Indebted Students May Flee Country to Escape Loans
Unlike many countries, America’s higher education system almost requires students to go into debt… deep debt. And today, more than any time in the past, students are feeling the burden of huge student loans - fewer jobs and lower pay are tough to handle when student loan payments don’t get any smaller. In fact, recent studies show that two to four percent of student loan owners have left the country, and many see that as the only option to escape their debts.
Students are often first time borrowers, and may not know what they’re getting into. It’s easy to miscalculate or simply wishfully think it into a smaller number, but when graduation day is over, huge monthly payments may be staring you in the face. Right now, there is about $60 billion in defaulted student loan debt, and searching for debtors abroad is an expensive process that cuts into loan company’s profits.
If you or someone you know is having trouble paying off a student loan, there are several steps to take. Filing for economic hardship deferment or forbearance can either defer or eliminate your monthly payments. Under other circumstances, you may be able to talk with your company, and extend your loan term; though you’ll pay more in the long run, you’ll at least be able to meet your monthly minimums.
This entry was posted on Sunday, November 2nd, 2008 at 11:19 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
