links i find vital

where it all started for me! (btw it starts off with like a min of music)
a seoul radio station interview about bssk
a bunch of interviews with black expats in soko
find family on facebook: Brothas&Sistas of South Korea

Monday, March 16, 2009

student loans

a friend of mine asked me a student loan question. maybe you're wanting to put off paying them for a while (paying off credit card bills first, maybe you got a the brains to invest and make your money grow bigger than the 3% insterest loans charge, whatever). btw, if youre a fresh graduate: consolidate your student loans. google "consolidate" and do it. it locks the interest rate to about 3% for the life of the loan. here is a little clarification about deferring/forbearing:

Did you ever defer on your student loans while here in Korea and if so did you tell them you received any income?

i never lie about my income, i cant break the law, it would break my mother's heart. and actually, im 99% sure you'll want to request a Forbearance, not a deferment.

Forbearance is when you ask to stop paying for x amount of time (the interest will still accumulate) no matter the circumstances and no matter how much money you make. Deferment is when you stop paying for x amount of time due to specific circumstances like being unemployed, being back in school, military service, etc.

Do you know what company your loans are through? find the website and register. my loans are through salliemae, i was able to go to the website and submit my request online. you'll probably be able to print the form and mail it in, or fax it. Or sometimes you can "electronically sign" it, where the website will ask you to enter a secret code or something.
hope this helps.


1 comment:

token in uiwang said...

you want to pay off loans from highest interest rates.

also, if your credit card has a 12% interest rate and you're making 7% (generous these days) in interest on your investments, the smart move would be to pay off your credit card.

i told my credit card company i wasn't working and moving to another country. they gave me 0% interest to do auto-debit for the next few months. they take $50 a month but i send them as much as i can in addition. at this point, i'm sending W1,000,000 a month to pay off my mountain of student loans and the now $4,000 of debt that I accumulated mostly from being unemployed and job-hunting after grad school. Grad school clearly didn't pay off.