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How much $ is possible to send home to pay off loans?

 
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MattyB



Joined: 15 Jul 2006
Posts: 2
Location: New Brunswick, Canada

PostPosted: Sun Jul 16, 2006 12:13 am    Post subject: How much $ is possible to send home to pay off loans? Reply with quote

Hi everyone. I'm considering teaching ESL in South Korea, beginning this fall. My question is, how much money is realistically possible to send back to Canada to pay off my student loans? I've been looking at the pay one might recieve teaching ESL in S. Korea, and it appears, that quite a bit of cash could be saved . If I could earn 2.2 million WON/month, (which is approx. $2600 Canadian), would it be possible to send $2000 Canadian back home to pay off my loans? This is assuming that my rent is paid for in S. Korea. Just to clarify, I wouldn't be "partying" much, and wouldn't be doing much travel out of S.Korea.

Thanks,
Matt
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canuckophile



Joined: 11 Feb 2005
Posts: 33

PostPosted: Tue Jul 18, 2006 2:04 pm    Post subject: You can easily save 60-75 percent Reply with quote

There are some unknowns - one thing is that salaries are not necessarily in the 2.2 range. They are sinking a bit, in fact. You might get 1.7 or 1.8 mil won instead, unless you have extra qualifications like BA in Education or MA Tesol.

And although your rent is paid, you are responsible for utilities. Depending upon what kind of place they put you in, heat can be VERY high, and the building maintenance fee (most of which is a rip-off - you may, for ex., be charged for a parking space you will never use) can be over 100,000 won a month. You may be in walking distance of your school, or you may be spending 2-3000 won daily for the commute. All the small stuff adds up, too!

But you can safely assume you'll save 60 percent with no problem at all - likely 70 or even 75 i f you are frugal.
CANUCKOPHILE
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MattyB



Joined: 15 Jul 2006
Posts: 2
Location: New Brunswick, Canada

PostPosted: Wed Jul 19, 2006 5:38 am    Post subject: Reply with quote

Canuckophile,

Thank you very much for the info, I really appreciate the response.


Matt

.....I'm gonna have to be as frugal as possible
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Ian



Joined: 04 Feb 2006
Posts: 18
Location: Toronto

PostPosted: Fri Jul 21, 2006 4:04 am    Post subject: Paying off loans Reply with quote

My best advice to you would be to focus on saving money. I mean don't contemplate over budgeting. Once you get there you might find there is little you want to spend your won on. The best thing would be to try to send as much home as possible and live on as little as you possibly can. It also depends on whether you're in the city or the country.
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zark



Joined: 28 Sep 2006
Posts: 12

PostPosted: Fri Dec 22, 2006 10:50 am    Post subject: Reply with quote

I spent six years in Korea - on two different "tours".

Generally, most people can save at least US$1,000 per month without really trying.

Yes, some jobs pay less, some housing fees are high, and I like a LOT of heat in the winter. But . . . It's still not difficult to save a good chunk every month.
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ParkEnglish



Joined: 07 Nov 2009
Posts: 12

PostPosted: Wed Dec 16, 2009 12:11 pm    Post subject: Reply with quote

Information below will display
1.) What are the kind of Salaries in South Korea for English Teaching Positions?
2.) What can you save and send home or take home at the end of the year?

--------------

Yearly Salary in South Korea - 26 million won/ $26,000 USD
Yearly Taxes - 780,000 won/ $780 USD
Yearly Housing Expenses - 0
---------------------------------------------
Total Remaining - $ 25,220,000 won/ $25,220 USD

Here are some of the benefits provided with these jobs:

1) Airfare :- Round Trip
2) Severance Pay :- Yes
3) Medical Insurance :- 50%
Cool Housing :- Rent Free

So it definitely a good pay package.
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Lexicon



Joined: 11 Sep 2006
Posts: 153
Location: New Orleans

PostPosted: Wed Dec 16, 2009 5:36 pm    Post subject: Reply with quote

Don't believe the crap you hear on here and other boards from schools, certificate companies, and recruiters. ESL jobs do not pay you enough, anywhere in the world to have any extra left at the end of the month.

YOU WILL NOT BE ABLE TO PAY OFF YOUR STUDENT LOANS TEACHING ESL!

Sorry, it's just not possible.

What they don't tell you in all these numbers is that ESL jobs pay you only for your time in the classroom. They don't pay you for the other many hours of travel time each week going to clients. They don't pay you for the many hours of preparation and grading you have to do.

They also fail to mention that it's not an 8-5 job. You may have days where you have to leave your apartment at 5am and don't get home until 10pm and only have earned 4-5 hours of actual pay.

Teach ESL if you want a cool experience where you get to be a part of a culture rather than just a tourist.

Don't teach ESL if you need money, or have debts back home you are trying to pay off.

Pay off your debts first, and save up a few thousand dollars just to get you started before you even go.
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TEFLjobsChina.com



Joined: 26 Jun 2009
Posts: 2

PostPosted: Thu Dec 17, 2009 12:43 am    Post subject: Reply with quote

Lexicon wrote:
YOU WILL NOT BE ABLE TO PAY OFF YOUR STUDENT LOANS TEACHING ESL! Sorry, it's just not possible.
Pay off your debts first, and save up a few thousand dollars just to get you started before you even go.

Clearly Lexicon either has never worked abroad teaching English or has only worked at the bottom of the food chain in countries that pay poorly.

After about twelve years in Korea, Saudi Arabia and Taiwan my wife and I bought AND PAID OFF three rental properties back in the States - all while paying off relatively modest student loans. We did work extra jobs, frequently moonlighted, etc -but we did far better than just paying off our (comparatively modest) student loans. And - we traveled widely during that time.

IF you are teaching in Latin America, Nepal, The Philippines, Thailand and select other places, Lexicon is correct - there is little money to be made. You can live well on the local economy but you'll not be saving much if anything.

How much you can save also depends on your credentials and if you are working at the very bottom of the food chain or near the top - but generally speaking if you have a degree and are willing to work in Korea, Taiwan and/or the Middle East - you will do just fine. Personally, I saved more teaching English than I ever saved as a mid-level professional "back home". And have certainly lived a more interesting life.

Now . . . would I blindly believe all the hype and claims that people make?

No, check things out - see what experienced people have to say, weigh the evidence and make your own decisions.

I've certainly seen very wild claims about how much one can make - usually from "a friend who knows someone who . . ." rather than a first hand contact. The expatriate and foreign teacher world has its share of BullSh*ters - just like the bars and forums back home.
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Lexicon



Joined: 11 Sep 2006
Posts: 153
Location: New Orleans

PostPosted: Thu Dec 17, 2009 3:20 am    Post subject: Reply with quote

TEFLjobsChina.com wrote:

Clearly Lexicon either has never worked abroad teaching English or has only worked at the bottom of the food chain in countries that pay poorly.


Actually I've worked all around the world and all over the spectrum, having had jobs that paid $5 per hour to $50 per hour teaching and some that paid much more consulting, writing, and editing.

I'm glad you and your wife have done well, but the reality of the industry is that profits are made by the school owners by paying instructors as little as possible.

Many of the old money-makers like the Saudi Arabia are no longer the cash cows they were a few years ago. Jobs that were advertised only 3-4 years ago in the Middle East at $60,000 USD per year tax-free are now being advertised at $20-30k.

This is simply not a money-making career, at least not until you've reached the upper management or consulting levels of the industry. After 15 years I've done that. But, it's not been an easy trip, and there is not much room at the top.

I simply think that prospective teachers deserve fair warning...
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Cheon Seong Oo



Joined: 17 Dec 2009
Posts: 1

PostPosted: Thu Dec 17, 2009 10:19 pm    Post subject: Reply with quote

I am returning to this field after a 30-yr. absence, so my information is a bit dated. Served in the Peace Corps at a Korean university for over two yrs. Don't know what the situation is now, but back then we used to take on tutoring to make extra money. The return could easily be substantial. For example, if I charged each student, say, ten dollars per 1-hr. class, and if the class included 10 students, then that's $100 per hr.

Of course, it's been 30 yrs. For all I know, it may be illegal or require a special license -- or who knows what!

I keep hearing bad things about the hahg-won schools, tho.
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harrisonford861



Joined: 22 Nov 2011
Posts: 1
Location: Los Angeles

PostPosted: Wed Nov 23, 2011 8:42 am    Post subject: Reply with quote

so basically are you a teacher, which subject do you teach your students or for which subject taught you get paid ?
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lestermiles



Joined: 14 Feb 2012
Posts: 6

PostPosted: Wed Feb 15, 2012 12:14 am    Post subject: Re: How much $ is possible to send home to pay off loans? Reply with quote

You got lucky, when I got out of college I owe a lot of money, for student loans.

MattyB wrote:
Hi everyone. I'm considering teaching ESL in South Korea, beginning this fall. My question is, how much money is realistically possible to send back to Canada to pay off my student loans? I've been looking at the pay one might recieve teaching ESL in S. Korea, and it appears, that quite a bit of cash could be saved . If I could earn 2.2 million WON/month, (which is approx. $2600 Canadian), would it be possible to send $2000 Canadian back home to pay off my loans? This is assuming that my rent is paid for in S. Korea. Just to clarify, I wouldn't be "partying" much, and wouldn't be doing much travel out of S.Korea.

Thanks,
Matt
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RoseV8



Joined: 22 Mar 2010
Posts: 38

PostPosted: Tue Jan 15, 2013 6:21 am    Post subject: Saving money Reply with quote

The idea that you can't earn enough teaching ESL to save any money is very strange. I came to China to find that I had been greatly deceived about the job I was to take up, so I quickly found another. I teach part time for an hourly rate, no contract, and live in a nice apartment of my own choosing. I also cook all my own food and frequently enjoy shopping for clothes etc at local markets. I neither smoke or drink alcohol and I manage to save half of what I earn.

My advice is choose the right area and set your own terms regarding pay then live modestly if you want to save money.
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