Teach Abroad and Pay Off Your Student Loan

24th January 2022

Indian families are quite enthusiastic about sending their kids away to foreign Universities. The students at times take up TEFL/TESOL courses, especially the lucrative 120- hour TEFL course while prepping for their University life. Teaching jobs in abroad for Indians have made it possible for these students now to simultaneously learn and teach.

While we talk about University education, student loan has always been in the buzz. The education sector thrives on it, if things are set out on the honest tone! While the pandemic has made it possible for students all over the world to have access to all the leading Universities through the virtual format, in a global reading it is found out that students are now taking up education from a different perspective.

It is now a matter of a blended experience. Students are fine taking University classes online but they would still like to be in that country/province and stay close to the campus with the hope to blend into the culture if not completely enjoying the campus life.

This new mindset has somewhere spiked up the urge to take up abroad education as a matter of transformation. With all the benefits that has to offer, student loan is still the reality. It needs to get paid off, timely of course to prevent a bad credibility. Teaching perhaps is one such job that has many benefits. It helps one to add discipline greatly in one’s life. With that comes better management of finance and time. Unlike the volatile nature of other jobs that students usually take up, this needs more thought and hence, helps in to build an investment mindset.

Pay Off Your Student Loan With These Tips

Here are a few tips to pay off the student loans while teaching abroad ---

Learn the regional pay grades: Different countries have varied cost of living and also, they are more welcoming toward expat teachers. Be it students or working professionals, Asian countries are quite ahead in this game. With accommodation, holiday perks and other facilities, the cost of living is evidently low. Countries like Thailand, Vietnam and China constantly hires and welcomes ESL teachers from around the world. So, while you are taking classes online, this is a great way to throw yourself in a different culture, manage your life like an adult and pay off the debt.

Autopay: Make sure to link your Pay Pal or international bank account with the main account from where your loan money would be withdrawn. Whatever fees that you earn from teaching ESL, make sure to put the deduction amount in one such accounts and leave it to the autopay benefit. It is provided by all banks globally. That way you would be free of stressing about paying off the domestic debits while living your expat life being a teacher as well as the student!

Study the numbers: Do the basic math! Answer these questions:

  • What is the monthly pay off amount?
  • What is your possible expense; daily and monthly?
  • How many teaching hours would help you to meet the target?
  • How would you price your classes?
  • How many gap hours would you like to have in between your Universities classes and giving ESL classes?

Answering these critical questions would be a journey that would definitely reap you benefits. Once you have figured out these numbers, setting up goals to meet your expenses as well as paying off the loan on a monthly setting would seem like a piece of cake! It is not a fantasy for sure; while journaling this you may also come up with questions regarding that would be more personal and give you a wider perspective of things.

Know your lender: This is a very important step that as a student one tends to miss. While being a student, majority of the times the parents take care of the initial paperwork and one rarely knows how loans and lending money works. Know this business of lending money and paying back because that involves interest. Whether it is a bank or a local lender, knowing and having a conversation regarding the pay off, deference and interest policies are very crucial. Consider 120-hour TEFL Course program.

All these and more, working as an ESL teacher or auxiliar has a lot of benefits instead of working on student visa in other sectors. Due to the educational magnitude of the job, it keeps one in the mindset to learn and helps to have an engaged and well immersed academic life away from home.

Written By : Sheetal Sharma    Share

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