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Paladin Brewer
Joined: 25 Dec 2009
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 Posted: Tue Feb 02, 2010 6:50 am Post subject: Paying off student loans at home |
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| Curious to what kinds of issues, if any, folks run into paying off loans back at home, particularly in the U.S. I want to save up as much money as I can, but I'm also crazy in debt from loans. Is there any problem with the American banks debiting your Korean bank account to pay for your loans, or do you have to wire it back to an account there? |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Tue Feb 02, 2010 6:47 pm Post subject: |
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I'm Canadian so it might not be the same...
Same problem though... Student debts (especially credit cards) were through the roof when I came to Korea...
Once a month after payday I transfer money from my KB* account to my Canadan bank account using their ATM Overseas Remittance option (you have to go into the branch to set this up, but can do it from any KB* ATM after that)... 5k fee from KB, 10 bucks from my account at home, pay my bills online and away I go...
Takes 2-4 days for the money to show up in my account, but other than occationally pressing the wrong button and not sending the money (and not realizing it for a week, lol) I've never had a problem... Also a hell of a lot cheaper than getting someone at the branch to send money to your account (upwards of 40k, or so I've heard...) |
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kswords
Joined: 09 Apr 2009
Location: eugene, oregon
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| Posted: Tue Feb 02, 2010 11:17 pm Post subject: |
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paladin i doubt you would be able to have your student loans debited automatically from your korean bank account. i wire money home every month to pay mine...
egrog, wow what a great option. i've never heard of this. does anyone know if this is possible to do with an american bank? actually credit union... |
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LizMarsh242
Joined: 11 Aug 2009
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| Posted: Wed Feb 03, 2010 1:23 am Post subject: |
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| kswords wrote: |
paladin i doubt you would be able to have your student loans debited automatically from your korean bank account. i wire money home every month to pay mine...
egrog, wow what a great option. i've never heard of this. does anyone know if this is possible to do with an american bank? actually credit union... |
I do the exact same thing every week with an american bank. I go to the KB* atm, wire money the same day its deposited into my account for the month, and in about a couple of days (allow for the fact I'm usually wiring at 5pm kst and it can take up to 72 hours in the US although almost never really does) I pay my college loan from my online account. From what I know though, you can only wire from that branch's atms. So, either choose the one by your apartment or by your school. You'll need the swift code for your credit union and your account number. It takes about an hour inside the branch to set up, but from then on its a very simple trip to the ATM. |
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wylies99
Joined: 13 May 2006
Location: I'm one cool cat!
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| Posted: Wed Feb 03, 2010 6:35 am Post subject: Re: Paying off student loans at home |
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| Paladin Brewer wrote: |
| Curious to what kinds of issues, if any, folks run into paying off loans back at home, particularly in the U.S. I want to save up as much money as I can, but I'm also crazy in debt from loans. Is there any problem with the American banks debiting your Korean bank account to pay for your loans, or do you have to wire it back to an account there? |
Wire it back to a US account and pay from that account. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Wed Feb 03, 2010 6:41 am Post subject: |
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You can also set up online banking with KEB and do it from home.
Just the other day I went into KEB and they set up a special account for wire transfers. I just go online and move money into the special account. As soon as I put money into that account it is automatically transferred to my home bank. |
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lizlemon
Joined: 05 Jan 2010
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| Posted: Wed Feb 03, 2010 11:06 am Post subject: |
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| here is a student loan related question - as of now i do not have a full time job so my payments are suspended. will i need to claim my income once i move to korea? |
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loyfriend
Joined: 03 Aug 2009
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| Posted: Wed Feb 03, 2010 4:02 pm Post subject: |
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Hello, I would do it one of two ways.
1st. Get a KEB credit card or any other credit card in Korea. The loans place can charge that every month and you dont have to worry about the money getting there on time. If it is a secured card it be repaid to the card on whatever date you set. These cards do work internationaly.
2nd. Paypal now offers debit cards. So you can get one and just use this card internationaly. |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Wed Feb 03, 2010 9:21 pm Post subject: |
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| LizMarsh242 wrote: |
| kswords wrote: |
paladin i doubt you would be able to have your student loans debited automatically from your korean bank account. i wire money home every month to pay mine...
egrog, wow what a great option. i've never heard of this. does anyone know if this is possible to do with an american bank? actually credit union... |
I do the exact same thing every week with an american bank. I go to the KB* atm, wire money the same day its deposited into my account for the month, and in about a couple of days (allow for the fact I'm usually wiring at 5pm kst and it can take up to 72 hours in the US although almost never really does) I pay my college loan from my online account. From what I know though, you can only wire from that branch's atms. So, either choose the one by your apartment or by your school. You'll need the swift code for your credit union and your account number. It takes about an hour inside the branch to set up, but from then on its a very simple trip to the ATM. |
Can do it from any KB ATM... I'm set up at the branch near my school, but send cash home from the ATM across from my apartment |
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kinerry
Joined: 01 Jun 2009
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| Posted: Thu Feb 04, 2010 2:35 am Post subject: |
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| lizlemon wrote: |
| here is a student loan related question - as of now i do not have a full time job so my payments are suspended. will i need to claim my income once i move to korea? |
none of what you just said matters
only after you make more than 10k in a single year do you have to pay taxes |
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wylies99
Joined: 13 May 2006
Location: I'm one cool cat!
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| Posted: Thu Feb 04, 2010 5:37 am Post subject: |
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| lizlemon wrote: |
| here is a student loan related question - as of now i do not have a full time job so my payments are suspended. will i need to claim my income once i move to korea? |
Get things set up, in Korea, set aside an emergency fund, then resume making payments. Right now, banks understand economic realities and are happy that anyone is paying their loans on time. |
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Paladin Brewer
Joined: 25 Dec 2009
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| Posted: Tue Apr 13, 2010 6:25 pm Post subject: |
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| I know this post is a bit old, but I had more questions. How much does it cost you to wire money back home? I was told it's like $45, and that's too much to pay. Seems like paypal is the smarter, cheaper option? |
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Andro
Joined: 22 Dec 2008
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| Posted: Tue Apr 13, 2010 6:43 pm Post subject: |
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| Good info in this thread. I had the same question. |
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Whitey Otez
Joined: 31 May 2003
Location: The suburbs of Seoul
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| Posted: Tue Apr 13, 2010 11:56 pm Post subject: |
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Your Korean bank will take a small chunk of change for the transaction, I usually pay a little under 10,000 Won for the remittance. I use US Bank, and they charge $20 flat out for receiving the money. It makes no sense to me, but back in the day my first coworkers would make travelers cheques payable to their American/Canadian accounts and mail them to a trusted individual. It took weeks, but it saved them $30.
I recommend to anyone with debts to look at them closely - pay off the small balances followed by any high interest debts. Your federal student loans are at inflation, basically, so you can sit on them until you are comfortable.
I also recommend finding out how much a flight home costs and making sure you have at least that much in funds available to you. Many of us came here behind the eight ball, and after a few months lose sight of it. For me, debts and such were happening over there, and I was having a good time here. I'd go home and see that I wasn't making progress as expected.
Set your goals, lay out your strategy, and figure out your wiggle room. |
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sesyeux
Joined: 20 Jul 2009
Location: king 'arrys
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| Posted: Wed Apr 14, 2010 3:04 am Post subject: |
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posting for info regarding uk student loans.
i know that if you earn over a certain amount in england the student loans company automatically takes some, same as national insurance tax pension etc. whats the situ in korea?
do you have to pay some back in a lump sum, or set up a debit from an account at home or what? i've got a cousin who taught abroad for a few years and now has left thailand and is maybe in oz. no-one knows for sure. we all think he did this deliberately to try and escape the payments.. |
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