Korean Job Discussion Forums

Corvid · Joined: 21 Apr 2003 Location: Suwon

Unfortunately my plans include going to graduate school in two years, so there's no way I can afford to default on my student loans. The one thing that's missing from this thread so far is ... Everyone in a decent society has a right to a free public education. I know that Ann Rand utopians would disagree, but look at what happened in the States after the GI Bill. Free education for almost every man under the age of 30 lead to the post-war expansion. Governments should pay for education because it's the ethical thing to do and it's the logical thing to do.

Tiger Beer · Joined: 07 Feb 2003

rapier · Joined: 16 Feb 2003

Mr Pink: I sympathise- totally been there. Like you i just don't see why I should spend years in indentured slavery to greedy usurers who are rolling in it already. Added to that, a University education should be more widely available- not so expensive, and affordable only to the rich, or those who take out hefty loans...
I was paying them back pretty well until i slipped up whilst backpacking around Australia- when I suddenly realised that the rate at which i was sending over my hard earned cash was seriously limiting my ability to enjoy my once in a lifetime trip. I couldn't afford to go places or do enough stuff. So I just quit the payments. Life's too short.
I got a British passport because my parents originally came from there ( they settled in Africa at the age of 21). Thus I qualified for loans- even though I've only lived 5 years in total of my life in the U.K.
I paid back two thirds of what I actually borrowed, but the interest ultimately got to me. I mean they want you to pay back about 20% more than your original amount- because I was only able to pay them back at a slow and trickle amount.
I never really liked Britain and have no desire to return. I hope you feel a similar way about Canada....

schwa · Joined: 18 Jan 2003 Location: Yap

I got out of paying back my student loans out of necessity, on the advice of my provincial govt (BC Canada). I'm not proud of it & I didnt see free education as my right, but I was working poor at the time with 2 young kids & it wasnt hard to decide between putting food on the table or doing the 'right thing.'

I took my problems to the Debtors Branch of the govt (now defunct) where a senior civil servant told me I'd be nuts not to declare bankruptcy. They walked me through it. Ironically, it cost $1000 to declare I was broke but I paid that off in small monthly increments. A further irony was once I got back in touch with the income tax people (who had also wanted money I didnt have) they mailed me a check for $2000 (foregone credits) that my bankruptcy counsellor told me to spend as I liked.

I didnt rip off any honest working people & I'm sure my financial failure was a very minor blip on the bank's annual profit margin of billions.

As I said, it wasnt an action I undertook lightly, but enough others did so that the govt moved to make student loans inescapable for life. I agree with above posters -- it seems deeply unfair in light of wealthy well-connected businessmen who can dump debts with impunity.

canuckistan · Posted: Sun Nov 16, 2003 3:34 am Post subject:

Rapier, your use of the word "slavery" is interesting. Didn't YOU ask for loans to pay for a higher education to avoid becoming a low-income "slave" in the first place? So here you are, you have your higher education, you've welched on the pay-back deal, and you're STILL mooing about "slavery"!!! Kinda ironic.

Mr. Pink · Joined: 21 Oct 2003 Location: China

Funny how so many people are on one side of the fence or the other. Wonder how many of these same people that claim you must pay it back because you signed on the dotted line have skipped out on contracts, divorced, or took their word back on a promise. Sometimes circumstances happen...not saying you have to agree with it, but until you have been there, you are acting "holier than thou" to criticize aren't you?

canuckistan · Posted: Sun Nov 16, 2003 3:44 am Post subject:

Mr P, I hate to break it to you, but I've never reneged on any contract, bill, you name it, I've taken care of all my ficsal and other responsibilities that I've ever taken upon myself. If I didn't think I could live up to my end of the deal, I didn't go for it, simple as that. Just the way we were raised I guess.

Mr. Pink · Joined: 21 Oct 2003 Location: China

rapier · Joined: 16 Feb 2003

canuckistan: I donated some of the money I would've paid them to a good charity instead. I thought the world wildlife fund, Craft project for the disadvantaged, and famine relief needed the money more than the banks did....

canuckistan · Posted: Sun Nov 16, 2003 4:08 am Post subject:

No hero bisquit wanted or needed. It comes down to personal integrity and character I suppose. I've been lucky in that I've always been able to stay afloat, but it wasn't without struggle. And struggle is not something people are keen to do anymore. Easier to just cop out than forgo those vacations to wherever for a while. You can always blame it on the rich folk huh?
Try getting anything from a financial institution these days with a screwed credit rating. That stuff DOES come back to haunt you, and in the most miserable ways too.

By the way, I'm 35, should that matter?

canuckistan · Posted: Sun Nov 16, 2003 4:12 am Post subject:

Rapier, I know you're a wildlifer, and I hope you manage to keep the bulldozers out of the wetlands. I hate them too. Charities for kids are number 1 in my books. They're the future.
Here's a scenario: Rapier learns to love capitalism, gets rich, buys 500 endangered acres, sells the development rights to a land trust he has just set up, and the animals live in peace. Forever. There's a great reason to keep your credit rating!

sakamuras · Joined: 21 Jun 2003

not to really defend the rich...but usually, the ones that are capable of getting million dollar loans have excellent credit. a lot of the time, these loans are made for new businesses and startups...can you really blame them for having an entrepeneurial spirit?

the reason why rich folk, or any folk, in the states can hold onto their possessions during bankruptcy is something called Chapter 11...which protects your assets and gives you time to get your act together....the smart ones turn it around and survive, but usually most succumb to their debtors.

Mr. Pink · Joined: 21 Oct 2003 Location: China

Real Reality · Joined: 10 Jan 2003 Location: Seoul

What exactly is the benefit of repaying student loans?
I repayed mine.
Does it help me get a good job? Does it matter?

The Canada Student Loans Program promotes accessibility to post-secondary education by lowering financial barriers through the provision of loans and grants for Canadians with a demonstrated financial need.

I guess you can avoid threats.
Should you default on your loan, the NSLSC, your financial institution(s) and the Government of Canada will take steps to recover the debt, which may include reporting you to a credit agency, using a private collection company, and/or taking legal action.

Under legislation introduced in 1998, you cannot avoid repaying your Canada Student Loan through bankruptcy for a period of 10 years following the completion of your studies.
http://www.canlearn.ca/nslsc/repay/Bc/nlRepCSL.cfm?langnslsc=en&IT=PUBLIC

canuckistan · Posted: Sun Nov 16, 2003 4:47 am Post subject:

Mr P, Of course I've paid bills a month late, who hasn't?
Nothing has ever gone to a collections agency though.
I just finished paying off my 10 years of student loans, which I think is worth a big friggin' drunken time one of these days, how annoying to have to make sure it was in the account every month! But it's a good feeling to know that I'm in the clear with the gov't/banks when I go back to do a masters. Or get another mortgage. Or start another kooky business. They'll throw me the money. I have *the choice*, guess that's what has made me jealously guard my credit rating all this time.