Korean Job Discussion Forums

Moldy Rutabaga · Joined: 01 Jul 2003 Location: Ansan, Korea

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TheUrbanMyth · Joined: 28 Jan 2003 Location: Retired

kelly · Joined: 31 Jan 2003 Location: Seoul

Or people who borrow money to further their education could just pay it back... Since that's what they promised to do when they borrowed it in the first place.

Not like it's some huge surprise or anything.

Good point, it really p***es me off when people try any scams to get out of paying for education, if it wasnt for that college now you wouldnt be here would you....suck it up get on with it and pay it off its people that don't pay off loans that give other more worthy students a bad name!!

katydid · Joined: 02 Feb 2003 Location: Here kitty kitty kitty...

I am pretty sure that in America at least, we have the option of deciding what sort of financial help me want (i.e. "do your parents want to/Are your parents able to financially help you out?") on the federal forms, and then after you send those in, I'm pretty sre my school sent me two copies of an aid letter, one for me to keep and one for me to amend or question, then send back. So at least in my school, if memory serves me, I would have been able to say "No way, those loans are too much, I don't want it," and maybe try to convince the school for more grants or try to find a way to raise more money up front so I wouldn't have to pay it back later.
To have the attitude that "I went to college and now the world must lay down for me, and if they won't I won't pay my student loan bill" is ridiculous.
If you go to an expensive restaurant, order food, take a bite then decide you don't like it and send it back for soemthing else, no one will think you're an arrogant *beep*. However, in the same situation, try finishing your meal and then walking out refusing to pay cause it wasn't what you expected. Doubt anyone will understand.
If you didn't think you were getting what you wanted in school, no one was forcing you to stay. You could have transfered elsewhere (maybe somewhere cheaper or a place where you thought you were getting your money's worth) or taken a leave of absence from the school until you got your head straight on what it was you wanted to do with yourself.
People who whine about their student loans really should have done some seriosu thinking before they signed that piece of paper.

ryleeys · Joined: 22 Dec 2003 Location: Columbia, MD

No school loans... no personal loans... never took $5 from my parents for gas money without doing some kind of household chore before hand. I just don't believe in owing people money... if I ain't got the cash, I don't buy it...

I will probably make exceptions to this rule for a car and a house as you're financially better off taking a loan than paying cash up front.

Blue Flower · Posted: Thu Feb 05, 2004 11:01 pm Post subject:

In NZ you borrow the money from the government. Not a bank. Unless you are stupid. The current interest rate is about 7%. Which does suck, but its a bit better than the 7.5% rate it used to be. In the country, your minimum payment is 10% of your salary, outside the country, if you are honest and told them that you were leaving, they work it out that each year you pay 1/18th of your loan. Which sucks if it is a large one. Like mine. But they are fair, and if you really can't afford to pay it, then there are measures that can be taken to help reduce the size of your payments.

What I do take offence to, is that the government lists student loans as part of it's revenue. Which I don't think it should. Ensuring that the citizens of your country are educated should be an asset, yes, but not a financial one, other than what their education gives them.

sadsac · Joined: 22 Dec 2003 Location: Gwangwang

I do feel for you North Americans. We may be backward in many ways but the HECS system in Australia works fine for most people. Higher Education Contibution Scheme, do not pay up front. Once you have completed your degree and are earning a reasonable income, you then elect to repay your HECS. I believe the current yearly gross income is around $27,000 PA before it is compulsory to begin your repayment. It is done through the taxation system and you can also allocate any or all of your return annually against the debt. Each year when you receive your notice there is a required amount to be payed and reasonable discount incentives are offered to encourage payment by the due date. Even though I am working in Korea, I am able to study online and take advantage of this system. Sure beats making a housing payment every month for a student loan. Smile