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bandito74

i might just leave the country to get out of loans

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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?

 

No offense, but there are PLENTY of people that think the world owes them this, and more. Its not just the OP. I cant decide if he genuinely cant pay it, or if he just decided he refuses to and is prepared to fake death to get out of it (nice try) - and i dont care. Ive had thouse thoughts too. i also have 1/20th his debt, and a different attitude of "How can i make more money" not "It is going to ruin my life."

 

I wont put the "Rolleyes" in because thats not anything personal at you, Chris4943.

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He is paying and has been paying and he is frustrated. So he vented. I just see a lot of this as hypocritical when people can get out of tons of things they owe with bankruptcy but when you talk about student loans all of a sudden we are salamanders for taking them out and they are the Holy Grail responsibility. Ok then.......

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People are being hard on the OP, because instead of asking for ideas to help him better manage money or pay his loans, he is saying he simply wants to flee the country to avoid the debt.

 

My advice: look into setting up extended repayment or income-contingent repayment.

Edited by BBQ123

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OP, GO for it, if you can..


  •  
  • I totally agree with you and am in the same boat, but under $100k. I've had it in foreberance for ever...simply can't pay it.
  • AIG, and all the other companies got bailed out, banks got bailed out for making stu.pid credit approvals on "no doc loans", "interest only", etc.. Didn't they look ahead and wonder, "hmm, how's the borrower going to pay it in 5 yrs"? NO, they just said, "approved, it will get sold and someone else will be on the hook".
  • I bet not many on THIS thread know what it is to have an undergrad, grad, or doctorate degree... alot of high school grads , I am sure, so no higher education...
  • In addition to those that are only high school grads, how many have walked out of their houses and been foreclosed on b/c "the price dropped"? Guess, it's ok for the country to walk out on their homes and leave the banks on the hooks, and make the market plummet, but god forbid you are I want to do the same on a student loan and "walk out on it".
  • There's been the clunker incentive to trade in you old POS, incentives to buy homes with the $8K tax credit... oh wait, they forgot about us that are stuck with a student debt and can't write it off via bk, even though you can include an fha mortgage, etc.. in a bk or modification...

 

 

I have entertained it, living as close as MX, Canada??? Who knows.. but I only have a US citizenship... There's got to be a way to do it, ie work for a foreign company, get paid from their HQ in a foreign country, etc... I don't know, they day I am closer to seriously entertaining it, I would have to do some research, sit with an attorney.. It's not like you will be on America's Most Wanted, so I "assume" you can be living / working in a country that doesn't recognize that law or enforcement or ? in their country. You come travel to the US , visit family and friends, and go back home.. What are they going to do put a "BAN" on your passport's records? Of course, all while thousands of mortgage modifications and foreclosures go on...and ALL while the unemployed prefer to sit at home collecting unemployment vs going to work at a lesser paying job than the had before (of course, of course, that's not every one, nor god forbid, any one on here...).

 

So keep us posted... you have very little posts on here, so you just might be a troll , but the idea is definitley fantastic...

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I agree, I think its silly to chastize him... nobody is perfect and people walk away from debts all the time. Foreclosures just because they don't want their house anymore... debt settlement because they can't pay what they charged so they don't pay the bill till someone offers them a settlement. All these things are in the same realm of irresponsibility. The only difference is the legalities of how we do them.

 

I have over 100k in student loan debt myself that was not discharged in my bankruptcy. I actually did leave the country to live in Europe for what I thought was permanant. All of my friends and family said just walk away from your debts and I was very tempted. I even had an attorney tell me to just turn the other cheek and never look back (this was before I filed for bankruptcy). So, I was set I had another job in another country, I had my degree, I had left the US and all was well. I was still paying my bills despite people tellng me not to and I'm damn glad I did. Why? Because after some time of being overseas I got laid off from my job and they revoked my work permit. So, I could either live in the country illegally desperately trying to find a new job with no medical insurance or any kind of support from the country I was in... and guess what? No support from the US gov't either because you don't get unemployment benefits when you get laid off from a foreign company.

 

So, what did I have to do? Come back to the US with my tail between my legs and start over here. Did I think I was gonna get laid off? No... did it seem like anything bad was going to happen to me down the road? Of course not. But the point of the story is you never know what is going to happen in your life and burning bridges is never a good thing. If I had just walked away from my debts, I don't think I would have a top secret clearance now and the job that I have. And I would not have found it as easy to bounce back from a bankruptcy.

 

So, move to another country and never look back.... but just know that you have no garuntee that you won't need the help of the US one day.

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OP, I understand your frustration. One thing U have little sympathy for is the default on Student loans. I agree Colleges & University's are charging way too much for the average joe to get a qulaitly education, Many of these over inflated charges are because of people like you who refuse to pay wether they have the means or not.

 

I highly sugguest you try to iron something out with whom ever you need too. $200k is a large amount of money to try & sweep under the rug. Bottom line is this, you signed the papers you knew what you were getting yourself into. This isn't like ahouse or a car that is real property, they will come after you, & you will get caught evantually.

 

I think Dubai has it right to a certain extent. You can't leave the Country until you satisfy your debts. I recall a 60 mins segment in which people who weren't able to get out of the Country fast enough were homeless, witha revoked work Visa with no means to get home. Those that did get out parked there cars in Airport parking lots that were filled with abadoned cars. That was 2 years agom I don't know if thinsg have changed there since the report first came out.

Edited by The Thomas J

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My response to anyone who doesn't want to pay their student loans is: Ok, That's fine BUT while you're at it, give back your degree. Give back ALL the money you made because you HAD your degree and you have to give us the money immediately.

 

From what I can gather on various reports, a college grad makes an average $20K more a year versus a high school grad. Working five years with a college degree and now don't want to pay back the student loans because it's too much? Write us a check for $100K and we'll call it even.

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My response to anyone who doesn't want to pay their student loans is: Ok, That's fine BUT while you're at it, give back your degree. Give back ALL the money you made because you HAD your degree and you have to give us the money immediately.

 

...

 

 

You might be on to something... let's start off with all consumers that hose their creditors (ie repos, credit cards, upside down balances on the mortgage mods, etc..) and have them repay 100% of the debt.. I mean fair is fair, plus student loans were taken as an investment towards your future vs credit cards where alot of times it was just to splurge and live with "financed" luxuries (ie jewelry, fancy clothes, big screen tv's)... I mean the consumer took full advantage of the ability to finance those material things.. oh and the not so material things that the write off in bk, as well (ie fancy vacations, dinners, etc..)... We're in the whole more b/c of bankruptcies and mortgage mods vs student loan issues and debts...

 

In the interim, I'll keep looking on how to stick it to sallie mae in getting out of the student loan :)

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Not everyone who defaults on loans does so carelessly. Some people have ‘life’ happen- a spouse w/terminal illness which sucks up their $ as insurance (if they have it) may not pay for everything; having to take care of a very sick parent; job losses; inability to get a decent paying job b/c the less than great student loan cos. have ruined their credit; a prolonged recession; etc. Some people have tried to 'do the right thing' but found they've gotten 'yanked around' by Sallie Mae, CAs, + other 'not so scrupulous' cos.

 

Sure, there are ‘careless’ people who took out too much in loans or went for degrees they never should’ve gone for, but the same is true for people who bought houses they couldn’t afford, use ccs like candy, etc. These people are the minority of the population. What other debt besides student loans does NOT have a SOL for collection? What other debt (outside of maybe taxes) racks up exorbitant fees, interest, + penalty so fast? How come schools (@ least not in 'my day') DON'T fully lay out in detail (table) just HOW MUCH borrowing say $10k will REALLY mean in payments- monthly payments, interest paid, etc. Why does Sallie Mae make it so hard to deal w/them? Why do Sallie Mae reps give CONFLICTING info? Why does Sallie Mae consistently 'lose' paperwork? Why has Sallie Mae repeatedly had 'issues' w/alleged 'improper' conduct?

 

Walk a mile in someone’s shoes before being so quick to tar, feather, + stone them.

 

As for ‘avoiding’ sallie mae, there are ways to do so that don’t involve leaving the country. Make yourself ‘invisible’ + get out of the ‘system’. Those all pose their own risks + shouldn’t be pursued lightly.

Edited by creditreformer

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Honestly people, OP is right so many people walk away from their debt all the time without having to repay. They get a BK then their Credit score goes up to 700 and all of a sudden they have new credit! For those of you less educated you might not understand education is what puts a country first! We mostly are the ones who invent new technology to make your life easy. (and for you to BK on after you buy it) Education is an investment not only for the individual but for all Americans as a whole. You really think your not going to be working for the Chinese in a few years because there better educated youth is going own and buy your children because they are too stupid to compete with them in the job market. Everything you enjoy as Americans is going down the tubes because too many people believe that the only ones who benefit from higher education are the ones who get it. I for one have a Doctorate work my flowers off to help other people all day long and struggle to pay my loans. I do but when I personally know individuals who have bought big homes, new cars go on great vacations then just file BK just to do it all again. That makes me sick and your judgement on someone who sat in a classroom worked their butt off missed all the great trips his friends went on while he was working and racking up debt rather than earning money for his efforts. Then he contributes back by earning more, pay a greater amount of taxes and hire those who are either too lazy, too stupid, or made other decisions and give them jobs. Add to the GDP and make us as Americans stronger. Oh no this person who is helping everyone else should not get any breaks at all. Not even the interest decreased. If you really feel this way then why is BK allowed at all? After all you made that decision to by that 54 inch HD TV. And why we are at it we should all pay the same amount in taxes since you made the plan to be where you are right now and no other factors are involved. A student loan bail out would go a lot further to help us all more than cash for clunkers or give money to people who have as many kids as they can for government assistance. Or how about unemployment assistance or the billions wasted on government spending. Tell me where the priorities are in this country people. We all live in glass houses.

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The point of this forum is to assist people in setting up their student loan payments, and doing it in a way that helps them regain their credit standing.

 

Student loans cannot be discharged in bankruptcy.

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