By Patty Miramontes/Staff/@pamiis23
Students in the United States have a combined student loan debt of $1.3 trillion and the burden is only getting bigger by the second and is set to double by 2025, according to the Department of Education’s, congressional budget office.
The average student owes $28,000 while the student wage remains at an all-time low. The current generation of students are poor, making it extremely difficult for students to pay their interest or even their principal.
Certain student have had to tackle a serious issue of drowning in debt or bailing and moving to another country to escape collection agencies. The tactic might work for some students, if you’re living abroad and not working for a U.S. company, not paying U.S. taxes or collecting Social Security the government nor the loan companies can come after you.
In reality your student loans won’t just magically disappear. The loan will become an overdue loan and interest will skyrocket. Not to mention the borrower’s credit will take a monumental hit, making it difficult to apply for credit or buy a house later in life.
The borrower will also have to deal with only using cash, because establishing credit in a foreign country is a bit tricky because you’re not a resident and your debt from back home could show up. If that doesn’t help render your decision on this tricky issue, let’s think of the people you are leaving back home, say you co-signed your loan that responsibility will fall on to paying your debt back. Not only will creditors and the U.S. government bug your co-signer and family members, but also go to past employers in hopes to get a hold of you.
To me all this inconvenience doesn’t seem worth it, if you are mature to take make a conscious decision on furthering your education and trying to better your life, you’re mature enough to find employment with your degree, mange your money wisely and tackle that debt head on. You will never fully escape your debt by moving you’re just prolonging paying it.