Comment on 62% of Student Loan Borrowers Say They're Likely to Boycott Repayments: Poll
joekar1990@lemmy.world 10 months agoThe way student loans are structured you can’t not pay them. Don’t pay your loans and default wages garnished. You get a tax refund normally well they’ll take that. Oh you are on government assistance well they’ll cut the amount you get. Want to declare bankruptcy sorry still gotta pay the loan.
It will only be worse for incoming freshmen since the rates will now be between 5.50-8.05% last I saw.
No matter what people who lent money for student loans will get paid unless the whole system changes and judging by those in charge there is a snowflakes chance in hell that happens unfortunately.
ArmokGoB@lemmy.dbzer0.com 10 months ago
Time to leave the country and never return.
jeanofthedead@sh.itjust.works 10 months ago
I don’t think your debt disappears if you expatriate.
glorious_albus@lemmy.world 10 months ago
Banks hate this one simple trick.
sturmblast@lemmy.world 10 months ago
it doesn’t go away but if you don’t come back it doesn’t really matter
kungen@feddit.nu 10 months ago
Depends on where you’re disappearing to, and how smart your lenders are – many countries cooperate with foreign debt enforcement.
In Sweden for example, a foreign lender can apply for debt enforcement with our national enforcement agency (Kronofogden). They then handle it the same as domestic debt by garnishing your wages or confiscating your property for example.
HeyThisIsntTheYMCA@lemmy.world 10 months ago
It does if you expatriate into ¡Gregorio Sanchez, Title Alligator Boxer Extraordinaire!
waraukaeru@kbin.social 10 months ago
You can get on income-based repayment. You have no American income, so you pay nothing. Eventually the debt is cancelled, as long as you don't move back.
jeanofthedead@sh.itjust.works 10 months ago
Wow, I had no idea. See ya!