How do you pay your student loan?

Business Money
21

seriously… you are making this more difficult than it is.

Go to Taiwanese bank. Say I am sending this to Canada, fill in form. Pay transfer fee of somewhere in the region of 400NT. Wait 3 days.

If you are having trouble with the ease of this, wait for the REAL fun and games to start with ARCs, health checks and the stupid rigmarole you go through if you choose to marry here.

22

Funk 500, It’s not a question of difficulty. Just do the math on 300-500NT + $20-30 CAD fees for each monthly student loan payment. In my case, that rounds out to about NT1000 for every installment of NT9000 that I make. I think I’m paying enough to the bank in interest without tacking on another 10% in transfer fees. I try to save on expenses by making big transfers every 3 - 6 months, but that assumes I’ve got my shit together. If there is a cheaper way out there, I’d sure love to hear about it.

23

I had automatic withdrawal from my checking acct in the US and just wired money every so often to the acct. I then got smart and applied for an economic deferment due to hardship. :wink: They were subsidized Stanford loans, so no interest accrued and I paid them off 1 loan per year before my 3 years of economic hardship deferment expired.

24

You should probably have an account in the same currency as your debts - if you keep a large enough balance, it works as an operating hedge so that your net worth doesn’t move with the currency and it matches the currency of our debt so you do not face a personal Asian Crises, (income in one currency, debt in another).

If you regularly, (monthly or bi-monthly), put money into the account, it means that you get an avg. exchange rate so that you are not pegged/exposed at any one particular exchange rate. Find an amount and frequecy that minimizes the costs of the transfer. Shop around for a bank with robust on-line banking and lower fees.

YMMV

25

I send money home every month. Wire it! Taiwan bank- Chang Hwa bank $320NT and always under 3 days. My bank in Canada- Scotia Bank $10. These amounts are flat fees. You could do it every 2 or 3 months. Very reasonable if you ask me. Then i just move my money around online. This is the best way.

26

There are a number of misconceptions about student loan consolidation. I read on Make Lemonade that student loan consolidation with the federal government does not lower your interest rate. Instead, all your federal student loans are combined and your resulting interest rate is the weighted average interest rate of your existing student loans, rounded to the nearest 1/8%. So, if you want to lower your student loan interest rate, then private student loan consolidation makes more sense.

27

My wife paid all mine off completely when we married in 2005. My parents paid my education but I used student loans for booze, investments, and travelling.

It is good to see governments cracking down on delinquents. Want to get or renew a drivers license in some Canadian provinces? Nope. Not if you are a delinquent. Same with provincial social benefits. Love it!!!

You spent 100K on a gender studies degree and now need to work at Burger King to pay it off? Tough shit. And I want mayonnaise on that pronto!!!:joy:

28

I just finished my second degree in the U.S, and my student loans we’re bought up by a private loan company. Best solution?

  1. Make sure you have an account in your native country that you keep open, and link it to your loans portfolio.
  2. Find a bank in Taiwan to deposit your pay into, that will also let you wire money to your other account.
  3. When your loan payment is due, transfer the amount you need to your original bank, and pay with your existing account.
    That’s how I will be doing it, and how I’ve been informed is the easiest way. If i find an easier way when I’m there, I’ll post that on here.

Wish I didn’t have loans, but since my grandparents are relying on me to pay the loans back, I’m stuck with the debt.