I just read there are people fleeing the country to “escape” their student loan debt. Read their stories here.
Young people, there is no silver bullet! Fleeing the country is equivalent to placing loans in deferment. Interest is still accruing and that overwhelming loan balance is getting larger and overwhelming-er.
Figure out what you can do to make payments! Reduce your living expenses. If you are able to live with your parents or a friend / relative then live with them. If you have time to work a second job work a second job. Sell your stuff. Do odd jobs…anything legal that pays. But don’t let your balance grow!
I do understand that everyone’s chosen major didn’t lead to a well-paying career. There’s a lesson in that one statement alone. College is not the place to pursue your passion or interest IF it doesn’t lead to employment. It is the place to secure skills for gainful employment. Don’t go to a University for basket weaving. Watch YouTube videos to learn about basket weaving and practice basket weaving in your free time. Go to college and learn how to educate. Then once your debt is paid maybe you can sell handmade baskets on Etsy and teach basket weaving online. You get my point.
Everyone’s life presents different challenges and obstacles. But take this from someone who knows, ignoring your debt only makes it worse. Make your minimum payments at the very least. There’s also an income based repayment option with most student loan lenders. Don’t let this debt follow you into to your thirties and forties. And if you find yourself in my shoes with debt in your 40s from decisions you made at 18, don’t let it follow you into retirement. It only gets harder to pay.
My highest balance: > $94000 (after years of deferment)
Current balance: < $62200
Year when I committed to getting out of debt: 2012 (yep you read that right, 15 years after graduating)