<p>I just finished up UCLA, and am about to move onto the next phase of my life: The JET Program. For those of you who don’t know about it, it’s basically a year or two or five spent in Japan being paid to be a posterchild for your representative country…and ostensibly teaching English. </p>
<p>So, I have everything in check: Salary, check. Housing, check. Plane ticket, check. The only thing I’m worried about is paying of my loans in Japan. First off, what are the opinions regarding consolidation? I’m seriously considering consolidating just because I’m not about the deal with all my different loan payments while I’m abroad. But my most pressing issue is: How the hell am I gonna pay off my loans from another country? This of course includes my credit card debt as well.</p>
<p>Congratulations on your acceptance into the JET program. I have heard it is excellent! My son would like to be in it, but didn’t apply in time because of other plans he had at the time, which have since fallen through. He is applying to other programs now. So he will also need to know how to pay off his loans from Japan…</p>
<p>We do have an option you probably don’t have, since our son has his checking account at our credit union, and the accounts are linked. He would be able to transfer some of his money into our account, and we could pay the monthly amounts for him. I would, however, prefer that he do this on his own–he is, after all, an adult now. So I will watch this thread with interest.</p>
<p>By the way, what city will you be living in?</p>
<p>Look into opening an account in one of the Japanese banks which have offices in the United States. You may be able to move money more easily if its all within one corporation.</p>
<p>The only problem with that is that I’m living in a relatively small city, and it’s highly doubtful that there is a Citibank there. I have thought about that though…</p>
<p>First of all, you should definitely consolodate loans if you have that option, because that will lock in low, fixed interest rates. Do it ASAP - I think interest rates will go up in June. </p>
<p>Will you have internet access in Japan? If so, open an account with a bank that offers online banking and a bill payment service. I know that Bank of America does this, but I am sure tht other banks do as well. You can make payments directly from there. If you will be receiving checks for payment in Japan, you may be able to also have an account there with online access, which would allow you to deposit money in Japan, then automatically transfer to your American account, either through direct transfer, or using an intermediary service like PayPal. Once you start making loan payments, you can set up an automatic payment routine, so that the payment is sent out each month automatically. Alternatively, you can just arrange for the student loan payment amount to be automatically withdrawn from your account.</p>
<p>That’s the high tech solution. Low tech is to have the bills sent to your parents house and make a arrangements with your parents to handle payments, with reimbursements from you.</p>
<p>I’m going to look more into electronic banking. Unfortunately, I’m under the impression that Japan hasn’t caught onto that craze yet, since it’s a cash-based society (as in, heavily.)</p>
<p>I should consolidate though, I agree. I suppose I’ll do it this week.</p>
<p>i’m not sure how your bank works… but this is how i pay my car loan…</p>
<p>i got the loan through the same bank as my checking account, and every month on the 4th it automatically pays it for me. I don’t know if you can consolidate your loans through your bank or whatnot, but that seems easiest to me.</p>