Korean Job Discussion Forums

[thematrixiam]

I know a couple of friends of mine that have student debt and just refuse to pay it back. And they have been able to avoid paying it so far

I live in Korea now, and am married to a Korean. I have my F2 and could easily get my citizenship if I wanted.

Now my question is, Have you avoided paying back student loans? specifically OSAP (provincal) and as well as the federal loans? if so how long has it been since you haven't paid?

Does anyone know if they can transfer the loan to Korea?

I owe about 60,000 in debt.

I am debating on just paying off my visa and my CIBC loan and stopping there.

[jmuns]

you should definitely try and become a korean as opposed to paying off your debts. then you and your wife should take out a huge loan here, go on an amazing trip, and stay in a country you find nice to avoid the new loans. then become citizens of that country and repeat.

[Julius]

[schwa]

There is no statute of limitations on Canadian student loans (it was abolished in 2002). Means it never goes away, even if you declare bankruptcy.

If the loan is in the hands of collectors now, OP might look into negotiating with them. Not sure how that works exactly but acquaintances have managed to get clear for considerably less than their original totals.

[thematrixiam]

not sure if a statute of limitations exists for student loan or not.

I have read that if you wait 10 years you can claim bankruptcy to clear it. but not before the 10 years

[schwa]

Oops, I misspoke. You can get the loan discharged if you declare bankruptcy. You need to have been out of school for 7 years. Or 5 if you can prove hardship.

No statute of limitations -- the loan wont just disappear by itself.

Settlements with collectors apparently work on a lump sum basis. If you can offer, say, half the total in cash, they might be willing to write the rest off.

http://www.bankruptcycanada.com/studentloans1.htm

[Julius]

[hellakitty]

I was listening the CBC one morning and there was a father on whose daughter had been severely injured in a car accident - she was basically a vegetable and would never recover. He was on to speak about the relentless hounding he was receiving from Canada students loans over the money she still owed. Even after he explained to them the situation they STILL expected it to be repaid. Disgusting. My conscience would never let me do something like just "disappear" but hearing stories like that certainly makes it tempting. However, I only owe about $15000 ... about a quarter of the OP. Sounds like you had a really good time in Uni ... you don't think you should have to pay for any of it?

... Although, I think being forced to live in Korea the rest of your life might be a fair punishment

[yingwenlaoshi]

I had one student loan. Canada Student Loan (or whatever it was called). I can't remember exactly how much it was for. It paid for a year's tuition which wasn't all that high back then. I got the loan because I could. If you were four years out of high school, you automatically qualified for this loan.

What was cool is that my mother worked for the university so I got half tuition. I managed to keep that information from the loaners and was able to pocket half the money they gave me. Drinking money!

Anyway, I didn't pay a cent towards it and they started bugging me. I think it was three years after I graduated that they sold the loan to a collector who found out somehow where I worked even though I had left my home province, went to BC and at that time had made it to Quebec. The collector called me at work! Talked to my boss! I told him that he was not to call me at work, but he did it again! That's against the law. I remember going back to my house for lunch and calling him back and screaming at him.

Eventually I might have made one payment of something like 500 bucks, but all the rest was taken out of GST and tax returns until it was eventually paid off. Not that that took long. It was for something like 2 or 3 thousand bucks.

60 grand? Holy crap! It's going to take you a long time to pay that one off.

[Goon-Yang]

I had a friend who worked for the government back in the day. She was one of those asses who changed student loans in Canada. After doing it she got back in touch with me and told me to stop paying my loans back. They can't take my wages and they can't take my passport. Eventually they will sell your dept to a collection agent. After that you're good as gold. My dept was around $50k and last time I was back hme they wanted about $15k to pay off my debt. I refuse to pay because Canadian government has been screwing us over for years, so screw them.

Anyone can go to the hospital with a cold and demand to see a doctor. Said doctor charges about $200 to say "You have a cold...go home you dumbass".

People who work long enough to go on wellfare/UIC.

Free this and free that, but you have to pay huge taxes and on top of that GST? Screw that. It you are going to be in Korea ofr about 10 years...screw them.

[Dude Ranch]

[.38 Special]

[D.D.]

I had about 60000 and as soon as I graduated they wanted 900 a month because I didnt return to Canada to work. I was just starting a business and didnt have 900 a month to pay, so I offered them 400 and they refused. Soon they sold off my debt to a collection agency and I hah no guilt about not paying a collection agency. If it had stayed with the government I would have paid it but a collection agency is a different story.

I dont like the Canadian government it's over taxing, high interest student loans and other policies. We have so many natural resources but our people have slowly turned into slaves to society from the 1960's until the present. If you dont notice how bad it is there and still believe in their system you are really asleep.

I dont believe in governments who choose to enslave people into being working monkeys by cranking up the situation so two parents have to work their asses off just to survive and keep a family afloat.

[jlb]

You borrowed the money. Pay it back. It's the right thing to do. You know, a little something called morals? Personal ethics? Karma? Integrity?

[morrisonhotel]