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What happens to that debt if a person leaves the US and doesn't return? Ignoring how expensive and difficult that is if you're already saddled with 6 figures o
by LilBytes 5y ago
What happens to that debt if a person leaves the US and doesn't return?
Ignoring how expensive and difficult that is if you're already saddled with 6 figures of debt for the purpose of discussion. I'm not American and haven't found a clear answer though my Googlefoo.
- animal_spirits 5y agoI had to have a cosigner for all of my student loans. If I disappeared off to a foreign country I bet my parents would be forced to pay in my absence
- TheOtherHobbes 5y agoIf a person defaults, the debt stays on their credit report in the US for (I think...) seven years. This can have various consequences depending on the new home country and its agreements with the US - from credit issues and possible legal action, to absolutely no consequences at all. Obviously if the person moves back to the US, they'll likely be chased by debt collectors and possibly the IRS.