Korean Job Discussion Forums

[chaz47]

My loan providers are really p*ssing me off. I have tried to fax forbearance forms to them twice and they always seems to have their fax machine turned off... I'm not an office machine guru but I assume if you send a fax and an answering machine picks up, it means that the fax is turned off.

They also don't reply to my emails. I have told them via phone that I do live in South Korea and yes the time is different here, could they please respond to my emails and not just reply with "please contact a student loan counselor at 1-800******."

Bunch of jack-offs. OMFG!!! One of the providers who is threatening to default is the same bank that I've been wiring money to the whole time I've been here. Not once did they send me an email they sent out paper mail internationally which only caught up with me two months ago.

Does anyone on here have any advice on consolidation so I can put these people behind me and begin making solid payments not playing international phone tag.

[twg]

As far as I can tell, your only option is to go home and stay there. at least thats how it all seems to be set up

[braunshade]

Are your loans with a large service provider?? I was able to do all my deferments/forbearance/consolidations over the phone from all the countries that I have worked in.

The only thing that I had to physically sign was my consolidation- I just printed it off and mailed it to them.

[i_teach_esl]

maybe go with a different consolidation company. i think mine is sally mae. my homeboy used goalfinancial.net.

[PBEnglish]

[ChopChaeJoe]

If you're American. consolidate with the US Dept. of Education. As long as you're half-serious, you'll never have another problem. They on't penalize for late payments, they offer a large variety of payment plans, and you can switch plans if you like. No penalties for ealy payment. You can pay several months at once and move your next payment date ahead.

Essentially, they pay off your loan and isue you a new loan under them.

Kick your company to the curb, this is one thing the idiots in Washington did right.

[i_teach_esl]

whats the interest rate you'd get from us dpt of edu?

[VanIslander]

"I decided to consolidate my loans into..."



(a true story i am told)

[ChopChaeJoe]

[Fresh Prince]

Consolidating means that you are taking out a big loan from one company which will pay off all the smaller loans from many companies. The advantage for you is that you will have only one payment to make each month and may get a lower interest rate overall. The advantage for the company is that they will have a large loan which earns more interest for them than smaller loans.

There's a difference between the way private loans are handled and the way government loans are handled. You can consolidate all government loans into one loan and you can consolidate all private loans into one loan. At this time you cannot consolidate both government and private loans into one loan.

You can choose a company to consolidate with by searching the web (there are many out there). You can still put your loans on forebearance and change payment plans but if you consolidate, it will be a lot easier than if you had many different companies to speak with.

Calling overseas if very cheap if you use Skype, Yahoo, or any other computer to landline calling system. Typically consolidation companies are quick to help you when you consolidate your loans but their customer service afterwards is lacking. This is primarily due to the fact that it is illegal to default on your student loans and you cannot declare them in bankruptcy.

[ChopChaeJoe]

[Fresh Prince]

Ir sounds like you received an award for a certain amount which was subsidized by the federal government.

If it was a subsidized stafford loan it is not a private loan and you can choose any lender and apply to them. Subsidized is another way of saying that the government is guaranteeing it. Any bank will be happy to give you this loan.

Private loans are non-subsidized and are based on the student's credit alone. There is no guarantee from the government and it is the student's credit rating that determines whether they will qualify for this loan.

This type of loan is only available for students that have already qualified for Stafford and Perkins loans and have received all possible scholarships but are not able to fully finance their education. For this situation to occur the student might be attending a very expensive school or a school in a very expensive area and the amount awarded to them by the government is not sufficent to cover the cost of attending that school due to expensive housing, food and clothing costs, and material costs (ie. ivy league or private schools).

The school where the student attends has an agreement with the government and determines the cost of attendance which both have mutually agreed upon. Typically, the cost of attendance includes not only the tuition but the cost of housing in that area, food and living expenses, book and supply expenses, and misc. expenses.

The student can take out a private unsubsidized loan for the additional amount over the amount awarded to him or her, up to the maximum cost of attendance which has been previously agreed upon by the school and the governement.

This amount will cover the apartment rental, book and supply cost, tuition, food, and a small amount for misc expenses.

[hairy sue]

How much would you be willing to pay me to pay off your loan?