Korean Job Discussion Forums

[browneyedgirl]

How long did you have to work in Korea to pay off your student loans? Did your job pay enough to get them paid off in a year? Just wondering.

[The Hierophant]

How long is a piece of string?

It depends on many variables. How much do you owe? How much do you earn? How frugal are you and thus how much can you save?

As a general observation I've noted that most people I've met on their first year in Korea save between $5000-15,000USD.

[browneyedgirl]

Thanks, I was trying to figure out if someone could pay off $10,000 in a year.

[sojourner1]

Yes, you sure can pay $10,000 in a year, but you won't have any savings as you do want something in the bank at all times. It's ideal to have enough money banked to live modestly for 6 months and even buy a good used car for when you decide to return home. Whether you pay this loan off today or in 10 years from now, it will cost you the same amount of dollars. You might decide to return home for a new career in 1 year or perhaps in several years and find you need money to repatriate back home. Remember, while you do owe this money to the US government, you are the one who needs money the most in your early years to enable you to have the things you need such as car, flights, apartment, and other things like professional attire. Saving some money is critical for enabling you do an appropriate job search upon return from Korea so that you can have the best career opportunities you are qualified for as companies at home most often do not share the perks like paid flights, hotels, and such like they do for senior professionals, while you, the young adult professional, needs everything you can get. They don't hire quickly at home like English schools in Korea do so do save some money while your over in Korea.

[Yu_Bum_suk]

[jlb]

[Snowkr]

Just curious..

I'm American and I'm returning to Korea soon and hoping to pay off graduate student loans.

Wondering... what kinds of loans do Canadians have... is 20,000.00 unheard of in Canada? I've always heard it's cheaper to go to school up there but I'm not so sure I believe it...?

My interest rate on an 18,000.00 USD loan is about 6.99%. I don't think I'll be paying it off in one year... but who knows..?

[dogshed]

Student loans are considered good debt by financial planners. They should be the last loans you pay off. Pay the very least you can on them. It makes no sense to pay off student loans and then take out more loans at a higher rate with less flexible terms. For example, you can't get a hardship forbearance on a house or car loan. (US student loans.)

[contrarian]

I saved nearly 100,000 dollars in 8 years. It can be done, but it requries frugal living and lots of luch to get good jons.

[SuperHero]

[BS.Dos.]

I owe �16,000 for my degree, but within the UK there's a �15,000 salary cap on repaying your loan, meaning that until you earn more than �15,000 per annum you don't pay anything back.

Is this the same in other countries?

[littlelisa]

[jlb]

I racked up 20 000 in grad school. I went to a private school that was not funded by the government. Tuition alone was 10 000 a year. Savings and working paid for my living costs.

[wings]

[applesandshanana]

For those of you that are paying your loans while you're in Korea, how do you do it? Do you send money to your home bank account and pay online?