Korean Job Discussion Forums

[JanyAlly]

Does working in Korea allow or permit some type of loan deferment to students in debt? I was curious because several different type of programs seem to do this. Any ideas?

-J.

[jonbowman88]

your taxable income here is $0, so i guess your below the poverty line. You might be able to, but I've never heard of anyone doing it. Maybe since it's so easy to save money here.

[Feloria]

No, working out of country doesn't give you any kind of special "pass."
It's not like you're volunteering with the Peace Corps or Americorps or something like that; you have an actual job.
You can always request a loan deferment or forebearance, based on income-and if you qualify, you get it no problem.
You could also request much lower payments if you need it.
I'm talking about American student loan companies, such as AES.
I've had to do it a couple times-the companies are willing to work with you if you contact them.
Good Luck!

[weso1]

You can't get a pass on your loans. Unless you're unemployed for doing full time volunteer work. However, Sallie Mae has been surprisingly cool and working with me and my loans. They can lower the monthly payments if you need that. You can get a short term deferment if you're going through a hard time or temp. unemployed.

Keep in mind, as long as you're in Korea, if you don't pay your loans, there's nothing they can do. But, if you go years without paying, they will harass your family back home and as soon as your passport is registered back in the states, they will track you down. Yes, people really have gone to jail for not paying their student loans.

Also, Obama signed a nice little student loan plan just a week or so ago. Not sure on the exact details, but look it up. My friends state-side said it's going to help them a lot.

[Adventurer]

[Kuros]

Special Direct Consolidation Loans

There are a few requirements, the most important of which are:

- Must have outstanding Dept of Ed held loan AND commercially-held FFEL loans (outright private loans irrelevant).

- Must not have already consolidated your loans in the Direct Consolidation Loan program

- Must specially consolidate between January 2012 and June 30th, 2012

Benefits:

- The below only applies to the commercially-held FFEL loans

- Payments become 10% of income, loans discharged after 20 years (instead of normal consolidation 15% after 25%)

- Repayment term holds steady, so interest repaid reduced (instead of normal consolidation, which increases life of loan)

- a 0.25% interest rate reduction