Is a stint teaching English overseas the best way to pay off our student loans? (once and for all)

student loan debt

Is it possible to pay off your student loan by teaching a year or two overseas?

One reason why we choose to teach English abroad is to pay off our student loans (or at least put a dent in them).

And for some of us, our education loans are huge!

In 2014 average college fees in the US hovered between $18,000 US (public colleges) to $42,000 (private colleges) according to CollegeBoard.org.

Are you sending money home each month to pay down your student loan, or are your parents helping you pay it?

To learn how many college students actually get financial assistance from their parents with their student loans check out the latest statistics from Sallie Mae…

A 2014 study done for Sallie Mae, the corporation that makes education loans, found that 31 percent of parents don’t contribute toward a child’s college education. In another 31 percent of families, the parents bear all the costs. In the remaining 38 percent, the burden is shared.

If you’re serious about paying down your student loan faster, then teaching English in Korea is a smart choice.

Why?

Because you don’t pay rent and you don’t need a car there. (two big expenses)

A thrifty teacher working in this country can sock away $500 or more each month.

What’s ironic is this:

Many of us go abroad to teach and pay down our student loans, but when we decide to return home (after several years) we end up having to take out more loans to re-educate or retrain ourselves for a new industry or skill.

After all, most of us don’t make a career out out teaching ESL abroad.

Now, doesn’t that put us right back in the hole financially?

(before we went abroad to teach)

Hmm…

Read more about student loan debt in The Columbus Dispatch

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