Student Loan Payments
Re: Student Loan Payments
I pay an obscene amount over my premium trying to pay down the loan, and I eat a lot of instant mashed potatoes. Part of it is I simply do not like having any debts. I don't use my credit card except when I can pay it off etc. But I want to get the loan down from my masters, with the express idea of investing in a doctorate afterward (maybe enjoy a year or two without payments first, you know, see what that is like). I love going to school, and education is one of the only things you can invest in that cannot be taken away. International teaching is a great help in paying down this loan, as well as preparing my bank account for the next round of school.
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SpedMaestro
- Posts: 28
- Joined: Tue Jan 07, 2014 1:56 pm
Re: Student Loan Payments
sid wrote:
> SpedMaestro wrote:
> > If you're planning on making a career of international teaching then why bother
> paying
> > them back? I know I won't. The only thing that it effects is your credit score,
> > an irrelevant number outside that sinking ship called the US of A,
>
> If only that were true (I still wouldn't do it, as it's wrong).
> But in any case, it's not true.
> If you default on your student loans, you face all the normal issues associated with
> any debt you don't pay: harassment from collection agencies (who will contact your
> family and friends repeatedly if they can't find you), inability to get further loans
> (like when you want a mortgage), legal action, garnishment of your wages or any
> assets in the US, penalties added to your debt in addition to the compound interest
> racking up every day. You might not have any assets now, and you might be right in
> thinking that 'they' can't do anything to you now, but life is long and most
> international teachers don't stay overseas forever. It's far easier and cheaper to
> take care of this now, then to face the far larger problem in 15 years when your
> perspective is a bit different.
> And here's the kicker, particularly if your loans are from US government programs: if
> you default while overseas, they can flag your passport and arrest you on re-entry to
> the US. Arrest, as in handcuffs, one phone call, jail until you make bail (which
> would almost certainly involve you turning in your passport as a person at high risk
> of flight), not allowed to leave the country until your legal case is finished,
> revocation of your teaching license after conviction of theft/fraud/whatever the
> actual charge is. So even if you manage to stay away for years and years, when you
> finally turn up for your mom's medical emergency, expect to be caught. It'll make a
> great CNN story.
> Taking money from someone, promising to pay it back while intending to run away
> instead, that's out and out theft. It shows moral bankruptcy. Please don't apply to
> my school, I don't want you teaching my kids.
As you yourself said, all the downsides of defaulting only apply if you have U.S based income or assets. I don't. Defaulting is not criminal and no one has ever been arrested for it. You're making that up.
Morality is a very relative concept these days. Some of America's largest corporations and financial institutions failed to honor their obligations, nearly brought down the global economy and insisted on being bailed out by the tax payer. If the elites and the government are morally bankrupt, then why should I abide with their rule book?
What school are you working at? I would gladly apply and teach your children the value of independent thinking and not being a slave to a morally corruption financial system....
> SpedMaestro wrote:
> > If you're planning on making a career of international teaching then why bother
> paying
> > them back? I know I won't. The only thing that it effects is your credit score,
> > an irrelevant number outside that sinking ship called the US of A,
>
> If only that were true (I still wouldn't do it, as it's wrong).
> But in any case, it's not true.
> If you default on your student loans, you face all the normal issues associated with
> any debt you don't pay: harassment from collection agencies (who will contact your
> family and friends repeatedly if they can't find you), inability to get further loans
> (like when you want a mortgage), legal action, garnishment of your wages or any
> assets in the US, penalties added to your debt in addition to the compound interest
> racking up every day. You might not have any assets now, and you might be right in
> thinking that 'they' can't do anything to you now, but life is long and most
> international teachers don't stay overseas forever. It's far easier and cheaper to
> take care of this now, then to face the far larger problem in 15 years when your
> perspective is a bit different.
> And here's the kicker, particularly if your loans are from US government programs: if
> you default while overseas, they can flag your passport and arrest you on re-entry to
> the US. Arrest, as in handcuffs, one phone call, jail until you make bail (which
> would almost certainly involve you turning in your passport as a person at high risk
> of flight), not allowed to leave the country until your legal case is finished,
> revocation of your teaching license after conviction of theft/fraud/whatever the
> actual charge is. So even if you manage to stay away for years and years, when you
> finally turn up for your mom's medical emergency, expect to be caught. It'll make a
> great CNN story.
> Taking money from someone, promising to pay it back while intending to run away
> instead, that's out and out theft. It shows moral bankruptcy. Please don't apply to
> my school, I don't want you teaching my kids.
As you yourself said, all the downsides of defaulting only apply if you have U.S based income or assets. I don't. Defaulting is not criminal and no one has ever been arrested for it. You're making that up.
Morality is a very relative concept these days. Some of America's largest corporations and financial institutions failed to honor their obligations, nearly brought down the global economy and insisted on being bailed out by the tax payer. If the elites and the government are morally bankrupt, then why should I abide with their rule book?
What school are you working at? I would gladly apply and teach your children the value of independent thinking and not being a slave to a morally corruption financial system....
Re: Student Loan Payments
and the US government is killing civilians in Pakistan and not getting punished so I've ordered a similar drone attack on my administrator.
I would hesitate to make decisions today that will affect decisions I have to make in 40 years without all the necessary information, which of course will never be available. One might escape their debt in the short run by moving overseas and teaching, but in the long run my guess is that decision will come back to haunt you. But then to each his own.
I would hesitate to make decisions today that will affect decisions I have to make in 40 years without all the necessary information, which of course will never be available. One might escape their debt in the short run by moving overseas and teaching, but in the long run my guess is that decision will come back to haunt you. But then to each his own.
Re: Student Loan Payments
If you disagree with the corporations, the ethical choice is not to do business with them in the first place. Stealing from them by defaulting means they will pass the costs on to other clients. It doesn't come out of the executives' salaries, it comes out of the pockets of hardworking honest people.
I may not agree with corporate policies either, but I don't kid myself that stealing from them is somehow justified, or will somehow make things better. It's not, and it doesn't.
As for independent thought, you're not scoring very highly, unless by 'independent' you mean 'self-centered and selfish'.
I did a bit more research. Many states can cancel your teaching license if you default. Oops. That wouldn't be good.
As for being arrested at the border, it is possible, though of course rare. Key thing may be the at the border part.
NZ has already made big headlines for doing this, and while the US doesn't do it much! it is possible.
I may not agree with corporate policies either, but I don't kid myself that stealing from them is somehow justified, or will somehow make things better. It's not, and it doesn't.
As for independent thought, you're not scoring very highly, unless by 'independent' you mean 'self-centered and selfish'.
I did a bit more research. Many states can cancel your teaching license if you default. Oops. That wouldn't be good.
As for being arrested at the border, it is possible, though of course rare. Key thing may be the at the border part.
NZ has already made big headlines for doing this, and while the US doesn't do it much! it is possible.
Re: Student Loan Payments
Back on topic, I am a 1st generation college grad from my family as well. In college I got into some credit card debit as well; stupid I know, but at the time I was young and inexperienced with credit. So one of my major reasons for leaving the US was to make enough money to be debt free. After a few years working abroad I was able to pay off all of my credit card debt, and I am now on my last 10k of student loan debt. I am pretty proud as it took a lot of effort, but in the end I will be happier being debt free. I also considered (briefly) defaulting on my loans, but I am glad I did not do that as now my credit rating is good in the US, and as a recently married man my wife and I are considering buying a home in America, and I could never had done that if I had chosen the wrong path. My humble opinion pay off the debt as soon as possible.
Re: Student Loan Payments
Hi,
When I graduated from my master's program I had $60K in student loan debt (thankfully $0 credit card debt). Since teaching overseas for the past four years I have managed to pay off $20K and travel extensively. My plan is to pay it off ASAP so I don't have to make future job decisions based mostly on income. Good luck!
When I graduated from my master's program I had $60K in student loan debt (thankfully $0 credit card debt). Since teaching overseas for the past four years I have managed to pay off $20K and travel extensively. My plan is to pay it off ASAP so I don't have to make future job decisions based mostly on income. Good luck!
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SpedMaestro
- Posts: 28
- Joined: Tue Jan 07, 2014 1:56 pm
Re: Student Loan Payments
sid wrote:
> If you disagree with the corporations, the ethical choice is not to do
> business with them in the first place. Stealing from them by defaulting
> means they will pass the costs on to other clients. It doesn't come out of
> the executives' salaries, it comes out of the pockets of hardworking honest
> people.
> I may not agree with corporate policies either, but I don't kid myself that
> stealing from them is somehow justified, or will somehow make things
> better. It's not, and it doesn't.
> As for independent thought, you're not scoring very highly, unless by
> 'independent' you mean 'self-centered and selfish'.
>
> I did a bit more research. Many states can cancel your teaching license if
> you default. Oops. That wouldn't be good.
> As for being arrested at the border, it is possible, though of course rare.
> Key thing may be the at the border part.
> NZ has already made big headlines for doing this, and while the US doesn't
> do it much! it is possible.
How am I steeling from corporations? . In case you have been asleep for 5+ years, the student loan industry has been nationalized in America. Uncle Sam is just running the printing press to pay its debts. The measly $50K I owe won't make a lick of difference in the grande scheme of things.
A few states can suspend your teaching license for defaulting but in practice this is never done. Taking teachers out schools because they're poor is bad politics.
No student loan defaultee has ever been arrested for defaulting. It's not a crime. Give me one example to the contrary..
I may be selfish but you are comically uninformed. I hope to one day have the privilege of teaching your children to make sure the next generation is a bit more level-headed.
> If you disagree with the corporations, the ethical choice is not to do
> business with them in the first place. Stealing from them by defaulting
> means they will pass the costs on to other clients. It doesn't come out of
> the executives' salaries, it comes out of the pockets of hardworking honest
> people.
> I may not agree with corporate policies either, but I don't kid myself that
> stealing from them is somehow justified, or will somehow make things
> better. It's not, and it doesn't.
> As for independent thought, you're not scoring very highly, unless by
> 'independent' you mean 'self-centered and selfish'.
>
> I did a bit more research. Many states can cancel your teaching license if
> you default. Oops. That wouldn't be good.
> As for being arrested at the border, it is possible, though of course rare.
> Key thing may be the at the border part.
> NZ has already made big headlines for doing this, and while the US doesn't
> do it much! it is possible.
How am I steeling from corporations? . In case you have been asleep for 5+ years, the student loan industry has been nationalized in America. Uncle Sam is just running the printing press to pay its debts. The measly $50K I owe won't make a lick of difference in the grande scheme of things.
A few states can suspend your teaching license for defaulting but in practice this is never done. Taking teachers out schools because they're poor is bad politics.
No student loan defaultee has ever been arrested for defaulting. It's not a crime. Give me one example to the contrary..
I may be selfish but you are comically uninformed. I hope to one day have the privilege of teaching your children to make sure the next generation is a bit more level-headed.
Re: Student Loan Payments
Halalullah! I see the light!
Think I'll nip down to Walmart and steal a few items for my doomsday shelter. The little I take won't make a difference, Walmart deserves it for being such a bad community member, and anyway I probably won't go to jail if I'm caught, because this sort of petty stuff is hardly ever prosecuted. Yep, makes perfect sense.
Or maybe I should just nip round your house, grab a few things, and wander off. Property is theft and all that. Surely you won't mind being treated the way you treat others.
No I don't live under a rock. So I know that many people have student loans above and behind what the government backs. When people need more than the national loan system allows, banks offer additional student loans on slightly less agreeable terms.
This is my last post in this thread. I promise. I can't be bothered wasting any more time in this juvenile debate, and yes I take ownership in my role in this ridiculousness. So if you'd like to get in some choice last words, here's your opportunity.
Think I'll nip down to Walmart and steal a few items for my doomsday shelter. The little I take won't make a difference, Walmart deserves it for being such a bad community member, and anyway I probably won't go to jail if I'm caught, because this sort of petty stuff is hardly ever prosecuted. Yep, makes perfect sense.
Or maybe I should just nip round your house, grab a few things, and wander off. Property is theft and all that. Surely you won't mind being treated the way you treat others.
No I don't live under a rock. So I know that many people have student loans above and behind what the government backs. When people need more than the national loan system allows, banks offer additional student loans on slightly less agreeable terms.
This is my last post in this thread. I promise. I can't be bothered wasting any more time in this juvenile debate, and yes I take ownership in my role in this ridiculousness. So if you'd like to get in some choice last words, here's your opportunity.
Re: Student Loan Payments
So if you'd like to get in some choice last words,
> here's your opportunity.
I'd just like to say, I am generally whole-heartedly in favor of being free and clear of debt by paying it off as aggressively as possible. The one exception I would say to this, seeing that you are also from the US, is if you think you will want to refinance or otherwise take out another loan in the nearish to medium-term future. It is making more sense for me to drag out my by now few thousand dollar loan with very little interest because of the advantage it will give me with the credit score and the cost of refinancing a house note. My record of good payment will go away after a given amount of time; being out of the country, time seems to pass pretty quick.
This might be the only exception I'd make to the pay it down and make it go away guideline. It's a stupid game, but if you can make the stupidity work for you...
** I'd also add that I wouldn't delay paying down a loan in which I was paying a lot of interest. That's just silly.
> here's your opportunity.
I'd just like to say, I am generally whole-heartedly in favor of being free and clear of debt by paying it off as aggressively as possible. The one exception I would say to this, seeing that you are also from the US, is if you think you will want to refinance or otherwise take out another loan in the nearish to medium-term future. It is making more sense for me to drag out my by now few thousand dollar loan with very little interest because of the advantage it will give me with the credit score and the cost of refinancing a house note. My record of good payment will go away after a given amount of time; being out of the country, time seems to pass pretty quick.
This might be the only exception I'd make to the pay it down and make it go away guideline. It's a stupid game, but if you can make the stupidity work for you...
** I'd also add that I wouldn't delay paying down a loan in which I was paying a lot of interest. That's just silly.
Re: Student Loan Payments
Arrest you at the border... Hahahahahaha
With the number of defaults and the amount of times debt is sold it is guaranteed the financial sector has no idea which way is up. Then try to communicate with the redtape and buracracy of the government let alone homeland security... I can't stop laughing. I am glad I saw that this morning, I have a lot of grading and was a bit bummed, I will go into it whistling....
Still laughing
With the number of defaults and the amount of times debt is sold it is guaranteed the financial sector has no idea which way is up. Then try to communicate with the redtape and buracracy of the government let alone homeland security... I can't stop laughing. I am glad I saw that this morning, I have a lot of grading and was a bit bummed, I will go into it whistling....
Still laughing
Re: Student Loan Payments
I'm an American who has probably (I don't know) $80,000 in student loans. My father is the co-signer, and I send $600 via WesternUnion to him. I'll have to pay for probably 20 years, but I guess that's the price I paid for private education. I work in Mexico, by the way.