Korean Job Discussion Forums

[DorkothyParker]

Last year I was poor and was able to get a deferrence on my student loans. I am still poor, but now I am in Korea and do not have the "proof" of my lack of substantial income as I did back home. Although, I think the US government must think I'm homeless since I haven't had income for the last year.
Anyway my first student loan payment is due in a month ($500 USD) and I simply cannot afford it. I need another deferrence so I can finish paying my credit cards (then I can afford $500 monthly!)

How can I get another deferrence on my federal student loans? (These are both subsidized and unsubsidized if you think that matters, though it probably doesn't).

[TheUrbanMyth]

[CentralCali]

Also check your student loan account online. The last time I checked (a few weeks ago), there was an option to get income-based adjustment on your repayment.

[AsiaESLbound]

You might consider the income contingent repayment plan. If no income is reported or you are below a certain level due to a low wage job, then 0 is your monthly payment. If not 0, then it's much smaller than $500. You'd need a very decent paying job to jack it up that high. If a $40,000 loan with a $30,000 a year job, it's $170 a month on this repayment according to their calculator. If $20,000 per year, then it would be $95 a month. It was anticipated that with an education, you could knock back $60,000 or more a year in a professional position, but today's job market doesn't support it. Luckily the federal governments Direct Loans system understands the situation.

http://www.direct.ed.gov/calc.html

[DorkothyParker]

Do you think they will accept whatever stub I get from my school even though it's in Korea? I will try calling them again tonight to ask if that is ok. I hope they take the conversion rate into account because I fall just under the maximum allowance for deferment in that case.

I just hope I can get everything in time before the first payment is due.

[CentralCali]

If you can, get the pay statement in English. Otherwise, take the Korean form and have it translated by a professional translator (NOT a friend or coworker).