Korean Job Discussion Forums

[thomas pars]

title pretty much sums it up. 55K in student loans. I need to pay it off
in a hurry so I can get on with my life. Any ideas? Things I won't do.

-Sell Drugs.
-Amway

Things I might do with slight reservations.

-Porn
-CDI

Thanks.

[chellovek]

Well, in the spirit of the economic times, maybe try the following-

Only eat once a day- somewhere for free if possible.

Don't buy new clothes.

Don't replace broken gadgets.

Don't go out- and if you do, drink water.

I could go on- basically do nothing that is anyway enjoyable. Don't invest in yourself in anyway. You must sacrifice everything for your creditors.

This way all the money you save from work can be used to pay down your debt.

[Senior]

Increase your income.

[AsiaESLbound]

If you are American, you might consider refinancing with the Department of Education Direct Loans so you can get on the income contingent repayment plan which also offers deferments should you be unemployed. If after 25 years the career didn't reward you well enough, it's forgiven minus tax on it as if it were income. This prevents the extreme stress of the treadmill threatening default on you should you not be a finance super star in this economy. I too am heavy on the student loan debt, but too light on income and equity. Call this saddling a sign of the times. General rule is it's ideal to earn per year how much your total debt is so you can pay off in 10 years time.

Only other way to get out from under it is do what Senior said or simply die as filing bankruptcy can't eliminate student loan debt like it does for defunct business and upside down real estate debts. It really doesn't make sense to put all of your precious few eggs back into repaying debt, because it takes money to get ahead in life. You will need money to repatriate on and allow you the means to go make a living when you are finished in Korea such as a car or tools and money to get you buy until you are on your feet again. Being broke is a huge disadvantage even if you did manage to pay half of it in only 2 years teaching in Korea by sinking ever last dollar of savings in it while you go without. I'm not saying to be irresponsible, I'm saving you need to look out for #1 first in this economy.

Making more money is the best possible way to pay off, but other wise, try to refinance into a Direct Loan for added borrower protections in the event you don't live up to expectations for whatever reasons be. Your average job is not going to cut it nor is ESL. You are looking at roughly $1000 to $1500 monthly payment for 10 years to get the monkey off your back. To scare you even more, run an amortization on it to see just how much money it costs after interest. What a severe penalty to be a poor boy that got an education.

[shapeshifter]

[thomas pars]

[travel zen]

I sympathize Thomas. McGill is a good place to go.

I'm paying my way slowly thru Ryerson and I hate loans! Even credit cards.

Since you seem young, try being a Gigalo if you are in Korea. Japan has a big market on young white/black dudes and older women.

I was thinking of that myself just for the fun of it

If you are Korean in Korea, be a pimp. China has a bigger market on that.

[bucheon bum]

$55K is manageable. As someone else said, consolidate your loans with the Dept. of Education.

There is also a new program via the Dept of Education where if you work in the public sector or have a qualifying job for a non-profit, you don't have to pay the remaining amount after 10 years.

[Leon]

Go to graduate school.




Sorry, that was a mean joke.

[AsiaESLbound]