Sunday, May 23, 2010

Student Loans

In Korea, foreign teachers don't pay rent; it's covered by their employers as part of the deal.  We pay our own utilities, phone/internet and medical insurance, but it's all very low.  We also pay taxes, but as soon as we leave the country, we are eligible to get that money back.

Many people choose to teach here because of the low cost of living.  It was definitely a factor when we made our decision, as we have a lot of student debt.

I made $760 in payments for this month.  These are only my loans.  Most of Ian's haven't come into repayment yet and the one that has is being generously covered by his parents.

I know we might get a few comments about consolidation and other repayment plans, so I'll clarify our situation.  I have both private and federal loans, so many of those options go out the window immediately.  I was lucky enough to get all of my loans before the market crash, so the interest rates are good and I don't want to jeopardize that.  When we get back to the states, Ian will be going back to school, so we will apply for (and most likely acheive) deferment.  We have enough disposable income to make these payments right now, so we figure we might a well.

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