International Student Loan Fugitives
October 29th, 2008Via: CNN:
When faced with unaffordable monthly payments and relentless creditors, some see leaving the country as their only way out.
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.
Carl (who doesn’t want his last name used) stopped making his $450 monthly payments after his family incurred some unexpected medical expenses, and his $55,000 private loans went into default. That’s when the phone calls from debt collectors started, and Carl decided not to come back.
“It was made clear that if I ever came home, I’m screwed,” says Carl.
Today, he estimates his private loans are more than $70,000. Though he hopes to move home one day, for now, staying abroad is the only option he can see.
“If it means I have to live in exile from friends and family…well, that’s the breaks. So be it. But I won’t put my family in a situation where they are afraid,” he says.
While most Americans are burdened with debt of some kind, student loan repayment can be a particularly scary prospect for young people struggling to start a career. Payments are often higher than expected, and the loans can’t easily be discharged. Added pressure from debt collectors causes some grads to flee their loans by fleeing the country.
A friend of mine is in this position, he´s also an illegal immigrant. A yankee illegal immigrant in a Latin American country, he lives by pouring beer and sweeping floors after rich Argentuppies. When he told me that I got a good laugh.