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micahjwhite
Joined: 14 Oct 2007
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 Posted: Sun Dec 09, 2007 8:04 pm Post subject: working in korea with student loans |
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| In the States, your loans may be put on hold if you are teaching in an area of "teacher shortage". Does anyone know if this applies to international job contracts? I would think that Korea should definitely qualify as a nation short on teachers, but does anyone have any knowledge of how this affects U.S. student loans? Thanks. |
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Lostone7
Joined: 08 Jun 2006
Location: SE Asia
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| Posted: Sun Dec 09, 2007 8:07 pm Post subject: |
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Being a teacher in Korea has ZERO effect on your student loans.
However, ANY Job that pays low can be used to get you on the income sensitive repayment program. I did it when I moved to korea.
good luck |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Sun Dec 09, 2007 8:18 pm Post subject: |
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| Lostone7 wrote: |
Being a teacher in Korea has ZERO effect on your student loans.
However, ANY Job that pays low can be used to get you on the income sensitive repayment program. I did it when I moved to korea.
good luck |
In Canada, you have to be a resident to claim low income as a reason to get into the interest relief program and defer student loan payments. However, you have to be a non-resident to get out of paying Canadian taxes. Bummer. |
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regicide
Joined: 01 Sep 2006
Location: United States
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| Posted: Sun Dec 09, 2007 8:26 pm Post subject: Re: working in korea with student loans |
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| micahjwhite wrote: |
| In the States, your loans may be put on hold if you are teaching in an area of "teacher shortage". Does anyone know if this applies to international job contracts? I would think that Korea should definitely qualify as a nation short on teachers, but does anyone have any knowledge of how this affects U.S. student loans? Thanks. |
What I don't understand is why you would be thinking along those lines in the first place since you are in the best situation you will ever be in to pay these things off. We all have a thousand dollars or more per month in free cash flow and even if you were making a lot of money back home, there is almost never enough money. My brother makes $6,000 US a month and recently took on a renter. He does not waste his money and has a company car and no children. It is possible you have extenuating circumstances but for most, I can not see doing anything but paying these or any debts for that matter, off. |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Sun Dec 09, 2007 8:31 pm Post subject: Re: working in korea with student loans |
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| regicide wrote: |
| micahjwhite wrote: |
| In the States, your loans may be put on hold if you are teaching in an area of "teacher shortage". Does anyone know if this applies to international job contracts? I would think that Korea should definitely qualify as a nation short on teachers, but does anyone have any knowledge of how this affects U.S. student loans? Thanks. |
What I don't understand is why you would be thinking along those lines in the first place since you are in the best situation you will ever be in to pay these things off. We all have a thousand dollars or more per month in free cash flow and even if you were making a lot of money back home, there is almost never enough money. My brother makes $6,000 US a month and recently took on a renter. He does not waste his money and has a company car and no children. It is possible you have extenuating circumstances but for most, I can not see doing anything but paying these or any debts for that matter, off. |
Because when you defer your loans, they are not collecting interest. You can spare yourself hundreds in interest payments by getting your loans put on hold and then saving to pay them off. |
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regicide
Joined: 01 Sep 2006
Location: United States
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| Posted: Sun Dec 09, 2007 8:33 pm Post subject: Re: working in korea with student loans |
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| Draz wrote: |
| regicide wrote: |
| micahjwhite wrote: |
| In the States, your loans may be put on hold if you are teaching in an area of "teacher shortage". Does anyone know if this applies to international job contracts? I would think that Korea should definitely qualify as a nation short on teachers, but does anyone have any knowledge of how this affects U.S. student loans? Thanks. |
What I don't understand is why you would be thinking along those lines in the first place since you are in the best situation you will ever be in to pay these things off. We all have a thousand dollars or more per month in free cash flow and even if you were making a lot of money back home, there is almost never enough money. My brother makes $6,000 US a month and recently took on a renter. He does not waste his money and has a company car and no children. It is possible you have extenuating circumstances but for most, I can not see doing anything but paying these or any debts for that matter, off. |
Because when you defer your loans, they are not collecting interest. You can spare yourself hundreds in interest payments by getting your loans put on hold and then saving to pay them off. |
Alright. As long as you follow through with that plan you could pay your loans off at a discount. |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Sun Dec 09, 2007 8:42 pm Post subject: Re: working in korea with student loans |
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| regicide wrote: |
| Draz wrote: |
Because when you defer your loans, they are not collecting interest. You can spare yourself hundreds in interest payments by getting your loans put on hold and then saving to pay them off. |
Alright. As long as you follow through with that plan you could pay your loans off at a discount. |
Exactly. Student loans have bizarrely been a good investment for me. Loan remission for grads + bursaries for people with loans = way more money than I'll pay in interest if I'm smart about it. |
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jellobean
Joined: 14 Mar 2006
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| Posted: Mon Dec 10, 2007 4:39 am Post subject: |
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| Another way to also go about this is to enroll as a half-time student somewhere.... If you want a master's eventually it's a good way to pay for it... I cover the cost of my tuition with the money I save on the student deferral (I used up the low income deferral years ago)... |
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lucas_p
Joined: 17 Sep 2007
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| Posted: Mon Dec 10, 2007 5:28 am Post subject: Re: working in korea with student loans |
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[quote="Draz"]
| regicide wrote: |
| Because when you defer your loans, they are not collecting interest. You can spare yourself hundreds in interest payments by getting your loans put on hold and then saving to pay them off. |
You can only defer once, however. Some have already used that "get out of jail free" card, and can't use it again. |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Mon Dec 10, 2007 5:48 am Post subject: Re: working in korea with student loans |
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[quote="lucas_p"]
| Draz wrote: |
| regicide wrote: |
| Because when you defer your loans, they are not collecting interest. You can spare yourself hundreds in interest payments by getting your loans put on hold and then saving to pay them off. |
You can only defer once, however. Some have already used that "get out of jail free" card, and can't use it again. |
That's why you pay them off while they are deferred. How long does student loan deferment last in the States? In Canada (low income deferment) you apply for six month blocks, to a total of 30 months. |
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thiophene
Joined: 15 Sep 2007
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| Posted: Mon Dec 10, 2007 6:48 am Post subject: Re: working in korea with student loans |
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[quote="Draz"]
| lucas_p wrote: |
| Draz wrote: |
| regicide wrote: |
| Because when you defer your loans, they are not collecting interest. You can spare yourself hundreds in interest payments by getting your loans put on hold and then saving to pay them off. |
You can only defer once, however. Some have already used that "get out of jail free" card, and can't use it again. |
That's why you pay them off while they are deferred. How long does student loan deferment last in the States? In Canada (low income deferment) you apply for six month blocks, to a total of 30 months. |
you can add another 1-2 years (i forget) by applying for a special deferment. |
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