Korean Job Discussion Forums

[nourozi]

Im coming to Korea in May with 18,000 (student loan) to pay off! I want to pay it off after the year so saving is priority!

[Pwillig]

I'm assuming dollars?

[bluelake]

None, although I used to have quite a bit (mostly credit card debt). The best thing I ever did financially in my life was to get rid of credit card debt; I was paying a couple thousand dollars a year in interest. Now, although I still use cards, I pay them off every month; if there is something I cannot pay off in a month, I will not use a card to get it.

[nourozi]

yep

[Aelric]

Well, that is about what I owe and I was hoping to zap it out in the first year and save for grad school after that. However, with the drop in the WON, it may take a little longer for us if we currently have to make payments. If you are on your grace year, then I would say hoard your pay and wait for a good transfer window in a large sum. If you already must make payments, well, you may as well pull up a stool and join the rest of the damned until the WON stabilizes a bit more.

Personally, If I could go without sending cash home bimonthly, I could save about 1.3 mil WON a month and still have enough to live quite comfortably. It still doesn't make my debt go away in a mere year, but it would take out a hell of a bite.

If you can't hold on to a million per month without transfers, then you are either criminally underpaid or really bad with your money.

[roadwork]

I sent $10,000 home in June of last year when the won was 1100 and paid off the remainder of my student loan. My credit card debt is pretty much nonexistent since I've been here so long I think the last time I paid on those was 2001. I figure if they ever want to settle on it, they'll settle for a much lower rate than what I owe.

Too bad about the exchange rate, I've got about 20 million won saved up that I'd like to transfer to the US for my debit card for traveling.

[Beej]

[kasain]

Well stop paying on your credit cards is a way I guess. Depending on your state they have 6-7 years to collect it. After that they can't legaly get it in most cases. But then again try getting a card, car or house later in life.

[Robot_Teacher]

Mine's all student loan debt. Over $40K in us dollars. I went for 5 years all togethor borrowing $6,000 each year on average, but the interest capitalized during periods of unemployment and underemployment on the income contingent plan. In 4 years, it capitalized an extra $10,000. I think my best hope is when that 25 year after graduation mark comes and they forgive the loan as the Dept. of Education consolidated loan contracts state. I then pay income tax on the amount forgavin as if it were income. I have like 20 years to go. If I get some real money rollin, then I'll kick that $43,000 debt like it's a tiny football and nuttin but a small nuesance. If you're pulling down some serious money, it's easy to take care of business.

Otherwise, I'll keep riding the income continegent plan and letting it rack up interest to wait for the big 25 year mark.

[xCustomx]

Some of you guys seem like you have no morals at all. You borrow $40k, and have no intention to pay it all back? Or you rack up credit card debt and then run away so you don't have to pay it, even though you have 20 million won saved up? Here's hoping karma catches up with you

[ekul]

[Ukon]

60k, I got screwed out of a free ride and later when I transferred to a state school, I was informed I was "too late" to receive any scholarship money.

[Aelric]

[davai!]

[bobbybigfoot]