Korean Job Discussion Forums

[CA-NA-DA-ABC]

I came over here with huge student loans from undergrad ($40,000+) and I am comfortably settled in Korea now, with decent pay. I am estimating with about 2 years of hard work, I can be debt-free all while enjoying a comfortably high standard of living.

Recently I had applied for a B.Ed. program back home and I got accepted. It's a one-year professional program leading to a teaching certificate in my province. There will likely NOT be any problems finding a job once I graduate, since my concentration is in sciences and there has always been/will continue to be shortages in that area. The program costs $13,000, and living expenses will likely run another $14,000 on top (so they say). I have two weeks to notify the Faculty of Education of my acceptance of the offer of admission. As you can see, all of this has mounted to a dilemma.

Going back to school is a huge financial risk, as I will be shackled with at least 60k in loans by the time I get my B.Ed. The starting salary of new teachers in my province is about $46,000 a year, but after deductions it only amounts to about $3000 a month. Hardly enough to put down a mortgage, pay the bills plus make payments towards what would be a ridiculous amount of loans by that point. This is without even considering the opportunity cost of loss of a year's worth of wages. To me right now, this route seems like financial suicide.

So what about staying put? Well if I do that, I am worried that I might kick myself later for not getting that teaching certificate, the added respect it commands in any educational setting, the mobility it affords you to teach anywhere in the world as you please in your area of expertise and actually be treated like professionals. At worst, it's going to provide me with a reliable career to fall back on if every other field denies me.

So what's the verdict?
Appreciate your help.

[Juregen]

Get rid of existing debt first.
Why do you need more education if you already have a job?

The biggest question is of course what you want to do with your life, but even so, taking on another financial risk on top of your current financial risk in the hopes of doing .... what?

What is the additional potential financial gain you might get out of it, given you will need another 30.000$

Let's assume an interest rate of 5%, that will be another 1.500 $ per year, or 130$ extra per month. If you want to pay of capital you can round it up to 200$ per month, and this is not taking into account your current financial risk.

Are you going to make that extra money thx to your additional training?

I would only do it if I had some chance that I would be making 400-500 $ extra per month.

The actual calculation is a little bit more complex, but comes down to the same thing.

Does the total benefit of the investment outwheigh the total cost of the investment. I cannot give you more information, you will have to fill in the details yourself..

[thegadfly]

How old are you?

If you are under 30, I would suggest working for two or three years here, putting your nose to the grindstone, and following all legal avenues to make as much as you can here. I worked at a hakwon in Seoul that paid a pretty decent wage for overtime classes, and knocked out $45k worth of debt in two years, and actually put aside some cash on top of that.

Prior to that I had worked in the US as a public school teacher at the high school level...and I can tell you that THOSE two years did NOT significantly reduce my debt. I barely made my minimum payments...I might've knocked $5k off my total in two years of that....

If you are under 30, you should still have plenty of time to get out of debt, save some money, go back to school, get your certification, and STILL be golden for the better jobs you could get with the degree....

Sad fact is, if you are closer to 40 or higher, some doors may be swinging shut if you wait too long to slip through... so if yer a youngin', hang for a bit, if yer a bit less spry (like myself), get that certification sooner rather than later...that'd be my advice.

[cruisemonkey]

[sinsanri]

Can't add to what has been said, they have given you good advice.

[Ya-ta Boy]

It's unanimous. Pay off your present loan, then move on to the next step with a couple of years of practical hands-on experience--which you can't get except in a classroom. You'll be a stronger student later. Plus you'll have the expat experience to draw on.

[polonius]

What school is charging 13 G's for a year of education? I can understand cost of living being 14 G's, but that tuition seems to be a bit high. I am going to get my B.Ed next year and the tuition fees are under 6 G's.

Also, don't forget that after you finish your B.Ed, you can take AQ courses which can be 2 week full time courses, and they will bump your salary up every year.

I would say though, pay off the student debt that you have already. Most University programs will allow you to differ your acceptance, thus making it easy to get into the program in the future. However, I would highly suggest that you not approach teaching as a "fall back on" career. I have seen many people take this stand point and have hated their choice to become teachers.

[losing_touch]

[Robot_Teacher]

I hear it's tough to get a teaching job in Canada and they don't pay for certs and masters degree courses if seeking a masters on the side nor offer student loan repayment bonuses. OP, I say try to find a district willing to paying for certification while teaching your 1st year if any districts offer that in Canada like in the US. $65,000+ student loan debt is a lot for a teaching job. I think I went in over my head with $36,000 that turned into $41,000 due to underemployment on the income contingent repayment plan.

[polonius]

[CA-NA-DA-ABC]

Thanks to everyone who chimed in.

Yes, I'm from Canada, and I got accepted to UBC. The 1-year professional program costs $13k I kid you not. They do not grant deferrals (PERIOD) and I would have to re-apply if I don't accept.

and I AM under 30.

A monthly salary of 3000 after deductions in Canada with mortgage/rent, loans, insurance, etc. is like trying to live on less than 1 mil. won here in Korea (i.e. bloody impossible)

[Johnny5]

Pay down your loans. If you don't have kids then there is no rush.