I am 22, and swimming in a mountain of debt. Probably about 2,000 in credit card debt, 7,500 from a car repossesion, 4,000 in medical bills, 2,000 from a car accident that I got into while I was uninsured that was my fault, and the biggest pile of all, 40,000 in school loans.
I heard that leaving the US and becoming a citizen of another country for 25 years would make your loans disappear. If that’s true, I’ll be on the first flight to Paris by Summer. Is there any truth to it?
I saw on here your remaining balance is forgiven after 25 years if you make consistent payments, but once I get my loans out of default (which will be in august) they told me I could pay 5 dollars a month if I wanted. Which would equal out to 1,500 over the next 25 years, which is FAR more manageable.
Would they then forgive the rest of the 38,000? I hope this is true, because I would love to live in Europe and I want desperately to get out of paying these school loans. Other countries don’t charge for higher education, because they understand the value of having an educated society. I don’t feel like paying an arm and a leg for something that should be free anyways, so I want to work the system and get out of debt by paying as little as humanly possible.
Sooo, is there any truth to that? Thanks so much for your help. 🙂