Comment on 62% of Student Loan Borrowers Say They're Likely to Boycott Repayments: Poll
joekar1990@lemmy.world 1 year 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 1 year ago
Time to leave the country and never return.
jeanofthedead@sh.itjust.works 1 year ago
I don’t think your debt disappears if you expatriate.
glorious_albus@lemmy.world 1 year ago
Banks hate this one simple trick.
sturmblast@lemmy.world 1 year ago
it doesn’t go away but if you don’t come back it doesn’t really matter
kungen@feddit.nu 1 year 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 1 year ago
It does if you expatriate into ¡Gregorio Sanchez, Title Alligator Boxer Extraordinaire!
waraukaeru@kbin.social 1 year 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 1 year ago
Wow, I had no idea. See ya!