35 replies to this topic

[bandito74]

almost $200k in student debt. i can work overseas easily and have a passport for another country. i'm self-employed - a consultant - and only need my computer.

living in the US and trying to pay off $200k in student loans that i can't get out of is going to destroy my quality of life for the next 30 years. homeowners who make msitakes can get out of it. credit borrowers too. but not graduates. so screw it. i'd rather live like a king overseas than like a peasant in the US.

i've been paying over $1,500 a month for the last few months since graduating and its' insane. i will never own a house in the US or have any quality of life if i stay here.

Edited by bandito74, 26 October 2010 - 06:13 AM.

[bullthistle]

Everyone makes choices so if you ever come back to the USA you will be caught. We never know where we will wind up in life nor what lies ahead, that is if we don't use fortune tellers, so escape and live like a king, which you maybe did while a student, but in the end you'll be the only one who pays the price, whether you see it now or not.

[bandito74]

Everyone makes choices so if you ever come back to the USA you will be caught. We never know where we will wind up in life nor what lies ahead, that is if we don't use fortune tellers, so escape and live like a king, which you maybe did while a student, but in the end you'll be the only one who pays the price, whether you see it now or not.

conclusory senseless post. why even bother posting? "will be caught"? "in the end [i'll] be the only who pays the price?" seriously, why bother posting?

[Momof5]

Who had the senseless post? Fact is YOU chose to go $200K in debt WITH the proviso that you would PAY IT BACK.

If you leave the country, you are out of their jurisdiction...until you return. When you leave the country, the SOL is tolled. You will be forever on the hook.

Maybe you should have thought about it before you chose to get your degree where you did and at that cost.

[bandito74]

Who had the senseless post? Fact is YOU chose to go $200K in debt WITH the proviso that you would PAY IT BACK.

If you leave the country, you are out of their jurisdiction...until you return. When you leave the country, the SOL is tolled. You will be forever on the hook.

Maybe you should have thought about it before you chose to get your degree where you did and at that cost.

lol you gotta be kidding me. i don't even know where to start. the moralizing in that post is nauseating. as if 99% of people entering school and taking out loans and have never worked in the real world have a clue what they're getting themselves into.

as for being on the hook forever, i couldn't care less because they'll never collect from me. every time i will visit my family in the US, they won't be able to do anything because i'll have no assets or wages here.

[bandito74]

looks like i'm not the only one thinking of this:

http://money.cnn.com...tives/index.htm

Student loan fugitives

When faced with unaffordable monthly payments and relentless creditors, some see leaving the country as their only way out.

By Jen Haley, CNN
October 24, 2008: 7:12 AM ET
NEW YORK (CNN) -- Carl, a Florida native now living overseas, is afraid to move back to the United States. That's because he can't afford to pay his student loans.

[Rebuilding2010]

You know, I don't see too many stonings around here, I mean many of us are here because we're repairing past mistakes, charge offs, lates, bankruptcy etc. I think it's just the attitude of 'Whatever, I know I legitimately owe you money, but you're not getting it from me and I could give a shit, I'm outta here PEACE'.

Perhaps you can tell us more about your situation, I don't think you're trying to shrug off responsabilities that you knowingly undertook, but it's just coming off a little douchelike. Are you having trouble paying back the loans? Are you making less than you expected to make as compared to what you thought would happen when you were in school? Where is the frustration coming from?

There's this misconception that people declaring bankruptcy ran up thousands in luxury goods and just don't want to pay it back. While I'm sure that's the case sometimes(I always think of the NJ housewife lady) the truth is most people come across hard times and can't comply with the terms they agreed to when they could comply. Not everyone on Welfare is a lazy bum who just doesn't want to work, but there's that misconception.

Tell us more about your story

[Rebuilding2010]

Oh that first line is perfectly encompassing of what I was trying to say!

When faced with unaffordable monthly payments and relentless creditors, some see leaving the country as their only way out.

Are your monthly payments unaffordable? Is this your only way out? Are their any hardship programs (Carl had unexpected medical expenses) that can help you out for now, deferrments til you make more? One of those programs where you pay based on what you make?


On a different note, why would Carl's family members be scared? Are the student loans from the Sopranos or something?

[snowpuppy]

The fact you have a passport from another country tells me you are either here only as a Conditional or Permanent Resident. With $200k in student loan debt, if it is federally backed then you were a Med student or a grad student with many years behind you since leaving school and interest has accumulated.

Once back in your country, they will contact you. The Dept of Justice will ask the US Attorney's office to locate you. Remember all those Master Promissory Notes you filled out with names, address and telephone numbers of people you know well? Someone will get tired of the phone calls and tell them where you are. If you work for an American contractor or a private company with American holdings, you employer may frown on your delinquency. Just scroll back a few pages to find similar stories from other posters.

Good luck in your travels. And good luck attempting to get a tourist visa when you want to visit relatives.

Edited by snowpuppy, 26 October 2010 - 04:49 PM.

[bandito74]

The fact you have a passport from another country tells me you are either here only as a Conditional or Permanent Resident. With $200k in student loan debt, if it is federally backed then you were a Med student or a grad student with many years behind you since leaving school and interest has accumulated.

Once back in your country, they will contact you. The Dept of Justice will ask the US Attorney's office to locate you. Remember all those Master Promissory Notes you filled out with names, address and telephone numbers of people you know well? Someone will get tired of the phone calls and tell them where you are. If you work for an American contractor or a private company with American holdings, you employer may frown on your delinquency. Just scroll back a few pages to find similar stories from other posters.

Good luck in your travels. And good luck attempting to get a tourist visa when you want to visit relatives.

Nope I am a natural born US citizen. I have a passport from another country too though (my parent's homeland). So no legal trouble for me. Basically when I re-enter the US I owe a lot of money that they can't get to unless I work here, buy property here, or have a bank account here.

Edited by bandito74, 26 October 2010 - 08:09 PM.

[bandito74]

Please keep in mind that I owe $1,500 a month after consolidation. That means $15,000 a year in loan payments, which equals $25,000 or more in pre-tax salary (here in NYC) for basically the rest of my life. So, buying a home, having kids, etc becomes things that I might not be able to do in the US because of the loans. I'm not trying to be greedy here. I'm not saying I want to leave the country so I can live a baller lifestyle on an island drinking champagne in VIP rooms at clubs. I just want to be able to live a good middle class life and get married and have kids.

[Travis L.]

Have you looked into public service loan forgiveness. This would allow you to have your loans forgiven after 10 years. Granted, it would require a job change, and possibly a cut in income, but it will get you out of debt faster.

[chakan]

Most of those programs for public debt forgiveness only pay up to 10k or arnt good for private loans.

As someone who has almost 200k myself i get where he's coming from lol. I certainly dont want to skate my debt but when the interest alone is more then i make in a year and the collections wont work with you(mainly cause you cant atleast threaten BK) what are your options? none really besides hoping they threaten you enough that you can get a case thrown out.

[snowpuppy]

With Public Service Forgiveness, you go on either the Income Based or Income Contingent repayment plan for 10 yrs. The balance, if any, after 10 years is forgiven, no matter how large it is.

It's different than the $10500 available to teachers.

[Mortons]

You will get no judgment from me, as I have dreamed of obtaining a new SS number, name, and beginning my life over again, just to get rid of student loans, lol.

HOWEVER,

Please consider that you may not always be making the same amount of money, and in the same situation as you are now. When you are in your mid to late 30's, Will your salary go up and you be able to afford 1.5k easily? Can you get a higher paying job in a few years? Can you get a second job, which is what I have done, just to pay off student loans quickly? If you can move someplace cheaper, live frugally, and work overtime, you may be able to pay it down to the five figures. And if you do, you will definitely be able to qualify for a mortgage, and do other things in your life.

I certainly do hope that legislation changes, and offers bankruptcy at least a certain percentage of student loans. It makes no sense that others can discharge as much as they want to but students and those who seek higher education suffer with little to no help, and cant get even good will.

[CargoJon]

Who had the senseless post? Fact is YOU chose to go $200K in debt WITH the proviso that you would PAY IT BACK.

If you leave the country, you are out of their jurisdiction...until you return. When you leave the country, the SOL is tolled. You will be forever on the hook.

Maybe you should have thought about it before you chose to get your degree where you did and at that cost.

lol you gotta be kidding me. i don't even know where to start. the moralizing in that post is nauseating. as if 99% of people entering school and taking out loans and have never worked in the real world have a clue what they're getting themselves into.

as for being on the hook forever, i couldn't care less because they'll never collect from me. every time i will visit my family in the US, they won't be able to do anything because i'll have no assets or wages here.

Actually the fact that you think it's a good idea leaving the US taxpayer on the hook for $200K of debt which you agreed to pay back is pretty nauseating.

Did you expect to post your story here and have everyone pat you on the back at what a great idea it was?

If you don't like being disagreed with, I suggest you stay off internet forums.

[GoHooterGo]

If you've racked up 200K in Student Loan debt, AND graduated, but yet can't get into a career field that would pay enough for you to pay off your Student Loans, then I'm sorry, you made a mistake.

What did you think you'd do when your Student Loan debt was a 50K? 100K? 150K? Now it's at 200K you draw the line? What was you thinking?

If cost of living is too high in NYC, which I know it is, then MOVE.

I doubt anyone here is judging you, but your trying to weasel your way out of responsibility, instead of accepting it. Everyone here is all about accepting responsibility and ensuring that they don't do it again. That's why they go through the tedious process of reading, learning and figuring out ways to improve themselves legally.

Your talking about bailing and sticking whoever with 200+ K of SL Debt.

BTW, you got ripped off on your "education" because your Math sucks. 12 Payments of $1,500 a month is not $15,000 it's $18,000 and if you pay $18,000 a year, it would take approximately 20 years to pay off with only paying the minimum payment. Now, I have no idea what you currently make, but if it's over $75,000, you should have no problem paying it back.

[Cosmos Human]

Can I ask what your major was?

I pass no judgment on you. I have been through a BK, and my SL were not included.

If I ever had to leave the country, I would go to the only place where I would feel safe and secure, where my ancestors are from and where I would have automatic citizenship.

I want to retire there anyway, but I have many more years to work before that would happen.

Since you are a US citizen, if you should come back to visit, could you be detained at immigration for these SL?

Would you ever be on a "watch list"? Does anything like that exist for people who owe lot of SL? Don't know, buy I would not worry.

I know there are no debtor prisons.

[Hillbilly with Credit]

With Public Service Forgiveness, you go on either the Income Based or Income Contingent repayment plan for 10 yrs. The balance, if any, after 10 years is forgiven, no matter how large it is.

It's different than the $10500 available to teachers.

OP bandito74, i too am not one to pass judgement, as I have NOT had a perfect life, and too many act as though they are without fault nor blemish,nor do your droppings smell like Febreze Fresh Scent.. Not just here. Sometimes. Its gotten better......

snowpuppy, Im on ICR when the paperwork officializes. I too thought the Public Service Forgiveness was something you could only enroll in IF you were a Teacher, or some kind of student doing Humanitarian work?

I DO know Teachers have it made in regards to SL help. What is this "Public Service Forgiveness" program, arent only certain people eligible?

OP.... if you get rich you can pay it off in one shot, or pay MORE than the minimum. Im middle age and thats what I want to do, as we DONT live forever. 25 years from the date we begin payment is ICR, and if you change ICR to IBR it resets it tso if you were ICRing it makes no difference.

As an aside.. One of every 6 posts in SL forum seems to get a reply.

[Chris4943]

as if 99% of people entering school and taking out loans and have never worked in the real world have a clue what they're getting themselves into.

Um, boo hoo?
Sorry that some people are too immature to realize its not monopoly money. And 99%? Sorry, the percentage is nowhere near that of people who default on their student loans. Your just rationalizing (while accusing others of moralizing, I guess your projecting too, but I digress).

Nobody did this to you. You put yourself in this position, and you're coming off as an entitled spoiled brat. 99% of people aren't deadbeats. 99% of people are smart enough to make more money than they invested on school, because most people are smarter than you.

Your a childish tool and we'll all be better off without you in our country. Don't let the door hit you on the way out.

[Unas2k5]

Why is everyone so hard on the OP? How many CB'ers here have filed bacnkruptcy after bankruptcy? He can't afford this just like you can't afford your CC debt!

He may have made a mistake but so have you.

Edited by Unas2k5, 08 November 2010 - 03:08 AM.

[Unas2k5]

Sorry double post.

Edited by Unas2k5, 08 November 2010 - 03:07 AM.

[Unas2k5]

.

BTW, you got ripped off on your "education" because your Math sucks. 12 Payments of $1,500 a month is not $15,000 it's $18,000

[Hillbilly with Credit]

Why is everyone so hard on the OP? How many CB'ers here have filed bacnkruptcy after bankruptcy? He can't afford this just like you can't afford your CC debt!

He may have made a mistake but so have you.

I said i would not judge him.

He wants to STICK IT TO THE MAN!! How COOL is THAT!!

btw, i am not sure e would make it out of the country (he better already HAVE a Passport no way he is getting one) with a reported debt. Or would he?

[Chris4943]

Why is everyone so hard on the OP?

Because of his attitude. He's coming off as an entitled prick. Like the world owes him a good education and a comfortable life in NYC. I don't judge when people make a mistake (like I have) and then admit their mistake and ask for help on how to fix it. Is the OP doing anything like that?