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nathanrutledge
Joined: 01 May 2008
Location: Marakesh
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 Posted: Fri Dec 16, 2011 8:53 pm Post subject: |
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Read the authors bio. A Bachelors degree in Aviation, a masters in Human Resources, and she takes creative writing classes at a university. She is an idiot. Her priorities ARE shit. She didn't get some liberal arts degree that can easily be applied to most any job, she got a very technical (and lucrative!) degree. Then, rather than use it, she got a MA in how to work with people. Now, rather than working with people, possibly in aviation, she is spending more money on creative writing classes at a university.
Sure, you get a degree and realize you hate the jobs, but here is where priorities are important. Do you A) do the crap job in aviation which pays quite well and pay off your debt or B) spend MORE money on schooling? She wants to be an author, fine (I think her article wasn't that interesting) but it obviously isn't paying her bills (she had to self publish a novel - that should tell you something right there).
I have zero sympathy for this idiot. |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Fri Dec 16, 2011 9:40 pm Post subject: |
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| What I should have done was get a second part time job at 10 hours a week for $8 or $9 an hour which would have been an extra $80 to $90 a week, and I should have put that money into a savings account to help offset my student loans once I graduated. At the end of four years, I could have easily paid off $13,000 of my student loans. |
I actually did do this. Yes, thank you, I am amazing. The part I don't get though is if she is so smart now, why doesn't she do this? It's been years since she got all that debt. A second job isn't exactly the kind of plan that has an expiry date. |
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pegasus64128
Joined: 20 Aug 2011
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| Posted: Sat Dec 17, 2011 5:52 am Post subject: Re: First Person: How I Got Myself $80,000 in Debt |
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And just think how many of these geniuses (with far less of an excuse) we have in Korea, spreading their 'Lost' video collection education to Koreans. Man, we're in trouble!
No wonder Korea's calling time on FT's. With that kind of dramatic decrease in IQ, I don't blame them. A bunch of speed-multiple-choice experts, addicted to some pharma drug, and spreading their failed culture around is not the medicine needed. |
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The Sherriff
Joined: 10 Jan 2010
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| Posted: Sat Dec 17, 2011 6:07 am Post subject: |
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| allovertheplace wrote: |
| bobbybigfoot wrote: |
| Captain Corea wrote: |
| The Sherriff wrote: |
| 7 years down the line and you've only been able to pay off $10k?? It blows my mind how bad people are with money. |
I wonder if it's a matter of being in an interest black hole? |
It's a matter of having your priorities in a black hole. |
Thats an obnoxious point. With the outrageous interest systems the US has its very easy to just pay interest. I was in 3 grand credit card debt after university, was late on 1...yes 1 payment and my interest doubled and my limit halved. So big shock but I am now in 2 grand credit card debt despite paying 350 a month. Blah blah blah about being scrupulous...If you make a certain amount you can only cut so much stuff out. I don't own a car, I rarely go out, and have 700 a month left. Boom, 350 payment leaves me with 350 for a month. Oh, my priorities of eating and taking the subway to work are killing me, my priorities must be in a black hole. |
I don't think this is an obnoxious point. Maybe before you blame the 'outrageous' interest systems in the states, you should take a look at the consumerist lifestyle you previously led, and in a different way are probably continuing to live that put you $3k in debt.
You may not think you're currently a heavy consumer, because you don't shop much or go out very often, but unless you're hovering around the poverty line, I'm pretty sure you're making more than $700 a month, and have deducted utilities and rent.
Your apartment is probably bigger than you need, which of course requires you to spend more on utilities, but you probably like it and believe you need this level of comfort to live and be happy, when you really don`t. Assuming you`re living in Seoul, subway fare should only cost you around 1k won a trip to and from school averaging around 40k won a month round trip. You add in food which you probably always eat out averaging 5k won per meal because you believe its cheaper to buy than to cook, when it really isn`t, it`s just more convenient for you.
When you do buy food, you probably buy ready made stuff which of course is more expensive and don`t bother to shop the discounts and the sales and always buy the name brand stuff that you recognize.
There are so many ways to trim the fat of our lifestyles. Purchasing material possessions and going out is just one way that contributes to how we consume our money. Take a good hard look at what you actually need, and cut the rest out. |
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allovertheplace
Joined: 02 Aug 2009
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| Posted: Sat Dec 17, 2011 9:12 pm Post subject: |
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| The Sherriff wrote: |
| allovertheplace wrote: |
| bobbybigfoot wrote: |
| Captain Corea wrote: |
| The Sherriff wrote: |
| 7 years down the line and you've only been able to pay off $10k?? It blows my mind how bad people are with money. |
I wonder if it's a matter of being in an interest black hole? |
It's a matter of having your priorities in a black hole. |
Thats an obnoxious point. With the outrageous interest systems the US has its very easy to just pay interest. I was in 3 grand credit card debt after university, was late on 1...yes 1 payment and my interest doubled and my limit halved. So big shock but I am now in 2 grand credit card debt despite paying 350 a month. Blah blah blah about being scrupulous...If you make a certain amount you can only cut so much stuff out. I don't own a car, I rarely go out, and have 700 a month left. Boom, 350 payment leaves me with 350 for a month. Oh, my priorities of eating and taking the subway to work are killing me, my priorities must be in a black hole. |
I don't think this is an obnoxious point. Maybe before you blame the 'outrageous' interest systems in the states, you should take a look at the consumerist lifestyle you previously led, and in a different way are probably continuing to live that put you $3k in debt.
You may not think you're currently a heavy consumer, because you don't shop much or go out very often, but unless you're hovering around the poverty line, I'm pretty sure you're making more than $700 a month, and have deducted utilities and rent.
Your apartment is probably bigger than you need, which of course requires you to spend more on utilities, but you probably like it and believe you need this level of comfort to live and be happy, when you really don`t. Assuming you`re living in Seoul, subway fare should only cost you around 1k won a trip to and from school averaging around 40k won a month round trip. You add in food which you probably always eat out averaging 5k won per meal because you believe its cheaper to buy than to cook, when it really isn`t, it`s just more convenient for you.
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Next read the post a bit more. I said after all expenses I have 700 left. I also currently live in the states after a few years in Korea. I pay ZERO utilities, pay ZERO cable, etc. I have a cheap apartment for this city. But AFTER rent, transit, food for home, health insurance, tax, and bills, I have a few hundred to live on. Its enough but pretty hard to pay off debt when you are scrapping by. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Dec 18, 2011 11:27 pm Post subject: |
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| Draz wrote: |
| Quote: |
| What I should have done was get a second part time job at 10 hours a week for $8 or $9 an hour which would have been an extra $80 to $90 a week, and I should have put that money into a savings account to help offset my student loans once I graduated. At the end of four years, I could have easily paid off $13,000 of my student loans. |
I actually did do this. Yes, thank you, I am amazing. The part I don't get though is if she is so smart now, why doesn't she do this? It's been years since she got all that debt. A second job isn't exactly the kind of plan that has an expiry date. |
Can't speak for the American system. But tuition, books, and other uni expenses take up a great portion of the student loans. The rest really is not enough to live on through the year. Then, what you make during the summer, you need to live. You have to pay bills, eat, pay the rent etc. There is no money left over. Even with working a little, you're still coming up short. Even if you are frugal, you may still need to put some on the "card" . A little here and there can add up over time. Makes sense to say you could have an additional 10 grand in credit card debt.
If you were born with a silver spoon in your mouth or have a rich mommy and daddy, these rules don't apply to you. I have during the past couple of years met many Americans who pleaded poverty but then only had 10 or 15 grand in debt. Seems there are all kinds of grants for Americans. Definately not for us Canadians, at least, not to the same degree.
Debt sucks. This pissy exchange rate sucks even more. I don't even know how someone with piles of debt could live on 2.1 million won. A poster who said about having a wife and kids on debt was challenging. Makes sense. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Sun Dec 18, 2011 11:34 pm Post subject: |
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I finished college in the U.S. in the early 1990s, and back then, we still had Pell Grants and other aid that required no repayment. I believe most, if not all, of the grants have disappeared and that it's mostly loans now.
I covered tuition with a need-based scholarship and worked part-time to cover living and commuting expenses. It sucked big time but at least my debt was under 15,000 dollars and thus manageable. I don't think that is the case for recent grads, however. |
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tatertot
Joined: 21 Oct 2008
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| Posted: Mon Dec 19, 2011 12:32 am Post subject: |
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| Yaya wrote: |
I finished college in the U.S. in the early 1990s, and back then, we still had Pell Grants and other aid that required no repayment. I believe most, if not all, of the grants have disappeared and that it's mostly loans now.
I covered tuition with a need-based scholarship and worked part-time to cover living and commuting expenses. It sucked big time but at least my debt was under 15,000 dollars and thus manageable. I don't think that is the case for recent grads, however. |
I attended a state university from 2001-2006 and tuition was less than $5,000 a trimester (3 per school year instead of 2 semesters). Even without financial aid, it is possible to work a job and make most of that amount. If you really needed financial aid, you were likely to get it in the form of grants (not loans, you didn't need to pay them back). I am always irritated when people complain about their student loans. If you go to Pepperdine for $30,000/year, then you're going to have a lot of loans. Just go to a state school and work a part-time job while you do it, and you will graduate almost debt-free. Need to do it cheaper? Go to community college for 2 years and save another $20,000. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Dec 19, 2011 4:35 pm Post subject: |
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| tatertot wrote: |
| Yaya wrote: |
I finished college in the U.S. in the early 1990s, and back then, we still had Pell Grants and other aid that required no repayment. I believe most, if not all, of the grants have disappeared and that it's mostly loans now.
I covered tuition with a need-based scholarship and worked part-time to cover living and commuting expenses. It sucked big time but at least my debt was under 15,000 dollars and thus manageable. I don't think that is the case for recent grads, however. |
I attended a state university from 2001-2006 and tuition was less than $5,000 a trimester (3 per school year instead of 2 semesters). Even without financial aid, it is possible to work a job and make most of that amount. If you really needed financial aid, you were likely to get it in the form of grants (not loans, you didn't need to pay them back). I am always irritated when people complain about their student loans. If you go to Pepperdine for $30,000/year, then you're going to have a lot of loans. Just go to a state school and work a part-time job while you do it, and you will graduate almost debt-free. Need to do it cheaper? Go to community college for 2 years and save another $20,000. |
Sounds like you guys have a decent system going on. That explains why I meet many Americans with maybe 10 to 20 k in debt. In Canada, if you have no means, you gotta borrow. You borrow from a government program called "The Canada Student Loan Program". It's easier than going to the bank and the government pays the interest while you're in school. But the principal amount you borrowed still adds up over years. A small percentage of that is a bursary grant. For example, you might get 15,000 a year, but 3,000 of it is a non repayable grant. Not bad, but if you work part time too much, it gets deducated from your grant.
It use to be you were only allowed to make about 600 bucks through the year by working part time. After that, we had it deducted from the grant. Some of us did work illegally and not claim it. I did a bit, but always put some of that money towards May's expenses when I didn't have a paycheck and had no loan because school was finished.
I went to a regular university. I guess, it would be like a state university in the US. Tuition and books took most of that amount. As said, rent and other expenses were usually not covered very well. Hence working a little here and there and not claiming it, credit cards, legitimate part time work, etc. Whatever money I scraped up went towards living expenses and never uni fees.
So, it is possible to have close to 50 k for a four year degree. Maybe 60 to 70 for a teaching degree or masters, etc. Plus maybe 10 K credit cards. This is not going to a fancy university in Canada, either. I'm definately beginning to understand why some people don't go to university. The expense and debtload doesn't necessarily justify the potential extra earnings.
Thankfully I got here just before the crash and have been getting raises. No way you could take care of massive amounts of debt on a 2.1 Million salary some hogwans are giving.
Also in Canada, you cannot default or declare bankruptcy for at least 10 years after you have gone to school. Collection agencies can harrass you and make your life hell if you don't pay. They have very aggressive lawyers that will pursue you in court. (Kind of like pitbulls on a leash.) You can file for what's called "Interest relief" every 6 months where the government pays the interest but not the principal. You have to file extensive paperwork and prove you make below a middle class income. Good for a few years, then you got to pay. I did it for a couple of years then came here and a couple of years prior as I took a break in between some of my schooling.
I came here based on what friends in the early to mid 2000's were telling me about Korea. Many have either gone home or moved on to a low paying Korean uni job. But they are debt free now. Between a year and a year and a half after getting over here, the won started really crashing. So, it's long term and I'm still repaying. When they were paying, I think at the time, they told me 2 Million won was sometimes as high as 2400 to 2500 Cdn dollars prior to 2004 and maybe 2200 to 2300 prior to the crash (2008). It was around 2200 when I got here. Now more like 1700 to 1800 bucks, as I may have mentioned earlier.
I'd almost not come over if I were in Canada now looking at the exchange rate and the low offers of 2.1 from hogwans. I'd prob go work in the oilfields in Alberta instead. But, I'm set up here and have gotten raises. After the end of 2008 and early 2009, hope drove me that maybe by 2011 things would flip back. When the US economy recovers and Korea exports again, the won will rise. There will be less English teachers putting competitive pressures on wages again. China is also rising up. So long term, it can be good here. Now, I'm thinking 2013 things will start to come back. (But time will tell.)
Korea will bottom out as an ESL market. The US recession has given a taste of what things will be in the future. A mini boom could return to Korea but not as big as before (early to mid 2000's). An improving economy in the US will reabsorb many and enough hakwon jobs will remain to absorb future EPIK cuts. (As long as they don't cut for the next couple of years too much.) |
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