The husband and I are going into international teaching, but I have a big financial question that will determine our timescale. FYI, Hubby teaches Science (3 years experience), and I teach Primary/Library/English (1 year Primary exp., 2.5 years as an Assistant Librarian). No dependents.
We're worried about paying off our student loans in a timely manner while working at an IS. I imagine we'll have to spend a few years at a less-desirable school because we're inexperienced. So what I'd like to know is... when people discuss the savings potential of a certain school, what's the context for that number?
At the risk of providing too much personal information, here's our situation:
If we stay where we are for two more school years (12/13 and 13/14), Hubby gets $17,500 of his student loans forgiven by the US government. Together, we make about $65,000 a year, and we're able to put my entire salary (and then some) toward debt repayment. As you might have guessed, the cost of living here is pretty low (we rent a 750 sq. ft. apartment for $500/month), and we live conservatively. So we could be debt-free by the end of the 13/14 school year.
The problem is that I'm not feeling particularly patient. I really don't like our current town. I want to stop dealing with all the crap that goes on in American public schools. If we were to leave earlier, for the 13/14 school year, would we be shooting ourselves in the foot? (Feet?) Is it worth staying here for one more unhappy year to pay off our loans (and to let me gain another year of experience)? Or is the savings potential at an IS, combined with our penny-pinching habits, enough to offset the government loan forgiveness?
What do you think?
Help Interpreting "Savings Potential"
Competition for jobs is fierce as you might have gathered by so many new people interested in international teaching.
A lot depends on what job you can land oversees first. At the moment your savings potential is purely hypothetical and pointless to - scenarios since they depend on the offer itself. I suggest looking and seeing what you can get.
Considering you are new and not going for middle management positions yet, there are not many places that can make up the difference with the benefit of your hbby staying another two years in the states.
A lot depends on what job you can land oversees first. At the moment your savings potential is purely hypothetical and pointless to - scenarios since they depend on the offer itself. I suggest looking and seeing what you can get.
Considering you are new and not going for middle management positions yet, there are not many places that can make up the difference with the benefit of your hbby staying another two years in the states.
To start off I don't think it is accurate to assume that you will have to start at a less-desirable school. If he has 4 years experience and you have 2 (after this year) and have no dependents I think you will be very strong candidates for any school. I have lost out on a few jobs because I am single and the job was offered to a teaching couple.
Since you say you already have penny pinching habits I think you could pay off the loans in your first two years overseas. When I first moved overseas I went to western Europe to a school that projected I could only save 5-10%. In my first year I was able to travel every vacation, eat out 2-3 nights a week, pay off $6,000 in credit card debt, and make monthly payments on my student loans. I set up a budget with my focus on paying off the credit cards in 18 months and stuck to it and it was easy. I have never been at a school that projected I could save a huge amount but I have always been able to save 10-15% and still live very well.
Since you say you already have penny pinching habits I think you could pay off the loans in your first two years overseas. When I first moved overseas I went to western Europe to a school that projected I could only save 5-10%. In my first year I was able to travel every vacation, eat out 2-3 nights a week, pay off $6,000 in credit card debt, and make monthly payments on my student loans. I set up a budget with my focus on paying off the credit cards in 18 months and stuck to it and it was easy. I have never been at a school that projected I could save a huge amount but I have always been able to save 10-15% and still live very well.
Response
This post response started off being 'long', but really I dont see you making up the $17.5K, thats a lot of free money to walk away from. The average IT salary globally is about $30K, and without knowing where your going it hard to be any more precise. I think if your frugal you could maybe save between $5K and $10K a year. Your husbands benefit amounts to about $9K a year and you would be able to meet that, but thats total saving (all in), against the loan forgiveness. You wouldnt be able to have the additional benefit from saving from your salaries. That $17.5K is a lot of money to have to 'make up'.
Its hard to put in context the savings potential of a school, since many factors are dependent on individual lifestyle choices. A school has to pick one number to fit everyone, and they tend to error on the conservative side. Very few people complain if they save more then advertised, but its a much bigger mess if they save less (or far less) then they are expected or led to believe.
generally the factors that effect saving the most are:
1) Taxes
2) Housing (allowance)
3) Previous financial obligations
4) Lifestyle
5) Children
I think your both very qualified and youd be able to start with positions at good tier 2 schools, or possibly a low end tier 1 school. IB or AP experience would make you more marketable, as would hubby adding a math certification.
Its hard to put in context the savings potential of a school, since many factors are dependent on individual lifestyle choices. A school has to pick one number to fit everyone, and they tend to error on the conservative side. Very few people complain if they save more then advertised, but its a much bigger mess if they save less (or far less) then they are expected or led to believe.
generally the factors that effect saving the most are:
1) Taxes
2) Housing (allowance)
3) Previous financial obligations
4) Lifestyle
5) Children
I think your both very qualified and youd be able to start with positions at good tier 2 schools, or possibly a low end tier 1 school. IB or AP experience would make you more marketable, as would hubby adding a math certification.
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BookshelfAmy
- Posts: 120
- Joined: Sat Jan 21, 2012 4:21 pm
Thanks very much, guys. You pretty much said what we've said to each other a million times: "It would depend on the offer," and "It would have to be a pretty amazing offer to be worth it." I wanted to get some outside, more knowledgeable input because we're trying to decide whether to sign up for Search this year or wait until we absolutely know that we'd be able to accept an offer. I guess it can't hurt to sign up now... Save the fair for next year.
FYI
Your Search membership is good for 3 years, and you dont 'lose' anything for joining early, as you have to repay once youve accepted a position, and at the end of your contract anyway. You might just get 'that kind of offer' anyway that would make it worth while. I know a teacher who was hired as an intern (essentially a zero years of experience teaching position) at an elite school on a full salary. These things do happen.
For the money I would also recommend joining TIE online, at $29 it gets a large number of 2nd tier schools that dont advertise elsewhere.
For the money I would also recommend joining TIE online, at $29 it gets a large number of 2nd tier schools that dont advertise elsewhere.