I need 20000 USD to pay my education bond
My education (Bachelor's degree) was sponsored by an agency with a term that I would have to serve them for a period of five years or break the bond by paying a sum of 20000 USD. Right now, I earn about 800 USD a month and the job is mind numbing. I have been serving them for about 15 months and would have to go on for 45 more months. How do save / earn USD 20000 in the shortest time possible ?
8 comments
If you are working for ISRO, is the position in India or the US? If it's in India 800USD seems quiet fair and not "indentured servitude" as a commentator has suggested.
What kind of technologies excites you? Which city are you in? If it's something like Banglore/Delhi, I would suggest going to some tech meetups and explore what people are doing and which technologies are in demand in your city.
I would suggest you to start freelancing, but pick the technology that really excites you.
Considering that you would be working full time at the same time, that's really important.
What kind of technologies excites you? Which city are you in? If it's something like Banglore/Delhi, I would suggest going to some tech meetups and explore what people are doing and which technologies are in demand in your city.
I would suggest you to start freelancing, but pick the technology that really excites you.
Considering that you would be working full time at the same time, that's really important.
Learn some skills (Java, SAP, Oracle apps), anything that is hot in India right now and get you a job quickly. You don't necessarily have to be a programmer, if you don't want to program, there are lots of other tracks which don't need programming.
Get an entry level job in that skill, most entry level jobs pay as much as what you currently make.
Once you have an entry level job offer, get a personal bank loan, pay off your bond. SBI, HDFC, ICICI or whoever you bank with. Just google for "personal bank loan india".
Once you have 6 months experience, you can move on to a senior level job, paying a lakh+ per month. This will save you at least Rs.60,000 per month to pay off the loan.
Of course, you don't have to pay off the bond. Just start working for another company, find a cheap lawyer (they are a dime a dozen) and make your case if they go after your surety. This will definitely take years and you can pay off the bond leisurely. This may turn out cheaper than paying interest (maybe 13%) on a personal loan.
Get an entry level job in that skill, most entry level jobs pay as much as what you currently make.
Once you have an entry level job offer, get a personal bank loan, pay off your bond. SBI, HDFC, ICICI or whoever you bank with. Just google for "personal bank loan india".
Once you have 6 months experience, you can move on to a senior level job, paying a lakh+ per month. This will save you at least Rs.60,000 per month to pay off the loan.
Of course, you don't have to pay off the bond. Just start working for another company, find a cheap lawyer (they are a dime a dozen) and make your case if they go after your surety. This will definitely take years and you can pay off the bond leisurely. This may turn out cheaper than paying interest (maybe 13%) on a personal loan.
Thanks for the advice. I am currently looking into it. The back end development seems to be in demand right now, I am focusing my effort on Python with Django. In the meanwhile, if I do not pay the bond straight away, I will incur an interest of prime lending rate + 3%, which turns out to be about 15% the last I checked. Thank you for the advice anyway.
Take it from somebody who's shaken hands with the Indian High Commissioner of a country, chatted up many members of the State Bank of India and who's friends with a venture capitalist that takes investing in, and expanding, domestic infrastructure for cleaner air, water and electricity very seriously. He's setup many electric generations facilities, water generation facilities and more.
Given my background with the Indian government (nope, not Indian here) you're out of luck. The only way to "Save, earn, etc," with your situation is the exact same as I went through as a poor American, owing (today, 15 years after graduation) more than $35,000 dollars for my college degree. That's more money than I earned in the last eight months - and, I have two children, the IRS also claims I owe them about a ton of money, but thanks to finally catching up on filings, it's a smaller number - or soon will be.
Friend, it is hard for people who know billionaires, who know people, shook their hand and made them millions via Ycombinator and others (I got turned down, but, applied late).
The facts are the following: * Nobody owes you a living, period. If they do, we're all standing in line and it's not moving. * Save money. If it's a Penny, a Pound or a Franc, it matters. * Create works - code, write, etc - so when and if you CAN publish, you're ready. Even if you develop skills that you can't use, nobody can EVER steal what's in your head. :)
Finally on a very, very serious note. Everybody has a sob story. My mom's currently a cancer survivor; my step dad has been on dialysis for a decade and thank goodness they are poor enough the US government pays for their medical treatment - or they'd already be dead. Life can be hard, it generally can suck, but, you own what you know. Knowledge is power. Stop whining in public, produce, learn and grow. Most of us, here on a "dot com," address are global, or rather, "Not Indian," so won't be able to give you the best advice.
However, if the goal was, "Learn how to compete with the best & brightest," this is a fantastic place. Sympathy is hard to find, but positive, productive suggestions - hard work, acquire knowledge - are the real keys to growth.
Given my background with the Indian government (nope, not Indian here) you're out of luck. The only way to "Save, earn, etc," with your situation is the exact same as I went through as a poor American, owing (today, 15 years after graduation) more than $35,000 dollars for my college degree. That's more money than I earned in the last eight months - and, I have two children, the IRS also claims I owe them about a ton of money, but thanks to finally catching up on filings, it's a smaller number - or soon will be.
Friend, it is hard for people who know billionaires, who know people, shook their hand and made them millions via Ycombinator and others (I got turned down, but, applied late).
The facts are the following: * Nobody owes you a living, period. If they do, we're all standing in line and it's not moving. * Save money. If it's a Penny, a Pound or a Franc, it matters. * Create works - code, write, etc - so when and if you CAN publish, you're ready. Even if you develop skills that you can't use, nobody can EVER steal what's in your head. :)
Finally on a very, very serious note. Everybody has a sob story. My mom's currently a cancer survivor; my step dad has been on dialysis for a decade and thank goodness they are poor enough the US government pays for their medical treatment - or they'd already be dead. Life can be hard, it generally can suck, but, you own what you know. Knowledge is power. Stop whining in public, produce, learn and grow. Most of us, here on a "dot com," address are global, or rather, "Not Indian," so won't be able to give you the best advice.
However, if the goal was, "Learn how to compete with the best & brightest," this is a fantastic place. Sympathy is hard to find, but positive, productive suggestions - hard work, acquire knowledge - are the real keys to growth.
Sir, I am not cribbing. Rather asking for help to focus my effort in more fruitful direction, the foresight of which I lack, so that at the end of it, I have a reasonable chance of coming out on the top.
get them to fire you?
I cannot get them to fire unless on disciplinary grounds. Under performing would just get me humiliated. And my place of work is a facility where I am not allowed to carry my personal belongings such as my laptop and as such, I can not work my personal projects in the mean time either.
In case, I quit without notice, my bond surety would have to pay for the bond amount.
exactly get them to fire you on disciplinary grounds
also you can only work as hard as 800 is worth to you. and you can start a business in your part time, try to find a buddy to code some apps with
also you can only work as hard as 800 is worth to you. and you can start a business in your part time, try to find a buddy to code some apps with
Before doing that, read the paperwork carefully. It may have the standard clause "All your work are belong to us". So the side project you do in your free time is also property of the agency even if it's only tangentially related to your work there.
Perhaps you may get an exception to contribute to a big open source project. You will not get money, but you will get more experience and things to put in your CV.
Perhaps you may get an exception to contribute to a big open source project. You will not get money, but you will get more experience and things to put in your CV.
As a matter of fact, I am not allowed to contribute to open source projects if not officially approved (read : simply not allowed) and whatever I contribute will remain with the agency I am working for and would be classified.
Getting fired on disciplinary grounds would sum up to physical or sexual assault or smuggling components or something of that order. Not very advisable for somebody just starting his carrier, I think.
I expect that would not discharge the bond.
a better alternative is to quit and claim constructive dismissal... this however still may not be the right answer.
No, there are no constructive dismissals here.
$800 / month is a bit on the low side I'd think. Ask for a raise and save the remainder?
Try to find an employer that is more respectful of your time, and take out a bank loan (interest rates are really low right now) or come to some kind of pay-in-installments agreement with your current employer.
Finally, there is always the option of declaring personal bankruptcy but I'd only use that if you feel that your employer has acted dishonestly, I see no evidence of that.
Try to find an employer that is more respectful of your time, and take out a bank loan (interest rates are really low right now) or come to some kind of pay-in-installments agreement with your current employer.
Finally, there is always the option of declaring personal bankruptcy but I'd only use that if you feel that your employer has acted dishonestly, I see no evidence of that.
I intend to continue with my education and as such, banks are not willing to finance my bond which would effectively leave me with no further source of income. My pay scale is non-negotiable and my first review for appraisal would be at the end of 2017.
I tried finding alternate job opportunities but my particular set of skills does not have a requirement in the current Indian industry as of now, but I am still looking.
Do you have "free" time after work?
If you have a decent programming foundation, I'd look into Android programming or other reasonably-paying skillset that you could use after hours.
One of my classmates started doing Android apps, the first year she ended up earning close to U$ 600/month extra, but now she makes U$ 2000/month extra, for 20 hours of work each week or so. (I'm in Uruguay, U$ 2000 monthly is more than a junior dev's salary).
I took the Coursera classes, and I'm going to release my first app sometime next month :)
https://www.coursera.org/course/androidpart1
There used to be plenty of "income reports" here on Hacker News from people that launch their own apps, it's certainly not overnight success, but the timeframe is significantly lower than 45 months :) . Plus, if you get good at it, you can do freelancing.
If you have a decent programming foundation, I'd look into Android programming or other reasonably-paying skillset that you could use after hours.
One of my classmates started doing Android apps, the first year she ended up earning close to U$ 600/month extra, but now she makes U$ 2000/month extra, for 20 hours of work each week or so. (I'm in Uruguay, U$ 2000 monthly is more than a junior dev's salary).
I took the Coursera classes, and I'm going to release my first app sometime next month :)
https://www.coursera.org/course/androidpart1
There used to be plenty of "income reports" here on Hacker News from people that launch their own apps, it's certainly not overnight success, but the timeframe is significantly lower than 45 months :) . Plus, if you get good at it, you can do freelancing.
Yes, that is an option I am considering. Thank you for the suggestion.
This sounds pretty close to indentured servitude. Are you in the US? Did you come from another country?
I'd look into pursuing human trafficking claims against the "agency":
http://en.wikipedia.org/wiki/Debt_bondage http://en.wikipedia.org/wiki/Victims_of_Trafficking_and_Viol...
You might also want to check with the labor board in the state you live in, or the US Department of Labor to see if the agreement is even legal. If it's not, or the agreement is questionable (sounds like it), they can put pressure, negotiate, or prosecute the agency on your behalf.
I'd look into pursuing human trafficking claims against the "agency":
http://en.wikipedia.org/wiki/Debt_bondage http://en.wikipedia.org/wiki/Victims_of_Trafficking_and_Viol...
You might also want to check with the labor board in the state you live in, or the US Department of Labor to see if the agreement is even legal. If it's not, or the agreement is questionable (sounds like it), they can put pressure, negotiate, or prosecute the agency on your behalf.
No, actually, I am from India. I have checked with lawyers and the agreement may actually not be legal, but I do not want to get into a legal mess, given the current state of Indian judiciary along the lawyer's expenses, it may get stretched for years. In the mean while, my prospects for higher education are at stake as I have to save for it as well. Right now, I am looking for somebody who could possibly guide me through a project, website or application that I can possibly develop in the mean while and pay my bond in a year or two.
Hmm, well I'm not familiar with India and it's government. Are there any "watchdog" government agencies that handle violations of labor laws? If you can get the government on your side you might be able to avoid lawyer's fees.
Have you already completed the Bachelor's program? What happens if you just leave the agency and move somewhere else?
Have you already completed the Bachelor's program? What happens if you just leave the agency and move somewhere else?
Indian here.
> Are there any "watchdog" government agencies that handle violations of labor laws?
No.
> If you can get the government on your side...
This is possible, public prosecutor will be assigned. But the case will take easily 4-5 years to come to a conclusion.
> What happens if you just leave the agency and move somewhere else?
Highly unlikely that agency may sue OP.
6 of my friends were working some companys and had signed 3 years bond. or would have to pay about $5000. Four of them just left the company, no notification or official resignation. Just, said goodbye. Other two cited health reasons and said they cannot work for next 6-7 months etc. They were let go.
I don't know for which agency OP works for. But I am yet to see/read someone paying up for breaking the agreement/bond in India. Companies also wouldn't want to pursue the matter further, cos it will cost them more anyways and courts will drag the cases for years. So they simply let people go, atleast in 99% of cases. That's how it is in India.
> Are there any "watchdog" government agencies that handle violations of labor laws?
No.
> If you can get the government on your side...
This is possible, public prosecutor will be assigned. But the case will take easily 4-5 years to come to a conclusion.
> What happens if you just leave the agency and move somewhere else?
Highly unlikely that agency may sue OP.
6 of my friends were working some companys and had signed 3 years bond. or would have to pay about $5000. Four of them just left the company, no notification or official resignation. Just, said goodbye. Other two cited health reasons and said they cannot work for next 6-7 months etc. They were let go.
I don't know for which agency OP works for. But I am yet to see/read someone paying up for breaking the agreement/bond in India. Companies also wouldn't want to pursue the matter further, cos it will cost them more anyways and courts will drag the cases for years. So they simply let people go, atleast in 99% of cases. That's how it is in India.
Well, the government agency involved here is the Department of Space, Government of India. I am currently working for Indian Space Research Organization and did my Bachelor of Technology from Indian Institute of Space Science and Technology, Trivandrum, Kerala, India. My certificates and transcripts are still held up and would not be released unless I clear my bond or complete my tenure. If I leave without notification, the money would be demanded from my surety, followed by legal prosecution if not produced. No health excuses here either. And yes, the department will and has in the past pursued such cases in the court of law and as far as I know, all of them are pending so far.
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