Anonymous User wrote:Why not just default on the student loan? Your credit is ruined either way.
In the unlikely event you actually have the credit worthiness to get a credit card(s) that has a high enough limit to allow you to pay off your debt, if you don't pay the credit card you will ruin your credit. If it's in bankruptcy that's a minimum of 7 years. Ironically, you will have to find the money to pay the bankruptcy attorney.
But you would do better just calling the student loan lender and telling them you don't have a job or any way to pay them and attempt to have the loan placed in forbearance or have the payments set up so that you're only paying the interest, or even only paying a small percentage of whatever salary you may come by.
You can only seek forbearance for a set amount of time, and, I believe, wage garnishments are 15% for the rest of your life (not really a solution to the debt).
buckilaw wrote:Even if this works you could run into character and fitness issues.
It wouldn't work, but if it did, you can't be disbarred for failing to pay your loans (obviously, the smart way of doing this would be to get sworn into the state bar prior to filing bankruptcy, if it were to work).
Basically, there's no way around paying student loans, except the possibility of fleeing the country. But even in that situation, it's not that clear that would solve the problem because the government might be able to seize assets and money you have invested over here (not sure).