough money for a CELTA course, take it, and go for an ESL job overseas ASAP?or
B)Get a job in the states for a year making maybe $15,000-25,000 a year with your bachelors (i know its a small amount for a bachelors but the original career i was going for only pays well when you have a masters), pay off as much in student loans as possible and save for the CELTA, take it, then go overseas? |
I would pick A. I'm not sure of your living arrangements but if you have been living at home while getting your bachelor, and taking out the total amounts you could have received in stafford loans, you should already have a LOT of money saved up.
You say you are in Texas...which part if you don't mind me asking? Have you found a place to take the CELTA in Texas? How much is it? I ask the price because it is $1,700.00 dollars in Mexico City. If you can do the CELTA before leaving do it then head to Korea.
I'm not sure if you would need it in Korea but I guess it couldn't hurt either. The program in Mexico City is about a month, how long in Texas?
| brownj1594 wrote: |
I know this may seem like a stupid question and may have an obvious answer to some people, but i really want some honest advice on this.
I feel so many people are always waiting for the "perfect time" to go and do something they want and i don't want to be that person who gets trapped and three or five years later winds up in the same position they were and never went after their dreams. |
That's why you should get that CELTA and go NOW rather than later. Life happens and things will slow you down. Don't get stuck in that situation amigo. Go.
| brownj1594 wrote: |
| Is there anyone else who went into ESL careers with a lot of debt? Do you regret it? How did you handle it? |
Me. I owe a LOT in stafford loans. I don't regret going into EFL but I do regret having gone into so much debt for a degree that will bring me no money. But then again I am now "educated"  . How do I handle the student loan debt? I have had them in deferment for over ten years. I paid some on the interest loans so that wouldn't build up but besides that I haven't started paying on them yet.
They are pretty easy to put in deferment and once you run out of options there you can start paying them back based on the income sensitive plan. There are MANY ways to keep the monthly payments low, you just have to know how to do it.
| brownj1594 wrote: |
| If I I could send a minimum of $700 a month home towards my loans with an esl job I would just go for it. |
I have never worked in Korea but naturegirl here on the forums has and still does I believe. You may ask her for details on teaching in Korea. A friend of mine was there and came back to the states after seven years with no student loans and money in his pocket. But that was in the mid 90's. He also told me to work on the little island 50 miles off the coast called jejudo (I'm sure I spelled that wrong). It's part of S. Korea and he said it's cheaper there than Seoul plus a lot LESS Anti-America attitudes.
If what you have are parent plus loans, you may need to talk with the bank who holds them to see how much time you have to start paying on them. The parent plus loans are ones I know nothing about. Let me know if you have any more questions on the student loans, I used to work in a financial aid dept so I am VERY familiar with most of that stuff. |
|
| Back to top |
|
|
brownj1594
Joined: 07 Dec 2011
Posts: 19
|
| Posted: Mon Dec 26, 2011 11:03 pm Post subject: |
|
|
My field is Speech Language Pathology. Its not going anywhere, kinda like my mom's profession of nursing and it's very in demand (at least its projected to be for the next 15-19 years).
I don't plan to pay $700 per month for the next 7 years. I just know that I want to spend a few years overseas as long as I can make that payment. I don't really plan to have it payed off in full before returning to grad school per se. If I stick with the esl route however I eventually want to work in the middle east ( where I understand you make more but the requirements and experience must be higher).
Paying back student loans as quickly as possible isn't my number one priority in life. Living life is my number one priority right now. Heck, my mom is in her 40's and just finished paying her last student loans a few years back.
Honestly, I'm not too much of a long term planner (which I'm not sure is a good or bad thing). But I still don't want to do anything reckless.
Basically, my question was would it really matter to you to work like a dog and put off traveling to pay off as much of your loans as you possibly can or would you just go do the esl thing if you could make your monthly payments in full?
Just thought I could find some advice from someone who may be able to relate
JB |
|
| Back to top |
|
|
brownj1594
Joined: 07 Dec 2011
Posts: 19
|
| Posted: Mon Dec 26, 2011 11:28 pm Post subject: Re: Pay off debts first or GO NOW? |
|
|
| Quote: |
| Only $60,000? That's nothing amigo. Here's a few questions I need to know first. The student loans you have, are they all sub, unsub, or a mixture of both? |
They are a mixture of both.
| Quote: |
I ask because you probably know the federal govt pays the interest on any sub loans as long as they are those wonderful Stafford loans. If you only have subsidized then you can get you loans put into deferment and not worry about the interest building on it. I can tell you how to do that if you'd like.
Those loans can be in deferment for up to ten years almost. Most people don't know that. Nothing illegal about it, you just have to know how to do it. PM me if you want more info on that. Even if you have some unsubsidized stafford loans, you could always put them ALL in deferment while you get started overseas.
For the loans that are unsub, you could make payments on the interest only while the actual loan is in deferment. |
Thanks soooo much for the info! I'll be pming you!
| Quote: |
| I would pick A. I'm not sure of your living arrangements but if you have been living at home while getting your bachelor, and taking out the total amounts you could have received in stafford loans, you should already have a LOT of money saved up. |
My parents wanted me concentrating on school and not working the first couple of years. But I do have a job which I have been saving money from and they work with my school schedule as well.
| Quote: |
You say you are in Texas...which part if you don't mind me asking? Have you found a place to take the CELTA in Texas? How much is it? I ask the price because it is $1,700.00 dollars in Mexico City. If you can do the CELTA before leaving do it then head to Korea.
I'm not sure if you would need it in Korea but I guess it couldn't hurt either. The program in Mexico City is about a month, how long in Texas? |
http:// www.lonestar.edu/celta.htm
got the info/link from someone on this board.
I currently live in Lubbock. I go to that really popular school that the entire town in based around. But me and my family have been in dallas the last 7 years since we first came here from the northeast.
| Quote: |
That's why you should get that CELTA and go NOW rather than later. Life happens and things will slow you down. Don't get stuck in that situation amigo. Go. |
Agreed!
| Quote: |
Me. I owe a LOT in stafford loans. I don't regret going into EFL but I do regret having gone into so much debt for a degree that will bring me no money. But then again I am now "educated"
|
I understand what you mean. Sometimes I'm made to feel stupid because my field will make me money and its a great field. And I don't have anything against it and I haven't changed my mind about it. But I've lived my whole life taking care of my sisters (they are much younger then me) when my parents weren't there, moving from state to state, not having many friends, even giving up studying abroad to stay home and help my parents. I'm tired of putting my life on hold!!!  (just had to get that out) 
| Quote: |
| I have had them in deferment for over ten years. I paid some on the interest loans so that wouldn't build up but besides that I haven't started paying on them yet. They are pretty easy to put in deferment and once you run out of options there you can start paying them back based on the income sensitive plan. There are MANY ways to keep the monthly payments low, you just have to know how to do it. |
yes...i will definitely be in contact with you. you know what your doing!
| Quote: |
| I have never worked in Korea but naturegirl here on the forums has and still does I believe. You may ask her for details on teaching in Korea. A friend of mine was there and came back to the states after seven years with no student loans and money in his pocket. But that was in the mid 90's. He also told me to work on the little island 50 miles off the coast called jejudo (I'm sure I spelled that wrong). It's part of S. Korea and he said it's cheaper there than Seoul plus a lot LESS Anti-America attitudes. |
I'll look into it. And the korean boards as well.
| Quote: |
| If what you have are parent plus loans, you may need to talk with the bank who holds them to see how much time you have to start paying on them. The parent plus loans are ones I know nothing about. Let me know if you have any more questions on the student loans, I used to work in a financial aid dept so I am VERY familiar with most of that stuff. |
I don't have parent plus but i do have a private loan. I wasn't eligible for much federal stuff and grants because of my moms new income. Funny enough I worked in my universities financial aid office as well! Learned nothing..lol
So if i can work on deferring the federal stuff and paying the interest on the unsub then paying only the private back in the meantime my monthly payment will be MUCH lower. |
|
| Back to top |
|
|
SahanRiddhi
Joined: 18 Sep 2010
Posts: 267
|
| Posted: Tue Dec 27, 2011 12:24 am Post subject: |
|
|
| Quote: |
| Basically, my question was would it really matter to you to work like a dog and put off traveling to pay off as much of your loans as you possibly can or would you just go do the esl thing if you could make your monthly payments in full? |
Working for $15,000 to $25,000? You aren't going to pay off sh*t. You'll make more headway in Korea.
I understand that you don't want to make the loans your first priority right now. But you know that feeling you've had all these years, of being hemmed in by family obligations and so on? In time the debt will make you feel the same way. Someone on another thread put it well the other day. One day you wake up and figure out what you really want, and it's all expensive. If you haven't set the right foundation early, you won't be getting it.
Anyway, heading for the peninsula sounds like an OK move, and I'd hit the loans hard. |
|
| Back to top |
|
|
brownj1594
Joined: 07 Dec 2011
Posts: 19
|
| Posted: Tue Dec 27, 2011 12:29 am Post subject: |
|
|
| Quote: |
| Working for $15,000 to $25,000? You aren't going to pay off sh*t. |
My sentiments exactly
| Quote: |
One day you wake up and figure out what you really want, and it's all expensive. If you haven't set the right foundation early, you won't be getting it.
Anyway, heading for the peninsula sounds like an OK move, and I'd hit the loans hard. |
Thank you all so much. I feel a lot better about what I'm doing. I've just been back and fourth debating with family and "friends" here and i've been really discouraged. I'm glad i could come on here and know that what i'm thinking isn't completely idiotic.
JB |
|
| Back to top |
|
|
SahanRiddhi
Joined: 18 Sep 2010
Posts: 267
|
| Posted: Tue Dec 27, 2011 12:36 am Post subject: |
|
|
| A subscript: Clearly people are broke these days in the U.S., from just-graduating students to experienced, but laid-off, professionals. And supposedly the recession taught us not to get in debt so much. So why is everybody walking around looking so rich nowadays? How are they getting all of these iPhones? |
|
| Back to top |
|
|
brownj1594
Joined: 07 Dec 2011
Posts: 19
|
| Posted: Tue Dec 27, 2011 12:43 am Post subject: |
|
|
| Quote: |
| How are they getting all of these iPhones? |
I can't speak for all people, and i don't have an iPhone, but all my friends who DO have iPhones, and not to mention $40,000 mercedes benz, got it from their parents (who don't have money). I assume they got the money from loans which the government hands out like balloons on free balloon day. U.S. government gets rich by people being in debt. Not by people paying their debts right away. Thats how we college students get bombarded with credit card offers when we have no credit history. They know you can't pay and the interest is what keeps you in debt forever and the companies rich.
just my opinion
JB |
|
| Back to top |
|
|
EFLeducator
Joined: 16 Dec 2011
Posts: 595
Location: NONE OF YOUR BUSINESS
|
| Posted: Tue Dec 27, 2011 1:52 am Post subject: Re: Pay off debts first or GO NOW? |
|
|
| brownj1594 wrote: |
| I wasn't eligible for much federal stuff and grants because of my moms new income. |
Depends on your age and if your mom claimed you on her taxes.
| brownj1594 wrote: |
| So if i can work on deferring the federal stuff and paying the interest on the unsub then paying only the private back in the meantime my monthly payment will be MUCH lower. |
Worry about deferring it AFTER you have graduated and AFTER five month are up of the six months grace period you have. THEN start the deferment process I mentioned to you. THEN you'll be able to teach EFL in Korea with some peace of mind. You won't have to worry about the loans for a while. |
|
| Back to top |
|
|
EFLeducator
Joined: 16 Dec 2011
Posts: 595
Location: NONE OF YOUR BUSINESS
|
| Posted: Tue Dec 27, 2011 2:00 am Post subject: |
|
|
| SahanRiddhi wrote: |
| A subscript: Clearly people are broke these days in the U.S., from just-graduating students to experienced, but laid-off, professionals. And supposedly the recession taught us not to get in debt so much. So why is everybody walking around looking so rich nowadays? How are they getting all of these iPhones? |
They probably have some good credit left so they go to Sprint or AT&T, GET A nice iphone that costs 300 to 400 dollars but if they sign a two year plan, the phone is FREE. They pay about 100 bucks a month and there you go...an iphone. |
|
| Back to top |
|
|
brownj1594
Joined: 07 Dec 2011
Posts: 19
|
| Posted: Tue Dec 27, 2011 5:18 am Post subject: Re: Pay off debts first or GO NOW? |
|
|
| Quote: |
| Depends on your age and if your mom claimed you on her taxes. |
According to financial aid these days, you are considered a "dependent" until you are 24 yrs old and must apply for fafsa using parents information.
| Quote: |
| Worry about deferring it AFTER you have graduated and AFTER five month are up of the six months grace period you have. THEN start the deferment process I mentioned to you. THEN you'll be able to teach EFL in Korea with some peace of mind. You won't have to worry about the loans for a while. |
I understand what your saying.
Thanks
JB |
|
| Back to top |
|
|
brownj1594
Joined: 07 Dec 2011
Posts: 19
|
| Posted: Tue Dec 27, 2011 5:21 am Post subject: |
|
|
| Quote: |
| So why is everybody walking around looking so rich nowadays? How are they getting all of these iPhones? |
haha! I didn't realize having the iPhone made you look rich! I've seen middleschoolers with iPhones believe it or not. Kinda ridiculous.
Maybe i will raise my children to think they are poor no matter how much money we have |
|
| Back to top |
|
|
contented
Joined: 17 Oct 2011
Posts: 136
Location: اسطنبول
|
| Posted: Tue Dec 27, 2011 7:49 am Post subject: |
|
|
I don't have much to add, but rather just support for you to go make your dreams happen now.
I left university with $10,000 in debt. Nothing compared to your $60,000. It's better to go now and teach overseas rather than waiting or else it may not happen. Things happen in life that can change your course.
I'd suggest Korea too. It is a good place to start out. Well, it was for me. |
|
| Back to top |
|
|
naturegirl321
Joined: 04 May 2003
Posts: 9041
Location: home sweet home
|
| Posted: Tue Dec 27, 2011 8:17 am Post subject: Re: Pay off debts first or GO NOW? |
|
|
| EFLeducator wrote: |
| I have never worked in Korea but naturegirl here on the forums has and still does I believe. You may ask her for details on teaching in Korea. |
We can't talk about korea here, I'll PM you. Our circumstances are a bit different though., most peopel can save 10 to 15 K though a year.
I'm goign to go out on a limb here, I know that ideally you SHOULD get certified first, but we don't live in an ideal world. I'd say just come to the Land of the Morning Calm without a cert. Save the money. CELTA is good, it's great, but it's not the end all. There are plenty of good teachers who don't have certifications. Read up on teaching, talk to teachers, observe classes, read the Peace Corps guide, etc.
Here, in this country, even an online cert will get you a bump in pay of about 100 bucks.
Loans stink. My brothers both have about similar amounts as you do. My one brother just applied to teach in Spain where he'll make 1000 dollars a month. Right now with a marketing degree, he's working at a call centre, there are NO jobs out there.
You said you studied speech language. Here's where you should be looking for jobs: Sterling Overseas educational and Development intervention services. They�re connected to the military: read: money. they send peopel all over the world and you'll be making more than a teacher. Not sure about the quals you need exactly, but look them up. |
|
| Back to top |
|
|
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
|
This page is maintained by the one and only Dave Sperling.
Contact Dave's ESL Cafe
Copyright © 2018 Dave Sperling. All Rights Reserved.
Powered by phpBB © 2001, 2002 phpBB Group
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
