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I have been an international student in the US since 2005 to 2010, and I cannot find a decent job after graduation. It's been almost a year now. so saddd
I am currently working at a minimum wage job and volunteering at a university. I barely make $600 a month. I am sleeping on my friend's bedroom floor.
I owe around $10,000 total and I have been paying the minimum fee. I always pay the debt (the min payment) on-time, and I made this calculated risk when I was in college that as soon as I graduated and work as a chemical engineer. I can pay off the debt in several months.
I graduated with a B.S. degree in Chemical Engineering last year. Entry level chemical engineers make around 65K-70k a year. Lets say I would make 60K that means I will make 5K a month and I could use 2k a month to pay off the debts and I will be debt FREE in 5 months!! Unfortunately, I am still jobless right now..and I am getting a job in my home country.
In my home country, I would make much less than in the US. I will make around $400-600 a month, but at least I will be doing an engineering work and I can have a career and life.
My minimum payment is around $200 a month and if I only keep paying the min payment it will take me 28 years to pay off the debt and I would end up paying $17.5K (due to the ridiculous finance charges and other fees)
My questions:
Is it worth it if I keep my US bank account open and pay off the debt slowly? (I could wire the money?)
Paying $200 a month when you are only making $400 a month is A LOT of money, and I have to deal with it for 28 years ((
So should I just "forget about it" for now and as my career advanced, I will be a successful engineer and move back to the US or other advanced countries and I can easily pay off the debts.
I really want to be able to pay off the debt. I don't want to do anything illegal. I was in 10K debt due to the dentist and some academic related fee. I didn't want to burden my parents.
I would continue sticking out in the US. You'll have a larger opportunity to earn a higher income. Our economy is in a tough spot right now, but there are signs for improvement.
You never revealed your immigration status. Often if you are on a student visa, you will have to leave after you are done unless you get work sponsorship.
Ultimately, you have to decide what you want for your future. If you want to stay in the U.S., try to get dual citizenship if possible or a green card for the ultimate flexibility. You can go back to your home country and wait out until the economy recovers in the U.S. so that you have experience under your belt. However, often when you only have a visa, once you leave the country it is often much more difficult to come back. So, you must be certain that you want to leave the U.S. permanently before moving back to your home country.
You never mentioned if your loans are through credit cards or student loans. If they are student loans, often you can defer them for a few years to help you out financially while you continue to search for the ideal job. So that you know, student loans are not dischargeable through bankruptcy. If they are credit cards, it is worth it to call each of the bank to negotiate with them for lower interest rates, payments, etc. You should deal with the situation by communicating rather than waiting it out until it goes to collections.
If you want to stay in the US I would stay here now, unless you think can get back again in the future. Not sure how you are looking and if you need to be sponsored, but try to get creative. Small companies may need someone like you and maybe you could work out some kind of deal with them to get started.
IMy minimum payment is around $200 a month and if I only keep paying the min payment it will take me 28 years to pay off the debt and I would end up paying $17.5K (due to the ridiculous finance charges and other fees)
See, you are already experiencing the American Dream, it's called compound interest...! Compound interest is great when it's working for you, not so much when it works against you.
I suggest you man up and pay the debt you owe. When you took the money, you promised to pay it, so it's time to see what kind of character you have.
It won't take you 28 years unless you only make minimum payments forever. I would hope before the 28 years are up, you will be making far more money and can pay down the debt much faster.
You took the loans, you owe the money, pay it back. It will be easier to live with yourself knowing you're an honorable man, and not a scofflaw.. No one ever promised life is easy..
Thank you for the feedback!
I ultimately want to stay where I can have a good life
I can't get a job in the US so I am not having a good life here, and more importantly I am not gaining any professional experiences. I feel like I am wasting my time. That is why I want to move to my home country or other countries where the economy is booming and land a great job there.
I am not trying to run from the debts. Please understand my situation. If I can get an engineering or any decent job here, I WILL pay the debt right away. I am struggling to make my ends meet and I am definitely not having a good life that I was dreaming 5 years ago.
It was from several credit card loans. They bombarded me with deceiving credit card offers when I was still a freshman. I wasn't aware with the finance charges and other hidden fees and I am drowning now.
I would not be even bother thinking about it and posting this if I were irresponsible. I could have just take off like many other people.
That's what I was thinking too. I studied one of the hardest major in college. I graduated with a good GPA and I should be able to land a pretty decent job.
I had some job interviews across the country too from california to North Carolina.
I am on student visa. I guess due to this great recession, many companies reluctant to hire fresh graduate on student visa, so I am trapped.
@ChunkyMonkey, I am thinking to contact the cc companies too and settle with them.
Is it possible to do that?
all I have is 3K. can I just call them, explain my situation and settle down the debt with 3k?
It would be beneficial for both parties. They get some money and I can still maintain my credit score.
If they dont want to then, they won't make any money and my credit score ruined, but it doesn't matter since I'm not planning to live in the US until at least another 7 years.
Thank you for those who giving me moral lectures, but I would appreciate if you could just focus on the practical solution: the pros and cons.
In this tough economy, it's not purely moralistic vs legal debate. It is more of a financial call.
Why do you think that people are simply walking away from their homes that are underwater? Because it makes financial sense to do so - why would I want to pay full mortgage on a house that is worth half now? Is this morally correct - no. But the kind of times we are in, perspectives need to change. If the big firms are protected by writing down their losses, doing funny tax accounting, why shouldn't the individuals do it?
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