This guy just moved to a jungle to escape his student loan debt?

[disneysteve]

How is $20k a lot to pay back? Most jobs even paying $8/hr you should be clearing at last $1200/month since you don't pay pretty much any income tax. Just SS and Medicare.

It's not a lot. He's making $1,700/month. No reason at all he couldn't very easily manage that loan. That's why I think that's not the only reason he moved away.

[disneysteve]

The most disturbing part of that second article is the first guy saying, "I really, truly, honestly don't want to pay it back. Sure, I realize the responsibility I took on when I signed the papers and agreed to take out the loans, but I should have never had to do it in the first place. I feel some sort of civic duty not to pay them back". How do you even begin to reason with someone who seems to think it's actually their duty NOT to repay their debts. As far as I'm concerned, anybody who feels that way ought to leave the country and never return. We're better off without them.

[amastewa93]

How is $20k a lot to pay back? Most jobs even paying $8/hr you should be clearing at last $1200/month since you don't pay pretty much any income tax. Just SS and Medicare.

Those were my thoughts exactly... I came out of college with $25K and am managing (and managed when I was waiting tables). I don't understand it..

[amastewa93]

The most disturbing part of that second article is the first guy saying, "I really, truly, honestly don't want to pay it back. Sure, I realize the responsibility I took on when I signed the papers and agreed to take out the loans, but I should have never had to do it in the first place. I feel some sort of civic duty not to pay them back". How do you even begin to reason with someone who seems to think it's actually their duty NOT to repay their debts. As far as I'm concerned, anybody who feels that way ought to leave the country and never return. We're better off without them.

Absolutely agree with you! They don't feel bad about it and legitimately just... run away from it. It is mind blowing to me.

[bjl584]

Well, that's one way to handle life.....

[amastewa93]

Well, that's one way to handle life.....

Right? And here I've been stressing over student loans haha.

[Tabs]

I have nothing further to add other than to say that I too think this is ridiculous on so many levels.

[Joan.of.the.Arch]

Does India issue Forever Visas, or something?

[amastewa93]

Does India issue Forever Visas, or something?

I wondered the same thing. When they talked about his citizenship status they said he had a five-year spousal visa which he plans to renew when the time comes.

[Smallsteps]

I think the main message I have taken from this post is that so many people who do not feel
like they need to honor their debt. Many students leave their parents and sometimes grandparents on the hook if they co-signed.
What was going through their mind as they signed the loan documents?
We have all incurred some debt in our lives that we might want a do over on but the reality is we need to face our choices and pay up.
I just do NOT understand those who somehow seem surprised at the debt after school. I hear a ton about the loans but no one is asking about WHAT cost so much... college jumped in cost right after this never ending student loan debt machine began.

[kork13]

college jumped in cost right after this never ending student loan debt machine began.

This gets at the real problem here: When the government started authorizing essentially unlimited student loans to anyone with a pulse, both tuition & overall debt levels of students started climbing exponentially. (Sound familiar anyone? 2008 real estate crisis?) If only we could get the government to back off, or at least put some decent limits in place, this trend could be stopped, or at least slowed down significantly.

[disneysteve]

When the government started authorizing essentially unlimited student loans to anyone with a pulse, both tuition & overall debt levels of students started climbing exponentially. (Sound familiar anyone? 2008 real estate crisis?) If only we could get the government to back off, or at least put some decent limits in place, this trend could be stopped, or at least slowed down significantly.

There are actually pretty tight limits on federal loans. The problem is private lenders. With federal loans, the limit for 1st year students is $5,500; for 2nd year $6,500; for 3rd year and beyond $7,500. That's not where people are getting into trouble. That's only $27,000 for a 4-year program. But private lenders will lend you as much as you want/need to meet your expenses.

[amastewa93]

There are actually pretty tight limits on federal loans. The problem is private lenders. With federal loans, the limit for 1st year students is $5,500; for 2nd year $6,500; for 3rd year and beyond $7,500. That's not where people are getting into trouble. That's only $27,000 for a 4-year program. But private lenders will lend you as much as you want/need to meet your expenses.

That's right! I have federal loans but also paid out-of-pocket for the bit it didn't cover in college through work study, etc. I was lucky enough to have the bulk of it covered by scholarships and grants... but still wound up about $24K in debt when all was said and done (at a private school that costs $27,900 a year). My friend, on the other hand, still has no degree and is $54K in debt from private loans.

[ACarr]

I decided to write a whole blog post on this one today, which you can check out below. However, I wanted to get your opinions on this...

This guy (Chad Haag) moved to the jungle to escape his student loan debt. He essentially just moved to India, stopped paying, and is allowing the loan to go into default. He is literally running away from his debt.

What are your thoughts on this? To me, it is kind of infuriating... especially as someone with about the same amount of student loans as this guy. I think it is ridiculous that people do this!

Ha! Can you blame him? Just because you have the same amount and have chosen a different path doesn't mean you should judge him. He could equally judge you for addressing it a different way than he is. Maybe if everyone stopped paying they'd find a solution to the crazy student debt problem.

[disneysteve]

Ha! Can you blame him? Just because you have the same amount and have chosen a different path doesn't mean you should judge him. He could equally judge you for addressing it a different way than he is. Maybe if everyone stopped paying they'd find a solution to the crazy student debt problem.

So you think borrowing a bunch of money and then purposely and intentionally not repaying it when you have the means to do so is an okay thing to do?

I’ll have to strongly disagree with you on that point.

The solution to the “crazy student debt problem” is not for borrowers to all default on their obligations. It’s for students and their parents to much more seriously consider cost before selecting a college. You can’t just borrow tens or even hundreds of thousands of dollars with no clue or plan for how you will repay it.