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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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 Posted: Fri Feb 02, 2007 12:25 am Post subject: |
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| mindmetoo wrote: |
| I went to university when a) tuition was quite reasonable b) the government gave the children of single mothers large amounts of free money c) I lived at home. So after 6 years of university (I had a damn good time), my student debt was $5000. |
My folks got divorced when I was in grade 12. Looking back, really messed up my stability, even though I was very happy to see them split; Anyway, never got a cent from them for school, they were too busy trying to move on from the divorce, but did get lots and lots of money from the gov't, all of which I was obliged to pay back, not at a great rate either. I got into uni in the early 90s, missed the low tuitions of the early and mid 80s. Thank God for Korea, or I would have gotten out of that debt right around 15 years later. Instead, took me only 3 including a big Visa debt.
My kids will never have Visa cards until they are out of uni, and have already set up a fund for college. No parent should be without one, especially now that in Canada the govt has RESP funds it adds for every dollar the parent adds. No excuse not to save at least a little, then sit back and let compound interest do its' work.
Canuckistan, sounds like a great place you have hooked up. I'm from out west in Canada, so will wait until the market settles down to buy. It's a feeding frenzy right now, too many people and not enough houses, but that will change as the availability of houses catches up, and as rates climb and savings dwindle;
One thing that most people aren't considering is all the baby boomers coming up to retirement in the next 5 or so years/ alot of them have not saved for retirement properly, and will have to seriously downsize when they stop getting fat paycheques and have to start living off a largely reduced amount of money/ I think the housing market will take a serious hit at that point, not to mention the economy. In the U.S. alone, there will be 78 million baby boomers who largely won't have the spending power they are accumstomed to. I think it will be catastrophic to the economy for a while. People with a large amount of cash will be able to get some sweet deals I think at that time. |
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rockstarsmooth
Joined: 01 Aug 2006
Location: anyang, baybee!
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| Posted: Fri Feb 02, 2007 12:34 am Post subject: |
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i just paid off my student loan last friday, a week ago today!
wahooooooo!
free at last, free at last! lawdy, lawdy i'm free at last!
from $50,000 to $0...
mind you it helps that my grampa died recently and left a huge chunk of cash to my mom. she paid the last $14,000. it's always a good idea to be the good daughter...
rss 
 right now i'm listening to: simon joyner - my side of the blues |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Fri Feb 02, 2007 2:00 am Post subject: |
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| blaseblasphemener wrote: |
| mindmetoo wrote: |
| I went to university when a) tuition was quite reasonable b) the government gave the children of single mothers large amounts of free money c) I lived at home. So after 6 years of university (I had a damn good time), my student debt was $5000. |
My folks got divorced when I was in grade 12. Looking back, really messed up my stability, even though I was very happy to see them split; Anyway, never got a cent from them for school, they were too busy trying to move on from the divorce, but did get lots and lots of money from the gov't, all of which I was obliged to pay back, not at a great rate either. I got into uni in the early 90s, missed the low tuitions of the early and mid 80s. Thank God for Korea, or I would have gotten out of that debt right around 15 years later. Instead, took me only 3 including a big Visa debt. |
I graduated in 1991. Started university in 1985. The last two years of my 4th year I was heavily involved in TV, print, and radio. I was having way too much fun (which is okay because the skills I learned in student media got me the career I have now... or maybe more accurately the career I'm on "sabbatical" from). Eventually I noticed there was one guy, Bernie, who was in his early 30s and still trying to eek out a subsistence living taking the few paid jobs in student media. That kinda sacred me. So I figured I better get out, get my ass to Toronto while I was still young.
Divorce wise, if you had to undergo the "perfect" divorce my parents would be text book. Never saw them fight once. Everything was split evenly. There was no Kramer vs Kramer style battle for custody etc. My dad paid child support for each of us until we moved out of our mother's house. I moved out, finally, at age 25. My brother stayed put until my mother moved out. My father even paid child support for his 20something children even after my mother remarried. In fact, not only was my mother still welcome at her ex in-laws at Christmas/easter but her new husband was also welcome. I think my grandmother (my father's mother) loved my mother's new husband like a son. They both grew up in the same Saskatchewan town, both told the same stories. She loved to cook. He loved to eat her cooking... |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Fri Feb 02, 2007 4:47 am Post subject: |
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| mindmetoo wrote: |
| blaseblasphemener wrote: |
| mindmetoo wrote: |
| I went to university when a) tuition was quite reasonable b) the government gave the children of single mothers large amounts of free money c) I lived at home. So after 6 years of university (I had a damn good time), my student debt was $5000. |
My folks got divorced when I was in grade 12. Looking back, really messed up my stability, even though I was very happy to see them split; Anyway, never got a cent from them for school, they were too busy trying to move on from the divorce, but did get lots and lots of money from the gov't, all of which I was obliged to pay back, not at a great rate either. I got into uni in the early 90s, missed the low tuitions of the early and mid 80s. Thank God for Korea, or I would have gotten out of that debt right around 15 years later. Instead, took me only 3 including a big Visa debt. |
I graduated in 1991. Started university in 1985. The last two years of my 4th year I was heavily involved in TV, print, and radio. I was having way too much fun (which is okay because the skills I learned in student media got me the career I have now... or maybe more accurately the career I'm on "sabbatical" from). Eventually I noticed there was one guy, Bernie, who was in his early 30s and still trying to eek out a subsistence living taking the few paid jobs in student media. That kinda sacred me. So I figured I better get out, get my ass to Toronto while I was still young.
Divorce wise, if you had to undergo the "perfect" divorce my parents would be text book. Never saw them fight once. Everything was split evenly. There was no Kramer vs Kramer style battle for custody etc. My dad paid child support for each of us until we moved out of our mother's house. I moved out, finally, at age 25. My brother stayed put until my mother moved out. My father even paid child support for his 20something children even after my mother remarried. In fact, not only was my mother still welcome at her ex in-laws at Christmas/easter but her new husband was also welcome. I think my grandmother (my father's mother) loved my mother's new husband like a son. They both grew up in the same Saskatchewan town, both told the same stories. She loved to cook. He loved to eat her cooking... |
Wow, very cool family you have! And very amazing father by the sounds of it. Make sure you tell him how much you appreciate what he did, because that is definitely a one in a million thing he did, no question. |
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Homer
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| Posted: Fri Feb 02, 2007 5:07 am Post subject: |
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| Took me just over a year (about 14-15 months) to pay back my student loan (it was around 20 000 CAD). |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Fri Feb 02, 2007 8:04 am Post subject: |
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| I cringe when I think of my debt. I have about the equivalent of 35,000 CAD in debt. I have begun to pay about 600 a month towards my loans, and I will increase that to 900 within a couple of months. I suppose I keep thinking of how much principle I can knock off and how much the interest will be less with time. It can seem daunting to pay all that, but I at least feel grateful that I can do it. |
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Homer
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| Posted: Fri Feb 02, 2007 8:30 am Post subject: |
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| Better to clamp down and pay it off as quickly as possible. It requires some budgeting for the period of time it takes to pay it bac but you save on interest and free yourself from debt so it is well worth it. |
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Sincinnatislink
Joined: 30 Jan 2007
Location: Top secret.
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| Posted: Fri Feb 02, 2007 10:48 am Post subject: |
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| Damn. Some of the early posts here are reassuring. |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Fri Feb 02, 2007 5:49 pm Post subject: |
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Budgeting doesn't work for a lot of people, including me. What I do is when I get paid, send the money home immediately, and put it on your debt before you have a chance to spend it. Then live off what you didn't send home.
You can't spend what you don't have. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Fri Feb 02, 2007 6:47 pm Post subject: |
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| blaseblasphemener wrote: |
Budgeting doesn't work for a lot of people, including me. What I do is when I get paid, send the money home immediately, and put it on your debt before you have a chance to spend it. Then live off what you didn't send home.
You can't spend what you don't have. |
I haven't been very good at budgeting, and it doesn't work for everyone. I agree with having a mental budget i.e. sending a certain amount and cutting back expenses according to what you decided to send.
I am heartened by the positive stories I've read. It can seem quite daunting to pay these loans off and scary in a way. |
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Homer
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| Posted: Sat Feb 03, 2007 4:56 am Post subject: |
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blaseblasphemener,
What you described is a way of budgeting my man... 
Many people do it like you do because they cannot control their spending when they have available funds...so in essence you found a budgeting method that works for you. |
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kimchi story
Joined: 23 Nov 2006
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| Posted: Sat Feb 03, 2007 5:41 am Post subject: |
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Interesting points, Homer and blaseblasphemener, and it makes me think of a question that's been floating around - why are certified teachers working here.
I use the 'send it all home' budgeting program as well - and Korea, with cost of living being low and the gross/net income being so close to equal, is the ideal for this kind of budgeting. It begs the question - how many of us rely on this budgeting? Compare that to the number of us here that are certified back home and I think the answer to why we're here will become clear. Just a guess.
I paid off 23000 (my full debt load) in a year and a half the last time I was here. Then I went back and racked up some more getting certified, and now I'm hoping to make a big dent in another 35000.
One thing I keep telling myself is that the first five or six months here feel like treading water - but when the cash gets rolling home it really gets rolling. |
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Homer
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| Posted: Sat Feb 03, 2007 1:52 pm Post subject: |
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| why are certified teachers working here. |
Good question. Up to each person to answer it according to their situation and to state their reasons....
I did so in other threads and in short: a better fit of advantages vs disadvantages for me here (this is not just about money or perks but about total lifestyle).
Also, teaching is teaching. As a career teacher you can find professional satisfaction in many countries, including Korea. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Sat Feb 03, 2007 5:09 pm Post subject: |
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| crsandus wrote: |
| Slightly off topic but I don't have any plans to pay back student loans above the minimum. I was lucky enough to get my loan consolidated at 3.65% tax deductible rate. I'm better off taking any extra money and putting it in an online savings account and earn 5%. |
Also, if you pay off your student loans and then turn around and take out a mortgage or a loan for a car then you will being paying a higher interest rate. It's the interest on your total debt. Keep your debt in the low interest student loans and pay cash for part of the car or house and keep that higher interest debt lower. At the very least the extra cash each month should keep you from racking up credit card debt.
All the gurus say to have 6 months to a year of salary ready just in case. That's my first priority right now.
-Jeff |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Sat Feb 03, 2007 5:18 pm Post subject: |
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| I think if it was as simple as going back and getting a job, there would be more certified teachers staying for a shorter time. From what I hear though, unless you are a Math/Science/French teacher, getting hired isn't a piece of cake. I know people who graduated with me 3 1/2 years ago who still are getting half-time/6-month contracts and are thinking of leaving teaching because they are tired of being dinked around by the system. Now, Calgary has lots of openings for teachers, so I hear, but the average pre-owned house price is now $420,000 there. And an Ok house in an acceptable neighborhood is over $500,000. So, I can't afford to live there, not the way I want to live at least. Here, I can save minimum $30,000 in one year, and I don't have to work long days and have all the PC stuff, the moaning from tenured teachers, the long drives to work, the long winters, the car payments, the high taxes, the screwed up medical system with doctors shortages. For me, why look a gift horse in the mouth? When it's time to leave, I'll probably know it, but right now, I'm quite happy to know I'll have $100,000 in the bank in 3 years. Then hopefully things will have cooled down, more baby boomers will have retired, and I can slide on in to the profession, hopefully with them needing me, and not the other way around. |
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