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Korean Job Discussion Forums
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Holden
Joined: 19 Feb 2003
Location: Korea
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 Posted: Thu Nov 13, 2003 10:05 pm Post subject: |
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| It's like they charge high prices for an education on purpose, so you get a guarnteed loan and become guaranteed to be a slave to the economy while you pay off the loan. It's social control. |
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princess
Joined: 16 Jan 2003
Location: soul of Asia
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| Posted: Fri Nov 14, 2003 8:24 am Post subject: |
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| Or you can get fed up with paying your loan and just say "Don't pay it". It's not like they will throw you in jail for not paying. Who wanst to pay a loan on a crap job back in the states? |
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rapier
Joined: 16 Feb 2003
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| Posted: Fri Nov 14, 2003 5:27 pm Post subject: |
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Holden: exactly:) which is why I opted out of paying back my loans. Would've been in slavery for years, watching the best years of my life slip away while i paid interest on their treadmill......
Choose Life!!! |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Fri Nov 14, 2003 11:06 pm Post subject: |
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| rapier wrote: |
Holden: exactly:) which is why I opted out of paying back my loans. Would've been in slavery for years, watching the best years of my life slip away while i paid interest on their treadmill......
Choose Life!!! |
How does one "opt out of paying them?"
Just default and not think about going back to your home country? |
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rapier
Joined: 16 Feb 2003
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| Posted: Sat Nov 15, 2003 12:48 am Post subject: |
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Mr. pink: err, kind of, yep.
I borrowed in England to get me through uni, in Ireland. I paid back a lot, but then I realised slaving away there to pay them was totally holding me back from doing anything I wanted to do, such as travel and enjoy life. I never really liked England, and it wasn't my home country, so i just skipped it...don't plan on ever going back....They can pay their exorbitant interest and "12 pounds charge per letter" themselves...
Nothing will stop me from doing what i want to do, with MY life. |
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desultude
Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf
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| Posted: Sat Nov 15, 2003 12:53 am Post subject: |
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Mr. Pink asked:
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rapier wrote:
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Holden: exactly:) which is why I opted out of paying back my loans. Would've been in slavery for years, watching the best years of my life slip away while i paid interest on their treadmill......
Choose Life!!! |
How does one "opt out of paying them?"
Just default and not think about going back to your home country? |
I've wondered the same. I have heard forever about all of those who have defaulted on their student loans, while having brilliant careers in the States. Now, having defaulted myself, I wonder what the consequences are.
I know that people will jump all over this- we should pay our loans, etc. But the rich in the States, such as Donald Trump, get to bankrupt out of billions of dollars of debt anually with impunity, while retaining possession of their homes and cars. You are not allowed to do that with student loans.
I don't feel guilty, but it does make me nervous. If I return to the States, what are the consequences?
Its one of the muriad of reasons, along with the cost of insurances, cost of life in general, overall degeneration of the body politic into a right-wing budding police state, and willingness of the population to just go along with it, or at least enough of them to allow it all to happen, that I may never return to the States. |
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rapier
Joined: 16 Feb 2003
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| Posted: Sat Nov 15, 2003 1:04 am Post subject: |
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Desultude: don't know about America, but last time i temporarily returned to England, I discovered i was blacklisted, couldn't get a bank acct, couldn't get any credit/ credit cards, ZIP. Eventually I found a bank that had accounts specifically for blacklisted people.Once I had an account, i was then able to get a job. The loan companies threatened to take me to court, letter after letter of final demands and court invitations poured through the door, each letter they charged about 25 US$ to send me.. However I don't think they seriously take defaulters to court- its rare, and then only if you owe over a certain amount- 10.000 pounds or so.
I started repaying them again briefly to keep them off my back, until I fled the country again....
In my defence, I had to take out loans to get through uni. Other students had rich mommies and daddies that paid everything for them, and found them good jobs upon graduating with people they knew...I did everything myself- i even washed dishes every evening for 2 years to supplement my income while all the other students partied.. but it was never enough. Until I said it was, and left the country. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Sat Nov 15, 2003 4:02 pm Post subject: |
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Rapier,
How did you get student loans if the country is not yours? I was always under the impression you have to be at least a landed alien of sorts to qualify.
I can totally understand where you are coming from too. I foolishly borrowed money. AT IMF time I opted out of paying them back, just told them I wasn't going to be a slave for the amount of interest they were charging. They threatened to take me to court and did all kinds of unethical things, so I eventually had to ditch my nice guy routine, and tell them to f-off and cease and deceast with the harassement. I just changed my Korean phone numbers, and havent heard from them since.
I know we should pay them back, and I even told them, if they would take the amount I orginally borrowed, without all the high "keep my butt in slavery interest" I would pay them back in one lump sum...but I am thinking it will take like 10+yrs before they go for that.
If anyone wants to know how unethical those collection agencies are, man have I got stories for you. I think they actually break laws to get stuff done.
I don't know if I will ever go back to work in Canada, all depends...but I dont like: snow, cold, taxes, tipping, local politics, and a few other things, like crap jobs without so many yrs experience or connections to get you in the door. I don't like the idea of car payments, high insurance, mortgages, houses that look cookie cutter, punka$s kids stealing my bike from my garage...etc.
Only thing that is in Canada for me is family...that's it. Thinking I might try living in the states a go...but not until I am ready  |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Sat Nov 15, 2003 7:28 pm Post subject: |
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I'm rather surprised and disgusted at the posters who just didn't pay back their loans. I'm sure many of you have blasted Koreans for financial dishonesty with a holier-than-thou attitude, and then you say you don't wanna (or are not gonna) repay your student loans? There's a name for people like you and it starts with a capital "H."
I took out loans and used my credit cards to pay for school and I struggled to repay every penny during my nine years in Korea but I did it. Say what you will about unfair interest rates and such, but does that give you the right to not repay loans and break the law? NO NO NO! If you don't want to pay back student loans, why the hell did you go to school in the first place? The logic is similar to "Geez, I want that TV and I shouldn't have to pay for it because the financing terms aren't fair."
I am no stranger to aggressive collection agencies and creditors but NEVER ONCE did I think of not repaying my loans. If you think the rates are unfair, try to make a deal with your creditors and such like others have. But to just shirk your financial responsibilities like that speaks volumes about your character (or lack thereof). |
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William Beckerson
Guest
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| Posted: Sat Nov 15, 2003 7:45 pm Post subject: |
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| Yes, yes. You are holier than everyone else and you can walk on water for paying back your loans on time... |
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desultude
Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf
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| Posted: Sat Nov 15, 2003 11:24 pm Post subject: |
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Yaya said
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| The logic is similar to "Geez, I want that TV and I shouldn't have to pay for it because the financing terms aren't fair." |
No, the logic is more like "I want that education, but I was born in the U.S., not in a country that thinks I have a right to it, even if I am poor." |
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J.B. Clamence
Joined: 15 Jan 2003
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| Posted: Sat Nov 15, 2003 11:57 pm Post subject: |
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| desultude wrote: |
Yaya said
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| The logic is similar to "Geez, I want that TV and I shouldn't have to pay for it because the financing terms aren't fair." |
No, the logic is more like "I want that education, but I was born in the U.S., not in a country that thinks I have a right to it, even if I am poor." |
To me, these two threads of logic seem dangerously similar. A lot of poor people may find their financial situation unfair and therefore feel that they have a right to have a TV, even if they have to try to get out of making payments on it; which to me is the same as someone who takes out student loans and doesn't pay them back because they feel that it's their right.
To help those poor people get a TV, it's the system that needs to change. I wouldn't commend them taking things into their own hands by stealing. How is fleeing the country to get out of student loans any different? I'm not saying that I'm against the idea (you do what you have to do, I guess), but someone who tries to justify it is, I think, just making excuses.
It's kind of like teaching privates. If you want to, go ahead and do it. If it's a risk that you feel is worth taking, then go ahead. You do what you have to do. But don't try to make excuses to justify it. If you have to default on your student loans to get an education, then go ahead. But don't try to make it sound like you have a right to do that.
In addition, I think it's pretty interesting that some people who don't do privates immediately jump in with a holier-than-thou attitude when the subject of teaching privates is discussed, but whenever the topics of escaping student loans or where to find the best bootlegged CDs and DVDs come up, their "holy" voices are mysteriously silent. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Sun Nov 16, 2003 1:20 am Post subject: |
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| Yaya wrote: |
I'm rather surprised and disgusted at the posters who just didn't pay back their loans. I'm sure many of you have blasted Koreans for financial dishonesty with a holier-than-thou attitude, and then you say you don't wanna (or are not gonna) repay your student loans? There's a name for people like you and it starts with a capital "H."
I took out loans and used my credit cards to pay for school and I struggled to repay every penny during my nine years in Korea but I did it. Say what you will about unfair interest rates and such, but does that give you the right to not repay loans and break the law? NO NO NO! If you don't want to pay back student loans, why the hell did you go to school in the first place? The logic is similar to "Geez, I want that TV and I shouldn't have to pay for it because the financing terms aren't fair."
I am no stranger to aggressive collection agencies and creditors but NEVER ONCE did I think of not repaying my loans. If you think the rates are unfair, try to make a deal with your creditors and such like others have. But to just shirk your financial responsibilities like that speaks volumes about your character (or lack thereof). |
I dont blast anyone except the really rich who borrow millions and just claim bankruptcy.
You seem to be holier than thou. Before you go blasting people, why did it take you 9yrs to pay it back? How did you live during those 9yrs?
I didn't say I was proud, and I didn't say I would never pay it back - just atm it is a cage that would entrap my live to substandard living, and that is something I am not willing to endure. |
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kimcheeking
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canuckistan
Mod Team
Joined: 17 Jun 2003
Location: Training future GS competitors.....
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| Posted: Sun Nov 16, 2003 2:42 am Post subject: |
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It's really easy not to care about your trashed credit rating while you're in Korea and the money is good. What if the situation got bad here and you had to go home?
If you borrow money, you should pay it back. Mooing about the interest rates, well you signed on the dotted line, no one forced you to. You got an education in return, that was the deal. What I earned in the two years after graduation more than paid for the investment. Students loans are one of the best return-on-your-investments you can make! And with ALL loans, the first few years of payments are always mostly interest. There's no such thing as free money. Not all rich people were so when they started, they were just fiscally disciplined, had a plan, and stuck to it. It's not rocket science.
With very little effort, you can easily pay off $10,000 a year on your loans working here. |
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