What you need to know about teaching English abroad with student loans

Graduation is an enjoyable and scary time equally in your adult life. When the huge accumulation of your graduation ceremony takes place, you can continually face the question: what are you going to do with your life after graduation? Trust us – you'll hear this one million and once!

Some graduates, of course, have a job in the queue or are planning to graduate from high school. If you want to start working, but you don't want to say goodbye to your young age, we have a solution here at Teach Away.

Why not teach English abroad? All you need is your degree and English skills (plus a TEFL certificate to demonstrate your English teaching know-how).

Teaching English abroad can be a great experience. The international work experience also looks pretty good in your profile (no matter what path you decide to do later) and it's easy to get started.

But there, there is no denying that moving abroad to teach English as a new student out of school (and broke) also brings out its own challenges – especially when it comes to annoying student loan repayment.

For many recent graduates across the globe, student loans are considered a necessary evil. College debt in the US fluctuates in or approximately $37,000 USD per person, while graduates in the UK are in the price range of about £50,000 GBP. Average student graduates in Canada accumulate more than 26,000 CAD student loans. Student loan debt can make you lose more sleep than the final exams.

Just remember, all that expensive education is a worthy investment in your future. It helps you to achieve the means to pay the loans later in the working world, so it is not all orange bear and overcast.

If you graduate with student loans you may feel like to live and travel in another country for a long time is out of reach. But do not worry, you can teach English overseas and still update the repayment for students.

Read on to find out how!

What to do with your student loan when teaching abroad
Before you pack your bag, you need to have a plan involving your student loans. As long as you are prepared, your debts do not have to interfere with your travel dreams or cause you any financial trouble. In fact, teaching English overseas can really help you make your debts disappear faster than you anticipate!

One of the first things to do when the new graduate has to face payments for students in the organization. Indicate exactly what students borrow you and who are serving them. These are all things you could have buried your head into the sand during college years, and that's completely understandable. But now, time to make sure you know what your balance, interest and monthly payments are, as well as when your grace period ends.

Here are two of your main choices when teaching abroad with student loans:

Pay off your student loans with your assassin salary
Delay your student loan repayment
Option 1: Apply for postponement or postponement before going abroad to teach

Delaying student loans for overseas teachers:
This essentially means placing your student loans aside and not making any payments within a specified period of time agreed between you and the lender, without accruing interest.

If your loan is not attested, you may still be able to postpone the payment, but simply know that interest will accumulate during the delay. It may be helpful to pay this interest during the delay, to keep you from having no extra debt on your general debt – although this is not really necessary!

If you qualify, defer student loans are a good option if you are more comfortable without having to repay the debt in the beginning when you live abroad. At the same time, delaying your student loans will not affect your credit rating or negatively affect the chances of getting other loans in the future.

This option is more likely to be approved by your lender if you teach abroad with a volunteer organization, such as the Peace Corps. Because you do not earn technical wages while volunteering, you may even qualify for a delay of up to three years.

Student Loans for Teachers abroad:
Rings are another option if your loan provider cannot grant you a procrastination. By not lending students, you can stop or reduce monthly payments for your loan for up to 12 months. However, you will still accumulate interest, regardless of whether your loan is subsidized or not suitably.

Of course, it's best to check with your loan provider to see if you're eligible to defer or postpone, and see a better detail of each option to see how best suits you. These options exist for a reason – there's nothing to emphasize as long as you plan to be ready when you start paying the debt.