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STUDENT DEBT CRISIS AND TEACHING IN CHINA

 
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Cubism



Joined: 04 Jul 2008
Posts: 283
Location: US

PostPosted: Sun Dec 14, 2014 6:27 am    Post subject: STUDENT DEBT CRISIS AND TEACHING IN CHINA Reply with quote

1. can you teach in China with your pay-back schedule?

2. do you use IBR or the 'debt forgiveness' system now? (It seems like it could be done if you lived and worked as an ft in China. Tell me if and how I'm wrong!)

2. Living in China as an ft your rent's paid & there's little pressure to spend lots of cash (at least that's been true for me). Does this figure into your calculations?

3. Anything else you want to tell me about this: student debt & teaching in China.

Thanks!
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Guerciotti



Joined: 13 Feb 2009
Posts: 842
Location: In a sleazy bar killing all the bad guys.

PostPosted: Sun Dec 14, 2014 7:00 am    Post subject: Reply with quote

You can agree to pay 15% of your disposable (after tax) income. That often answers many questions.

Why ALL caps?
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Cubism



Joined: 04 Jul 2008
Posts: 283
Location: US

PostPosted: Sun Dec 14, 2014 7:42 am    Post subject: STUDENT DEBT AND TEACHING IN CHINA Reply with quote

Guerciotti: Under what program is this possible? Can anybody participate in it?

Thank you.
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jm21



Joined: 26 Feb 2008
Posts: 406

PostPosted: Sun Dec 14, 2014 7:47 am    Post subject: Reply with quote

I think the concern is whether an income tax return with entirely foreign income reported is acceptable proof of income to stay on plans like IBR. I would think so but haven't done it.
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Guerciotti



Joined: 13 Feb 2009
Posts: 842
Location: In a sleazy bar killing all the bad guys.

PostPosted: Sun Dec 14, 2014 9:01 am    Post subject: Reply with quote

Cubism: You, the payor, ask for it. If your payments are sky high, and your income low, you should pay something. So pay 15% of disposable or thereabouts.
I don't know if the program has a name or even if it is a 'program'. Please Google it; I cannot.

jm, what else do they have as proof? I wrote my salary and made an agreement. I was not asked for proof other than an income tax form and, as you intimate, probably could not provide further proof.
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jm21



Joined: 26 Feb 2008
Posts: 406

PostPosted: Sun Dec 14, 2014 9:13 am    Post subject: Reply with quote

Guerciotti wrote:

jm, what else do they have as proof? I wrote my salary and made an agreement. I was not asked for proof and, as you intimate, probably could not provide proof.


For the IBR, at least with nelnet, you have to submit proof of income every year to remain on the plan. Either paystubs or tax returns. I was told that if you are working for a foreign employer you no longer qualify, but everything about the plan is in total and utter confusion. I'm betting a tax return with foreign income only would slip through though.

Or maybe they re-interpreted the law (again) and it is now acceptable.
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Cubism



Joined: 04 Jul 2008
Posts: 283
Location: US

PostPosted: Sun Dec 14, 2014 10:38 am    Post subject: student loans and teaching in china Reply with quote

BTW: social security is pretty bizarre, but the overseas office uniformly demands a scan of my signed contract. In the past they demanded a letter from a uni that over-hired ft's.

All caps G? Editorial emphasis. I really want to learn about all this. And It is a crisis, after all.
J, thank you for all the new terms.
Thanks!
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isitts



Joined: 04 Jun 2010
Posts: 193
Location: Korea

PostPosted: Fri Dec 19, 2014 12:37 am    Post subject: Re: student loans and teaching in china Reply with quote

Cubism wrote:
It is a crisis, after all.

You could do a loan forgiveness program (like the Peace Corps) to reduce your loans by ~70% (as long as you haven't consolidated your loans). That could abate the crisis a bit.
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