Hello, there. I'm an international student filling out the CSS profile. I'm stuck on the housing information section because I don't know what to select or enter.
I'm South Korean, and my country is known for a unique mode of payment for housing. This mode of payment is called jeonse (전세), and the closest English translation of this term (according to Wikipedia) is lump-sum deposit or key money deposit. However, the jeonse is nothing like the typical lump-sum deposit or key money deposit that people know of.
So, normally, a person can either buy a house (that is, own a house) or rent the house. I wouldn't have posted on this forum if my housing situation were as simple as choosing any of the two ways of living mentioned previously. I'm posing because "jeonse" is neither buying a house nor renting a house. Okay, this may sound very confusing, but I hope the explanation below clear things up.
In South Korea, people living off of "jeonse" pay a lump-sum deposit that is about 40~60% of the house's market value. So, it's evident that you're not owning or buying a house if you live off of jeonse.
But the twist is that for paying such as huge sum of money BUT not owning a house, people living off of jeonse get to live in the house literally rent-free (as in 0 dollars for rent) for 2 years. Since you don't pay rent, I don't consider jeonse as renting a house.
I emphasize not owning a home and not renting a home because the housing information section of the CSS profile prompt me to choose one of the following:
1. Own home
2. Rent home
3. Live with others
4. Housing provided by employer
I guess "jeonse," a unique mode of payment for housing, does not apply to numbers 1 and 2 above. And, I'm not living with others. And, I'm not employed.
I'd appreciate your help on how to go about this.
P.S.: I emailed College Board about this but haven't hear back from them yet.