cancel
Showing results for 
Search instead for 
Did you mean: 

Evading Student Loans - can you really do that?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Contributor

Evading Student Loans - can you really do that?

A friend of mine is about to complete his law school degree and has over 160k of graduate debt and 40k of undergraduate debt (these 200k loan probably combined federal and private loans). He holds a green card and told me (literally), I quote, "after getting this piece of paper (degree) I'm gonna leave this country and never come back."

 

Can he do that? What are the consequences? Should I talk him into not doing that? ... 

Amex Premier Gold, Amex Blue Cash, Amex GS, BoA Cash Rewards, BoA Travel Rewards, Chase AARP, Chase Freedom, Citi AA Executive

as of pi day 2016

Message 1 of 10
9 REPLIES 9
Established Contributor

Re: Evading Student Loans - can you really do that?

Wow...good riddance!

Message 2 of 10
New Contributor

Re: Evading Student Loans - can you really do that?

Well he's grown so technically he can do whatever. Unless he asked your opinion I would stay out of it. That doesn't mean I think it's wise. I am far from an expert, but I have never seen someone track you down like Sallie Mae! I would question how long that trails behind them. If it could effect taking the bar or getting licenced in other states/out of the country. I would also question what happens to any US assets when he defaults.

Message 3 of 10
Valued Contributor

Re: Evading Student Loans - can you really do that?

He can do whatever he wants - no one is going to stop you from leaving the country just because you have student loan debt.  That said, if he ever tried to practice or live in the US in the future, he could run into some serious issues.  Some states have penalties (like losing your driver's license) for defaulting on student loans, and he would have a hard time being admitted to the bar with the questionable ethics of walking away from his debt with no intention to repay.

 

If he genuinely intends to never return to the US, the consequences may be minimal depending on the country where he chooses to live, but I certainly wouldn't want him as my lawyer, and if his attitude permeates to other areas of his life, he will find his trouble in the end.

Message 4 of 10
Contributor

Re: Evading Student Loans - can you really do that?

A friend of a friend did something similar with credit cards years ago. I don't recall exactly how much - roughly $40,000 worth -  but he basically made purchases for friends and took cash from them. "You want a new washer and dryer ? Let's go to Sears. Get a top of the line washer/dryer set, give me $500 and I'll charge it." He did that over the course of his last few weeks in the country and left.

CH 7 Discharged 6/10/15
T/U - 643
EQ - 588
Ex - 647 as of 6/14/15
Message 5 of 10
Valued Contributor

Re: Evading Student Loans - can you really do that?

He may do that now, and then in 25 years when he wants to come back he will be screwed!
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 6 of 10
Valued Contributor

Re: Evading Student Loans - can you really do that?

He can do that, as long as he breaks no laws he can leave the country as he pleases, I know a friend who went to Georgetown medical school got his license, his degree, and all. We went to the same undergrad private school that charged (41,000) annually in tuition, imagine what he had in Graduate school loans too! I'm estimating 200-275,000 in debt?! But he also maxed out all his credit cards before he left to Germany, I hear from him every now and then and he's doing great! Hell of a lot better then me!
Message 7 of 10
Valued Contributor

Re: Evading Student Loans - can you really do that?

And you can still come back into the U.S if you're in debt or defaulted on debt.. I was in Pre-Law as a minor and never heard of such a thing. I could be wrong but I'm quite sure of it.
Message 8 of 10
Contributor

Re: Evading Student Loans - can you really do that?


@Creditplz wrote:
He can do that, as long as he breaks no laws he can leave the country as he pleases, I know a friend who went to Georgetown medical school got his license, his degree, and all. We went to the same undergrad private school that charged (41,000) annually in tuition, imagine what he had in Graduate school loans too! I'm estimating 200-275,000 in debt?! But he also maxed out all his credit cards before he left to Germany, I hear from him every now and then and he's doing great! Hell of a lot better then me!

omg, all those uncollectable debt

Amex Premier Gold, Amex Blue Cash, Amex GS, BoA Cash Rewards, BoA Travel Rewards, Chase AARP, Chase Freedom, Citi AA Executive

as of pi day 2016

Message 9 of 10
Contributor

Re: Evading Student Loans - can you really do that?


@6speed8 wrote:

A friend of a friend did something similar with credit cards years ago. I don't recall exactly how much - roughly $40,000 worth -  but he basically made purchases for friends and took cash from them. "You want a new washer and dryer ? Let's go to Sears. Get a top of the line washer/dryer set, give me $500 and I'll charge it." He did that over the course of his last few weeks in the country and left.


It's funny because I just got new LG washer/dryer at Costco yesterday.

Amex Premier Gold, Amex Blue Cash, Amex GS, BoA Cash Rewards, BoA Travel Rewards, Chase AARP, Chase Freedom, Citi AA Executive

as of pi day 2016

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.