Graduating with debt isn't the best way to start out in the real world, but it's a reality that many college graduates face. Most grads set up a plan to pay off their student loans within a certain time period, but some of the educated and in-debt have become too overwhelmed by their loans to repay them.
Instead of facing debt collectors, some students with massive debt are choosing to flee the country after they've defaulted on their loans. Grads who escape the US are running away from a problem that won't go away unless they figure out a way to fix it. There are certain cases in which some student loans are discharged or partially discharged because of hardship, and payment plan solutions for those who don't qualify for debt forgiveness — both of these are much better options than seeking a new address in another country.
Rebecca
CNC Costume National
Woodhouse Clothing
wth! that's so irresponsible. i swear, they should start teaching ethics and a sense of community obligation to kids.
1They were talking about this on Suze Orman the other day. A woman's mother was confused about how to handle her legacy, because leaving money to minor grandchildren is not totally safe if the custodian of the minor (in this case, the daughter) has outstanding debt. Irresponsible and rotten...hell, it's theft!
2Ooh boy. Another thing that contributes to the credit crisis.
3i wasn't surprised by this one at all to be honest. i knew this girl in college who kept moving to avoid creditors and paying off loans. if they couldn't find her then she didn't have to pay it back. that was her mindset and thought process on that one. too bad it doesn't alleviate the problem.
4When I changed from sending in a paper check to automatic withdrawl, I asked about defaulting on student loans. They said they don't report it to credit agencies. But a student loan is an item that cannot be removed through bankruptcy, and they will go so far as to garnish wages, pensions, social security, 401(k)s, IRS returns, whatever. That gov'ment is a beast! And Social Security is the greatest Ponzi scheme ever!
5Everybody bashes the students who flee, what about the corporations who loaned them money for useless degrees? The same corporations that closed down jobs in the USA and moved them overseas to save money. What about the fact that you can buy a house and walk away from the debt, or do the same with a credit card, but with a student loan you can never walk away from it?
It's not theft to walk on a student loan. It's the only option for many people. If people lose their job then they can't make the payments. And if you can't make the payments then you go into default and the loan balloons in size.
I don't blame people for leaving at all. Hell I'm considering it myself. I've got 100 k in student loans which I took out TO GET A GOOD PAYING JOB. I didn't take this damn loan to get drunk. But there are no jobs and now I'm going into default.
If you think I'm a thief, that's fine. But don't be walking away from your underwater mortgage or bad credit cards and then bash on student loans. Don't keep your job at Citibank, Bank of America, or Morgan Stanley if bail outs offend you so much. Quit NOW!!!
6I am one of those who can't even get into classes because they are FULL of people...given college handed to them by our gov't (many came here illegally) ....yet I as a taxpayer of over 30 years get to be last in line.
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