The only problem is that like with those draft dodgers of the 1960s, running away can spell major trouble for your finances. It would be too costly to file a judgment against you in an American court only to hope a Canadian court will hold you accountable for your now-foreign debt. government won’t chase you down like they do in the movies. soil.Īs for moving to Canada to avoid student loans, the U.S. These conditions weren’t lifted until a little over decade later when an official pardon from President Jimmy Carter allowed them to return to U.S. During the Vietnam War, an estimated 40,000 American men dodged the draft and fled to Canada, leaving behind family, friends and the hope of returning home without facing severe criminal penalties. This solution was previously used for a very different problem. What about moving to Canada to avoid student loans? Meanwhile, the statute of limitations protecting you from a lawsuit could be reset by a small move, such as making a payment. Keep in mind, that there’s no statute of limitations on your federal student loans, meaning the government could take you to court no matter when you return to the U.S.Īnd although your state’s statutes of limitations might keep private lenders’ lawyers at bay after a set number of years, that won’t stop collections agents from demanding payments. That goes for both federal and private education debt. Or maybe the lower cost of living in a less-developed nation could mean easier managing of your everyday expenses.īut if escaping your debt is the real motivation to skip town, be aware that the consequences could catch up to you. Perhaps another country offers brighter job prospects to increase your income, for example.
If you’re a struggling student loan borrower, you might see leaving the U.S.
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Plus: How to tackle your student loans with or without fleeing the countryĬan you escape student loan debt by fleeing the country?.What are the problems with escaping student loan debt overseas?.What about moving to Canada to avoid student loans?.Can you escape student loan debt by fleeing the country?.So before you try to escape debt by leaving the country, ensure you’ve considered all the ways it could go wrong.
and potentially leaving a family member to clean up your mess. And even if you’re not planning a round trip, you could risk cutting ties to your home country, harming your credit and assets in the U.S. Yes, you could leave your debt behind, but it could still be here upon your return. Unfortunately, fleeing to a far-off country or even just moving to Canada to avoid student loans is a strategy fraught with pitfalls. Current generations are similarly wondering if they can escape debt by leaving the country. Previous generations might have left the U.S.
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