Yearly archive for 2013

Paying Your Student Loans from Abroad

Paying Your Student Loans from Abroad

Applicants often ask me about dealing with student loan debt while teaching in China. With a little bit of planning and effort, there is no reason why student loans should get in the way of teaching overseas. Paying your debts while in your home country is undoubtedly much easier and takes fewer steps-most student loan companies will just deduct directly from your account or send you a monthly bill which you can easily pay by check. Paying won’t be so easy from abroad, but it can be managed. If you are a fresh graduate in the US, remember that you get a six-month grace period on your loan debt (interest free!). If you are currently paying (or need to start), the simplest solution is to ask the loan holder to allow a delay of payment through either a deferment or forbearance. A deferment allows teachers to delay payment interest-free, while forbearance delays payments but interest continues to accrue. During forbearance, you can either pay the new interest or allow it to be added to your total. Contact your loan holder to see if you qualify for an interest-free deferment, as this is by far the best option. If not, you […]

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