Debt Dodgers: Meet the Americans Who Moved to Europe and Went AWOL on Their Student Loans

http://www.vice.com/read/talking-to...ir-student-loans-111?utm_source=vicetwitterus

On mobile so it's hard to post the entire thing.

Interesting read, I found myself shaking my head at all of these people though, especially the last person. The lack of personal responsibility and willingly putting your parents in the hole like that

If you're gonna do that (you really shouldn't just pay your loans) at least refinance first and get that stuff out of your parents name.

Odious debt, predatory lending? Ok I'll play devil's advocate

These kids were born into a society that promised them that if they went to college everything would be gravy. 100k in debt later and with no career opportunities in sight, I'm surprised more graduates haven't gone AWOL. I guess it comes down to whether you have the balls.

people going to school for jobs that dont need qualifications ........people going to school for jobs that are given to "friends" of people that have been in position for 10-20 years........do your research and study something in demand that needs qualifications even for the fields "entry level" positions.

Not sure how either of those things justify just running away.

You borrowed money and reaped the benefits of having said borrowed money and now somehow you don't think it's your responsibility to pay it back? That is ridiculous.

no im actually saying that people are putting themselves in debt going to school for jobs that dont need school...

Jack boys going to school hitting licks on insured money and graduated from robbing the plug? I'll allow it.

All of them are idiots. @ running away from your problems. I'm sorry, but 35-40k in student loan debt isn't bad.

And the guy who racked up 160k in debt, but knew college wasn't for him is a moron.

They may be in hiding now, but they'll be screwed in one way or another down the road. Believe that.

Coming from some one in a very similar situation i can empathize with SOME of these stories.

Some of the issue has been solved. But when i went to college it was basically an education barrier. My mother never went to college and dodged the FASFA like it was the plague. I was on my own to figure everything out which is a lot for an 18 year old. The scariest part of it was at the time Sallie Mae let an 18 year old take out multiple loans for school. My freshman year at an out of state private university was $40k. I paid $30k my freshman year alone...and got a loan for it...no cosigner. Sophomore year was $25k....loan...no cosigner. My junior and senior year were about 30k combined and I got that rate because my grandfather co-signed it.

The advisors tell you straight up "its not a big deal everyone takes out some loans and pays them off". And in my dumb 18 year old head im like il graduate and make 40-50k right away and be at 100k in no time and at that point whats 50k loans....nothing to my salary. Lets do it. Well then you go to college take a finance course on the time value of money and it turns out that 30k you took out freshman year will cost you $140k over the life of the loan. Seems real fair right?

I was "lucky" enough to graduate and get a job making $35k a year. I was at that point paying $1400 a month in loan payments. My pay checks were coming twice a month at $1,125 a piece. I lived at home with my mom rent free and was barely getting by with Gas/Cell phone/ car insurance/ gym membership. That is all i could afford. My mom got remarried and moved to florida so i was left basically to figure it out.

I landed a better job have yet to miss a loan payment and have been paying as much as i possibly can to try to have everything paid off in the next 5 years. The debt itself has kept me from starting my life. My girl wants to get married and buy a house and have kids but i can't let her take on this debt. I can't save any money for a house or for a ring because i still maintain $1,100 a month loan payments on top of my rent and other bills. So coming from some one that has done it "the right way" i can see why people would run away. It a burden that is life altering.

The system is set up to trap you in a life time of debt. Is it fair? Depends on your outlook of education i think. I am a personal believer that everyone should have the right to an education even at a higher level. If you don't want it that is ok but i don't think it should be a sleazy for-profit industry. To date i have borrowed $85k. I have paid $101,504 back, and still owe $68k.

TLDR

The system isn't set up to trap anyone in a life of debt. The system is set up to facilitate a means in which students - who otherwise would not have the financial means - to enroll in school and cover the cost of tuition + living expenses. I can only speak to my personal experience, but I actually read most of the paperwork I was given by my financial aid counselor and fully understood what I was looking at post-graduation.

At no time was I told I would be given a break due to a poor economy, nor was I told I would be given a break if my chosen career path wasn't as lucrative as I initially thought. The issue is that people think they're a special circumstance or deserve special treatment. 99.9% of people who do this don't really have an excuse. "This isn't fair!!!" isn't a valid one. It's your responsibility to read what you sign.

Yeah said:

The system isn't set up to trap anyone in a life of debt. The system is set up to facilitate a means in which students - who otherwise would not have the financial means - to enroll in school and cover the cost of tuition + living expenses. I can only speak to my personal experience, but I actually read most of the paperwork I was given by my financial aid counselor and fully understood what I was looking at post-graduation.

At no time was I told I would be given a break due to a poor economy, nor was I told I would be given a break if my chosen career path wasn't as lucrative as I initially thought. The issue is that people think they're a special circumstance or deserve special treatment. 99.9% of people who do this don't really have an excuse. "This isn't fair!!!" isn't a valid one. It's your responsibility to read what you sign.

Click to expand...

The 10% variable rate that jumps to 14.5% when you graduate is to me "unfair" and most of all unrealistic.

They give kids with 0 credit history loans of $50k or more. Now say what you want. "Parents should educate their kids better", or "you should read the fine print" etc. The system is predatory point blank. Fair or unfair is semantics. The system is build to prey on the uniformed. Which for something as necessary as higher education is wrong (IMHO).

At the end of the day any and all debt I have is my fault.

-My fault for not crushing high school and getting a full ride to anywhere I wanted.
-My fault for not making sure I was 100% informed
-My fault for not crushing undergrad and making sure I was in a position to pay all my loans off immediately post grad.

At the end of the day personal responsibility plays a factor, you put yourself in the hole. No one made me sign anything my signature can be found on all those loan docs.

Jking0821 said:

The 10% variable rate that jumps to 14.5% when you graduate is to me "unfair" and most of all unrealistic.

They give kids with 0 credit history loans of $50k or more. Now say what you want. "Parents should educate their kids better", or "you should read the fine print" etc. The system is predatory point blank. Fair or unfair is semantics. The system is build to prey on the uniformed. Which for something as necessary as higher education is wrong (IMHO).

Click to expand...

Refinance your loans. I can definitely see how this could happen if you aren't educated on loans and finances.

Antidope said:

At the end of the day any and all debt I have is my fault.

-My fault for not crushing high school and getting a full ride to anywhere I wanted.
-My fault for not making sure I was 100% informed
-My fault for not crushing undergrad and making sure I was in a position to pay all my loans off immediately post grad.

At the end of the day personal responsibility plays a factor, you put yourself in the hole. No one made me sign anything my signature can be found on all those loan docs.

Click to expand...

I agree, don't sign anything if you don't understand it. I am 100% responsible for my loans and debt.

Antidope said:

Not sure how either of those things justify just running away.

You borrowed money and reaped the benefits of having said borrowed money and now somehow you don't think it's your responsibility to pay it back? That is ridiculous.

Click to expand...

Familiarize yourself with the concept of odious debt. It exists, and the person who reneges is not always at fault.

Jking0821 said:

Yeah said:

The system isn't set up to trap anyone in a life of debt. The system is set up to facilitate a means in which students - who otherwise would not have the financial means - to enroll in school and cover the cost of tuition + living expenses. I can only speak to my personal experience, but I actually read most of the paperwork I was given by my financial aid counselor and fully understood what I was looking at post-graduation.

At no time was I told I would be given a break due to a poor economy, nor was I told I would be given a break if my chosen career path wasn't as lucrative as I initially thought. The issue is that people think they're a special circumstance or deserve special treatment. 99.9% of people who do this don't really have an excuse. "This isn't fair!!!" isn't a valid one. It's your responsibility to read what you sign.

Click to expand...

The 10% variable rate that jumps to 14.5% when you graduate is to me "unfair" and most of all unrealistic.

They give kids with 0 credit history loans of $50k or more. Now say what you want. "Parents should educate their kids better", or "you should read the fine print" etc. The system is predatory point blank. Fair or unfair is semantics. The system is build to prey on the uniformed. Which for something as necessary as higher education is wrong (IMHO).

Click to expand...

But they tell you there is a variable interest rate on the loans, right? In fact, if I'm not mistaken, you actually have to go through loan counseling for variable rate loans assuming you didn't go through a private company.

Fair or unfair isn't semantics. They do a very thorough job of ensuring that you have access to all of your loan documentation. Predatory lending is not the same. There is no compounding interest on student loans, no liens placed on car titles or deeds to land. If you're saying it's unfair because you - and thousands of others - neglected to read the paperwork they sent you time and time again, I have some unfortunate news for you...

Pretty sure my unsubsidized loans aren't variable.

TeamJordan79 said:

Antidope said:

Not sure how either of those things justify just running away.

You borrowed money and reaped the benefits of having said borrowed money and now somehow you don't think it's your responsibility to pay it back? That is ridiculous.

Click to expand...

Familiarize yourself with the concept of odious debt. It exists, and the person who reneges is not always at fault.

Click to expand...

Getting to go to school when you had no other means to isn't a benefit?

I am well aware of the concept of odious debt

Yeah said:

Jking0821 said:

Yeah said:

The system isn't set up to trap anyone in a life of debt. The system is set up to facilitate a means in which students - who otherwise would not have the financial means - to enroll in school and cover the cost of tuition + living expenses. I can only speak to my personal experience, but I actually read most of the paperwork I was given by my financial aid counselor and fully understood what I was looking at post-graduation.

At no time was I told I would be given a break due to a poor economy, nor was I told I would be given a break if my chosen career path wasn't as lucrative as I initially thought. The issue is that people think they're a special circumstance or deserve special treatment. 99.9% of people who do this don't really have an excuse. "This isn't fair!!!" isn't a valid one. It's your responsibility to read what you sign.

Click to expand...

The 10% variable rate that jumps to 14.5% when you graduate is to me "unfair" and most of all unrealistic.

They give kids with 0 credit history loans of $50k or more. Now say what you want. "Parents should educate their kids better", or "you should read the fine print" etc. The system is predatory point blank. Fair or unfair is semantics. The system is build to prey on the uniformed. Which for something as necessary as higher education is wrong (IMHO).

Click to expand...

But they tell you there is a variable interest rate on unsubsidized loans. In fact, if I'm not mistaken, you actually have to go through loan counseling for variable rate loans assuming you didn't go through a private company.

Fair or unfair isn't semantics. They do a very thorough job of ensuring that you have access to all of your loan documentation. Predatory lending is not the same. There is no compounding interest on student loans, no liens placed on car titles or deeds to land. If you're saying it's unfair because you - and thousands of others - neglected to read the paperwork they sent you time and time again, I have some unfortunate news for you...

Click to expand...

I personally had 0 counseling. Sallie Mae dot com...and ta da i have $30k with my name on it. You can take out federal loans without any counseling either and then have your wages garnished on income based repayment plans.

I am not passing on personal responsibility. But the system sucks. It can be 1000000x easier and more helpful to uneducated people heading into this situation. Like i stated i have never missed a payment. I have taken responsibility for my actions. But if you asked would i go back and do it again? HELLLLLLLL NO.

BeezyGotSole said:

Pretty sure my unsubsidized loans aren't variable.

Click to expand...

Pretty sure you can't even get a variable rate from Sallie, I edited the post to be a little more ambiguous.

But sallie mae or not, you know well before you sign on the line whether or not a loan will have a variable interest rate. That's what my main point was.

Jking0821 said:

I personally had 0 counseling. Sallie Mae dot com...and ta da i have $30k with my name on it. You can take out federal loans without any counseling either and then have your wages garnished on income based repayment plans.

I am not passing on personal responsibility. But the system sucks. It can be 1000000x easier and more helpful to uneducated people heading into this situation. Like i stated i have never missed a payment. I have taken responsibility for my actions. But if you asked would i go back and do it again? HELLLLLLLL NO.

Click to expand...

Now you're just plain lying or just can't remember. You, at the very very minimum, were given loan counseling upon graduating or withdrawing your enrollment. If you chose to forgo that, then so be it, but you can't refuse to learn the information and then call the system predatory when you were given ample opportunity to know what you agreed to.

Jking0821 said:

I personally had 0 counseling. Sallie Mae dot com...and ta da i have $30k with my name on it. You can take out federal loans without any counseling either and then have your wages garnished on income based repayment plans.

I am not passing on personal responsibility. But the system sucks. It can be 1000000x easier and more helpful to uneducated people heading into this situation. Like i stated i have never missed a payment. I have taken responsibility for my actions. But if you asked would i go back and do it again? HELLLLLLLL NO.

Click to expand...

False, very false. To take out just $1 of federal loans it is required of you to take counseling, and before you graduate another session of counseling is required to verify that you understand your debt and you decide what kind of repayment plan you want to do.

Yeah said:

Pretty sure you can't even get a variable rate from Sallie, I edited the post to be a little more ambiguous.

But sallie mae or not, you know well before you sign on the line whether or not a loan will have a variable interest rate. That's what my main point was.

Click to expand...

I wouldn't doubt that Sallie would give out variable loans, some federal loans are variable apparently (didn't know this just looked it up on the fed site).

Everyone can get finessed. The government is the ultimate finesser and finesse

Paid off all of mine a year or two ago.

Thank god me and my wife just knocked it out quickly.

She is starting her Masters now, but for her whole undergrad me and her paid it as she went and she didn't get any financial aid to help because we both made too much money.

She'll probably take out loans for Grad school though since we're about to buy a house in the upcoming months.

BeezyGotSole said:

Jking0821 said:

I personally had 0 counseling. Sallie Mae dot com...and ta da i have $30k with my name on it. You can take out federal loans without any counseling either and then have your wages garnished on income based repayment plans.


I am not passing on personal responsibility. But the system sucks. It can be 1000000x easier and more helpful to uneducated people heading into this situation. Like i stated i have never missed a payment. I have taken responsibility for my actions. But if you asked would i go back and do it again? HELLLLLLLL NO.

Click to expand...

False, very false. To take out just $1 of federal loans it is required of you to take counseling, and before you graduate another session of counseling is required to verify that you understand your debt and you decide what kind of repayment plan you want to do.

Yeah said:

Pretty sure you can't even get a variable rate from Sallie, I edited the post to be a little more ambiguous.


But sallie mae or not, you know well before you sign on the line whether or not a loan will have a variable interest rate. That's what my main point was.

Click to expand...

I wouldn't doubt that Sallie would give out variable loans, some federal loans are variable apparently (didn't know this just looked it up on the fed site).

Click to expand...

I don't know if that has changed i did graduate college in 2005. I know the loans i got through sallie mae the certain signature student loans no longer exist because they were deemed unfair because they allowed people with no credit to take out i think $50k was the limit.

But again (my experience in the system) i had 0 counseling. Absolutely 0 one on one face time with any financial adviser in college. Went online filled out the stuff got approved got mailed a check walked to the bursars office dropped if off and walked out...repeat for 4 years graduate and get a job and get hit with the bills in the mail. I know i was ignorant to somethings because i had no clue at all what i was doing. I had 0 help from any family/friends. But again hopefully now-a-days its better but from what i did i can't imagine how anyone else gets by if they don't land a really good job in the 80-100k range

The sense of entitlement in all but one of these cases is appalling.

Also, every one of those loan balances, minus the 160k+ balance, is manageable.

They all need to own up to their responsibilities especially because their circumstances are of their own doing. Aint got nothing for 'em but crocodile tears.






...

Jking0821 said:

I don't know if that has changed i did graduate college in 2005. I know the loans i got through sallie mae the certain signature student loans no longer exist because they were deemed unfair because they allowed people with no credit to take out i think $50k was the limit.

But again (my experience in the system) i had 0 counseling. Absolutely 0 one on one face time with any financial adviser in college. Went online filled out the stuff got approved got mailed a check walked to the bursars office dropped if off and walked out...repeat for 4 years graduate and get a job and get hit with the bills in the mail. I know i was ignorant to somethings because i had no clue at all what i was doing. I had 0 help from any family/friends.

Click to expand...

You got 0 counseling because you got all private loans.

BeezyGotSole said:

Jking0821 said:

I don't know if that has changed i did graduate college in 2005. I know the loans i got through sallie mae the certain signature student loans no longer exist because they were deemed unfair because they allowed people with no credit to take out i think $50k was the limit.


But again (my experience in the system) i had 0 counseling. Absolutely 0 one on one face time with any financial adviser in college. Went online filled out the stuff got approved got mailed a check walked to the bursars office dropped if off and walked out...repeat for 4 years graduate and get a job and get hit with the bills in the mail. I know i was ignorant to somethings because i had no clue at all what i was doing. I had 0 help from any family/friends.

Click to expand...

You got 0 counseling because you got all private loans.

Click to expand...

I had a small loan with MyFedLoan for 8k as well and didn't receive counseling. And i am not just saying things to be combative. I really appreciate the knowledge being dropped in here and hope things have gotten better in this field. But i had $2k through AES Success and $8k through MyFedLoan that paid for my on campus living that i paid while in school since i still worked 30hours a week to get by. 0 counseling.