Yes, it’s true. You can move out of the U.S. and live abroad to escape student loan debt or any debt for that matter. However, there are many stipulations, the most shocking being that you can never come back.
Why Would Someone Want To Move Abroad To Escape Debt?
It is an easy way out. According to the Consumer News and Business Channel (CNBC), Americans now owe more than $1.53 trillion in student loan debt, based on the most current figures available. That money is not only owed by young people fresh out of college, but also by borrowers who have been out of school for a decade or longer.
The standard repayment timetable for federal loans is 10 years, but research suggests it actually takes four-year degree holders an average of 19.7 years to pay off their loans.
Essentially, if you move abroad, you may no longer be