Scandinavians/Europeans - Debt

[jaycali 415]

One of my main concerns with moving are job situation and wages.

I know at least in Scandinavia and the Nordic countries, wages are generally higher than what they are in the US. Of course, living costs in the US are significantly lower than in Scandinavia, so it levels out.

But do any of you have debt back in Scandinavia, with minimum monthly payments far exceeding what's "normal" in the US?

I have some credit card debts that I'm currently trying to pay off before I move, but my main concern is my huge student loan that has no chance of being paid off in the near future.

The minimum payments are big, but manageable on a Norwegian salary, but assuming I don't get an above-average income in the US immediately, I'm concerned about the prospect of paying a huge portion of my wages just in student loan payments.

Have any of you had this problem?

[GandK 168]

Same here, I have a huge student loan in Denmark. However, I don't have to start paying it off until 2014 (Two years after graduation) There is still the interest though but it is a lot lower than the bank.

I know from fellow students and friends in Denmark that for the student loan payback scheme, there is a minimum payment per month for student loan. Of course, you can pay more if you have the income.

However, under special circumstances you can also negotiate with the government to make a smaller payments or postpone your payment scheme, if you don't make that much money or are unemployed.

I think the best action to do is to have a good communication with the creditor that you owe the money, they are interested in getting their money back and if you show that you plan to make payments appropriate to your income, you can work something out.

But yeah, I am also trying not to worry about my student loan until 2013-2014. My fiancee is already starting to pay off her US student loan though. They are not so generous on student loan in the US as in the Scandinavia.

[jaycali 415]

Thanks buddy. I'll have used up my "postponements" by February next year, but I think we have something similar regarding the income issue. The creditor in this case is the Norwegian government.

[MissK 5]

I understand your concern!

I don't have any credit card debt so I don't know about that, but it might be possible to negotiate a lower payment for a while, but then of course you will have to pay even more in the end...

I'm planning to pay off my student loan (Luckily I don't have much left...)when I sell my apartment.

But I think you can apply to have an extension (vet ikke om det er riktig ord? utsettelse) due to lack of income? Sjekk with Lånekassen about your options. If they can't give you an extesion maybe they can lower the monthly costs or give you an avdragsfri periode?

I have been looking to see what I can expect to get paid in a similar job that I have now in the US. We are looking at more than 50% decrease in my salary!

[GandK 168]

We are looking at more than 50% decrease in my salary!

It is good that I don't already have a real job besides student jobs then. I'm taking anything when I get to the US! It can only be an increase in income!

[Mr. Borkström 63]

I have student loans too and his concerns me a bit. But I think in Sweden, you can apply to have your monthly fee lowered for various reasons, one of which being moving abroad.

I have student loans too and his concerns me a bit. But I think in Sweden, you can apply to have your monthly fee lowered for various reasons, one of which being moving abroad.

[jaycali 415]

Takk for svarene alle sammen! I worked in the US for a while in an «average» job and made about 40% less than I would normally here. But on a brighter note, living costs were about 40% less than in Norway too.

[Alaska2012 462]

Yes this is a big burden on my shoulders! Don't know how to solve it at the end, but if what you say is correct Mr.Borkström, then I shall immediately call csn 2mrw and see what they say about lower my payments! Thanks for the tip

[Mr. Borkström 63]

Alaska, check this out:

CSN:s hemsida

Hope it helps.

[jaycali 415]

Thanks for your responses guys. Helped calm my nerves