The rising cost of college has led to an increase in students taking out loans to finance their degrees. However, even successful individuals are struggling to pay off their loans until their thirties, forties, or even fifties.
Student loans can hinder young people from taking risks, exploring different career paths, or pursuing unconventional dreams, particularly if they do not have dependents to support.
Many recent graduates take the first job opportunity to escape their massive student loan debt as quickly as possible, instead of exploring their options and finding the best path for themselves.
As a result, some graduates are seeking ways to avoid or postpone paying off their loans. One of the most recent rumors circulating among college graduates is that moving abroad can eliminate student loans.
If you're looking for a way to escape student loans, leaving the country may seem like an attractive option. Moving to less developed nations with a lower cost of living could allow you to save money quickly.
Alternatively, relocating to countries with better job opportunities could help you increase your income more easily.
Moving abroad is not a solution for those solely focused on escaping their student loan debts, unless they plan to never return to the United States.
The government can take legal action against you for federal student loans, regardless of when you return to the country, as there is no statute of limitations. Private lenders follow different rules, but this does not guarantee that you can avoid collection agents. They will demand payment from you. Moving abroad will not solve your student loan problems.
Find out more about student loan myths in this blog https://nomadcapitalist.com/finance/student-loans-moving-abroad/
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