Both my wife and I can theoretically get student money (not a loan; “gifted” money) to supplement the job income and I can work more than the minimum amount of hours. Anyway, if I’m living off less than my $1,400 a month in Japan while paying for food, rent, cell phone, transportation etc. for two people I figured the same amount could pay for me in Taiwan, which I heard has a much lower cost of living, but I guess not…?
If I had a choice to not get a loan I would, but since I haven’t been able to get a job I had to take a loan. Me considering going to Taiwan is part of me not wanting to continue getting a loan. For as long as I don’t have a job, I’ll have to keep getting a loan.
It doesn’t make sense to finish my degree back home. The everyday cost of living there is roughly 2-3 times higher than in Japan, I won’t have a job or place to live, won’t be able to afford rent, and my classes are online so no matter what I do I don’t have to be near the campus anyway. Class speed isn’t a problem.
She won’t go into a shop if it looks dingy because it’s scary?
I honestly don’t care what country she is from or what standards of living she is used to. Your standard of living depends on your wealth and income. Of which neither of you have, you only have debt right now.
This is where I hope you or her have family money or help.
Or time to lower that standard of living she’s used to.
did everyone read this part? If OP and wife’s main income while they are students is the loan regardless of where they live, I think living in Taiwan as an English teacher is not so bad idea.
A tiny, older apartment with no parking = 15,000
Water + Gas + Electricity = 1,500 if you are very frugal.
Add transportation costs 1,000 a month
Food for 2 people: 3,000 a month minimum
35,000 - 25000 = 10,000 left over
Those figures I gave you a extremely low.
I reality, you will easily blow through your 43,000 each month.
Edit: sorry…you said that 43,000 isyour loan. So scratch the taxes.
I don’t really buy that there are no jobs in Sweden, they might be crap but there are jobs I’m sure.
But I see your predicament . Coming to work in Taoyuan isn’t the worst idea but the wife not working is the biggest problem . The numbers are going to be really tight. I mean you can probably scratch by for a couple of years as long as you hold onto your job, but it’s not going to be fun .
Going to US or EU country seems best choice by far financially (she would have to apply for visa in US though). You may be better off going to Ireland in my opinion to work, but not Dublin due to cost. She can get you in one the 3rd party visa relatively easy and I think you could apply for work rights thought that. You could also consider UK.
Does the OP really need the loan?
Living off of debt is never a wise choice, no matter how low the interest.
I would advise pausing or stopping the loan if that money is only being used for living expenses. What money is being used to pay for tuition, books, online fees etc?
Lets say he has his fees for studying already covered through grants or other loans.
He could work and live a frugal lifestyle while finishing the degree without using an additiinal loan for living expenses.
His biggest financial drain would be supporting 2 people. Go to a place where she can work also.
The APY on a 0.13%/month loan (assuming no fees or anything else fishy was included in the balance) would be 1.0013^12 - 1.0 = 0.015712 or roughly 1.57% annually.
That’s not ruinous. And it sounds like you know that, and that you also know it’s not wise to borrow heavily to live now on your future earnings. Assuming the balance of he loan is reasonable, that’s what is happening. I think you do have some time to figure things out.
That said, as Andrew points out the US is hardly Syria. Employers there are dying to hire and wages there are finally beginning to bend to market forces, i.e., rise. The US really does only one thing better than the rest of the world, and that’s to provide a place where you can become rich quickly and securely.
Have you ever tried coding? Some people are naturals, are you one? If so - and if you can weather the stress (again, some people feel no stress) then you can set your family up for life very quickly there. There are other jobs that pay well, too. And no matter what you and your wife think, Americans don’t bite. You can actually be very happy living among us, backward heathens though we may be.
Anyway, best of luck. I am sure you and your wife can do very well no matter where you choose to live.
Would the US really be a good option?
Transportation costs are much higher because you need a car outside of big cities. Rent in big cities is high…so it’s a trade-off. The overall cost of living is much higher than Taiwan.