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ccahuantzi
Joined: 13 Mar 2012
Posts: 1
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 Posted: Wed Mar 14, 2012 5:59 am Post subject: Re: Pay off debts first or GO NOW? |
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I want to do the same thing as well. Leave but I have student loans. I need advice on how to put them on deferement. I have to start paying them in November. I have made my deciosion I am moving to Mexico:)
| EFLeducator wrote: |
| 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. |
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