Korean Job Discussion Forums

[ChopChaeJoe]

Here' a secret. if you are an American, you can consolidate your loans with the feds within the department of education. them sign-up for the income-contingent plan. If you don't make a lot of money (and who are they to figure out what you realy make) your monthly payments will be very low, sometimes just covering the interest, maybe not even covering the interest if ou're in deep and poor. After 10 years, if you haven't paid off the debt, you can have it forgiven, that is taken away.

[sojourner1]

Are you sure that after 10 years, the US Dept. of Education consolidated loans are forgiven? I consolidated a year ago and my contract says that if I do not have it paid off in 25 years, it will be forgiven, but I must pay tax for that amount as if it was income. I wish it was 10 years as I do not see myself acquiring much wealth through my education investment, albiet, it allowed me to come to Korea to teach. It would be ideal to be earning at least $40,000 US per year and then be up to about $80,000 or more in 10 years from now. Remunerations tend to be lower in recent years than it used to be for many college graduates. These degrees cost many times more now and tend to yield much less than they would have in the 1990's or earlier when looking at it from a financial investment perspective.

I will pay mine off so long as I can secure a career paying an adequate level of income. Teaching in Korea can do the trick, but it is on the lower income end of what bachelor degree holders traditionally earn. I am not too hip on dumping my $10,000 a year savings into it, becuase I will need that money when I return home and need a car, deposit on an apartment, and a several months rent until I got sorted out with a steady job again. I am in no hurry to pay it off, but it would make me feel more confident to not be saddled with a large debt.

[ChopChaeJoe]