Korean Job Discussion Forums

Moldy Rutabaga · Joined: 01 Jul 2003 Location: Ansan, Korea

I think someone might be writing for fun. What sort of country gives a $120,000 student loan? Canada has a cap of 50K.

I am of two minds on the issue, I think. On one hand, your country invests in your education by loaning the university money for your tuition and support. And if you decide to major in Aztec Folklore, it is not the state's fault you don't have a job.

On the other hand, my student loan experiences have really embittered me about Canada. Some saner countries tie loan repayments to salary, but Canada wants payments, now, now, now, and the amounts are calculated based on your loan, not on ability to pay. Friends of mine in Newfoundland were hauled into court for not paying $600 a month--when they were making $500 a month! It is a tremendously arbitrary system and it wastes an enormous amount of paperwork.

I came to Korea because I couldn't buy groceries or a bus pass to look for work, because my last savings had been confiscated by the bank without notification. I argued with the bank that even hitmen know not to kill their clients or they won't be repaid, but they just demanded more. The banks "lost" documents and periodically maneuvered me into default by refusing to classify me as a student while I was writing my thesis. After my arrival, I continued to get hectoring calls at 3 AM from collection agencies.

Ultimately, I played hard with the agency and refused to pay anything until they stopped being rude to me. To their credit, both the bank and the agency gave me a chance. I've almost paid it down to nothing now.

To return to the original question, yes, some governments reduce loans slightly if the degree is completed. I got 5% forgiven. When my brothers were in university in the 70s, the percentage was closer to half. The Chretien legacy; balance the books by slashing transfers to the provinces, who then cut university funding. Then blame the provinces and boast that your government is fiscally responsible.

Ken:>

Homer · Guest

joe_doufu · Joined: 09 May 2005 Location: Elsewhere

joe_doufu · Joined: 09 May 2005 Location: Elsewhere

Imbroglio · Posted: Mon Dec 12, 2005 6:16 am Post subject:

Naturally he's American, and that's why I pegged homer with that sources thing. The American government has not ever and will not ever flag your passport and throw you in jail because you go into default on your Stafford or Perkins loan. End of story. Homer, no. NO. NO. NO. Razz

Homer · Guest

Joe,

If his story is true...his credit is shot in the US as is his financial reputation when it comes to house loans, car loans, credit, business loans and basic banking. You can also throw in insurance companies who will high rate this guy forever.

joe_doufu · Joined: 09 May 2005 Location: Elsewhere

Rteacher · Joined: 23 May 2005 Location: Western MA, USA

You practically can't get rid of student loans through bankruptcy anymore (that's been the case since 1998) Up till then lawyers and doctors were the biggest exploiters of bankruptcy laws allowing them to discharge very large student loan debts incurred from the time they were college freshmen till they graduated from their respective law and med schools. (Of course, they're very honorable people, though... Rolling Eyes

)

Homer · Guest

Imbroglio,

Lets see what happens to the guy who defaulted on a 120 000USD loan... Laughing

If nothing happens, that is a very sad state of affairs in the US (or his home state).