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They can start garnishing your wages, so unless you never want to hold a job again, creditors will get their money.

jschwartzi 12y ago
With Federal loans they can also just take payment directly from your tax returns.
Zigurd 12y ago
You can leave the country. Most of the people deeply in debt with degrees or training that won't pay the debt would find, for example, teaching English in China a relatively comfortable living. If you have the imagination to look beyond Europe, finding a gig that's better than debt slavery isn't too difficult.
- lttlrck 12y ago
  The future repercussions may not be worth it. As a US citizen (or Green Card holder) you must a file an annual tax return wherever you live in the world, plus disclose foreign bank accounts. Failure to do so can have very harsh penalties. https://americansabroad.org/issues/taxation/us-taxes-while-living-abroad-faq/ https://americansabroad.org/issues/taxation/us-taxes-while-l...
  - toomuchtodo 12y ago
    http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Tax-Credit http://www.irs.gov/Individuals/International-Taxpayers/Forei... So, you're paying taxes to the local government, and getting a credit towards your US taxes. You'd still file your informational return with the IRS, but they don't touch a dime of your foreign income.
- HarryHirsch 12y ago
  The demographics targeted by predatory for-profit colleges could easily teach English in China? That's absurd!
  - deleted 12y ago
    [deleted]
- bhayden 12y ago
  As someone else said, you'd never be able to re-enter the country and would risk having your assets in the US seized.
toomuchtodo 12y ago
Its almost impossible in Florida for a creditor to garnish your wages, as you have to agree to it. > Florida law does provide an exemption which is specific to wage garnishments. This exemption is not automatic and must be claimed by filing an affidavit with the Court when you are notified that the creditor intends to request a wage garnishment. If you properly claim the exemption, your wages cannot be garnished by a judgment creditor if you are head of the family and your wages are $750 per week or less. If you are a head of family and your wages exceed $750 per week, they can only be garnished by a judgment creditor if you have agreed in writing that the creditor can garnish your wages. To qualify as head of family, you must provide more than one half of the support for a child or other dependant.

With Federal loans they can also just take payment directly from your tax returns.

You can leave the country. Most of the people deeply in debt with degrees or training that won't pay the debt would find, for example, teaching English in China a relatively comfortable living. If you have the imagination to look beyond Europe, finding a gig that's better than debt slavery isn't too difficult.

lttlrck 12y ago
The future repercussions may not be worth it. As a US citizen (or Green Card holder) you must a file an annual tax return wherever you live in the world, plus disclose foreign bank accounts. Failure to do so can have very harsh penalties. https://americansabroad.org/issues/taxation/us-taxes-while-living-abroad-faq/ https://americansabroad.org/issues/taxation/us-taxes-while-l...
- toomuchtodo 12y ago
  http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Tax-Credit http://www.irs.gov/Individuals/International-Taxpayers/Forei... So, you're paying taxes to the local government, and getting a credit towards your US taxes. You'd still file your informational return with the IRS, but they don't touch a dime of your foreign income.
HarryHirsch 12y ago
The demographics targeted by predatory for-profit colleges could easily teach English in China? That's absurd!
- deleted 12y ago
  [deleted]
bhayden 12y ago
As someone else said, you'd never be able to re-enter the country and would risk having your assets in the US seized.

toomuchtodo 12y ago

Its almost impossible in Florida for a creditor to garnish your wages, as you have to agree to it. > Florida law does provide an exemption which is specific to wage garnishments. This exemption is not automatic and must be claimed by filing an affidavit with the Court when you are notified that the creditor intends to request a wage garnishment. If you properly claim the exemption, your wages cannot be garnished by a judgment creditor if you are head of the family and your wages are $750 per week or less. If you are a head of family and your wages exceed $750 per week, they can only be garnished by a judgment creditor if you have agreed in writing that the creditor can garnish your wages. To qualify as head of family, you must provide more than one half of the support for a child or other dependant.