A recent report revealed that some student-loan borrowers have decided that they would rather flee the United States than pay their student loans, according to CNBC. Many Americans are discovering that the government won’t garnish wages for borrowers that work overseas. However, they are willing to take the risk of having excessive loans inflated by late fees and interest.
“I relocated to India after I couldn’t find a well-paying job after college,” stated one borrower to CNBC when asked about his reasons for fleeing the country. Economists are stating that almost 40% of borrowers could default on their loan by 2023. The student-loan debt has become a national crisis that is slated to gain much attention from candidates of the 2020 presidential race. Many candidates running for office, such as Sen. Elizabeth Warren, are offering ideas to eliminate student debt but there are no solid structures for student-loan debt currently in place.