Cultural Orientation Resource Center: Overseas

TOPIC: PRE-DEPARTURE PROCESSING (IOM Bangkok)

Activity: Calculating Your IOM Loan Repayment

Introduction

Refugees are often not yet aware that they will be responsible for paying back the cost of their flight to the United States, or may be aware, but are worried that the cost will be too much for them to pay.

Objectives

Participants will be able to calculate an approximate monthly payment for repaying their IOM loan.

Armed with this information, participants will be less anxious about starting their new lives in the US ‘in debt.’

Time

5-10 minutes

Materials

Sample IOM promissory note

Procedure

Ask the participants how much they have had to pay for their medical exams and CO class (answer: nothing!). Then ask how much they have to pay for their airfare to America (lots of joking here, “Free!”).
Tell them that the airfare is considered a loan, which they will be expected to pay back after they get to America.
Show a sample of the IOM promissory note, and explain that before each family goes to America, they will be expected to sign the note, as a legal contract, that they promise to repay the loan.
Calculate the loan amount based on the latest figures from Ops for adults and children. Calculate the cost total for a family, and for a single person.
Explain that they will be expected to start paying off their loan 4-6 months after arriving in America, and that they will be given approximately 36 months, 3 years, to pay off the loan. Divide the loan totals by 36 to get an approximate amount. Explain that the minimum payment is usually no less than about $35, so a single may well pay off their loan before 3 years’ time.
Explain that paying the loan on time is important, and is one of the first steps they will take towards getting a good credit rating in America, which will be useful for getting loans in the future for houses, cars, education, etc.
Explain that their yellow copy of the promissory note contains contact information about their resettlement agency, such as address and telephone number; this tells them what city and state they will be going to, if they do not already know, as well as gives them an telephone number to call for help when they need it.

Overseas The Process Program Profiles Overseas Service Provider Toolkit CO Program Highlight US Resettlement CO Trainers' Exchange US Refugee Program About COR Center Our Publications Tell a friend	Overseas: Overseas Service Provider Toolkit TOPIC: PRE-DEPARTURE PROCESSING (IOM Bangkok) Activity: Calculating Your IOM Loan Repayment Introduction Refugees are often not yet aware that they will be responsible for paying back the cost of their flight to the United States, or may be aware, but are worried that the cost will be too much for them to pay. Objectives Participants will be able to calculate an approximate monthly payment for repaying their IOM loan. Armed with this information, participants will be less anxious about starting their new lives in the US ‘in debt.’ Time 5-10 minutes Materials Sample IOM promissory note Procedure Ask the participants how much they have had to pay for their medical exams and CO class (answer: nothing!). Then ask how much they have to pay for their airfare to America (lots of joking here, “Free!”). Tell them that the airfare is considered a loan, which they will be expected to pay back after they get to America. Show a sample of the IOM promissory note, and explain that before each family goes to America, they will be expected to sign the note, as a legal contract, that they promise to repay the loan. Calculate the loan amount based on the latest figures from Ops for adults and children. Calculate the cost total for a family, and for a single person. Explain that they will be expected to start paying off their loan 4-6 months after arriving in America, and that they will be given approximately 36 months, 3 years, to pay off the loan. Divide the loan totals by 36 to get an approximate amount. Explain that the minimum payment is usually no less than about $35, so a single may well pay off their loan before 3 years’ time. Explain that paying the loan on time is important, and is one of the first steps they will take towards getting a good credit rating in America, which will be useful for getting loans in the future for houses, cars, education, etc. Explain that their yellow copy of the promissory note contains contact information about their resettlement agency, such as address and telephone number; this tells them what city and state they will be going to, if they do not already know, as well as gives them an telephone number to call for help when they need it.	View all Publications Refugees in the News CO Program Highlight COR Center Publications Order Form

Overseas: Overseas Service Provider Toolkit