U.S. college grad looking to move to colombia, how to pay up loans?

aztec says on Jan 5, 2007, 06:14:

Please provide more clarification. Are you asking how to get out of repaying the student loan?

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panaca says on Jan 5, 2007, 06:19:

Of course, I have to repay Of course I have to repay the student loan. I'm wondering is there any easy way to do it, since the peso is much less than the u.s. dollar.

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cali373 says on Jan 5, 2007, 06:55:

I think for once DonG and I are in agreement. I would not go as far as saying they don't teach anything in college today, there are many Americans who attended college yesterday who are still ignorant. Panaca is obviously anxious to get to Colombia, just as some of us on the site are. I understand his feeling. We are about the same age but I decided to finish my studies before making a move to Colombia, possibly doing a short internship in Colombia before making the bitg move. I am comtemplating whether I should work in the US first to save up enough to buy a place to live in Cali before moving, so I would not have to worry about rent.

Smile if you are a thinker!

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Crazy4Cali says on Jan 5, 2007, 08:08:

But... the more important point that Panaca hasn't mentioned is whether or not he/she wants to go back to the U.S. That might influence the priority of paying off the loan.

Seriously, I think it would be better to just stay in the U.S. another year and clear up the debt before going to Colombia where a foreigner has a very slim chance of just making ends meet, let alone paying off a student loan.

Go down for a month or two (or whatever you can afford) to scope it out, make some contacts, try it on for size, come back, pay your bills and maybe save up some extra money (by living very cheaply...good practice for when you move to Colombia) and then go back when everything is ready.

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cali373 says on Jan 5, 2007, 09:37:

Tinto, I am not sure perhaps. I defaulted on my loans because with so much shit of everyday life in this part of the world, I really forgot and did not get the notices due to change of address. I paid off the loan within six months of default. My credit report does not list them as default but "settled to a less amount", which I am disputing because I paid everything borrowed with interest. I think it was because it you default they add on like a couple thousand more, but I did not have to pay all that. Well my credit is at 721, six years after this happened, so I cannot say it ruined my credit for the long term.

Smile if you are a thinker!

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Azul says on Jan 5, 2007, 09:50:

Tinto is correct

las cosas caen por su propio peso

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alleycat says on Jan 5, 2007, 11:17:

with change of house & senate control things may change regarding student loans. here's an excerpt from a recent usatoday article: "A cut in student-loan interest rates. House Democrats want to reduce rates on federal Stafford loans, which go to students, to 3.4% from the current 6.8%. Democrats will also push to reduce the rate for the Parent Loan for Undergraduate Students (PLUS) to 4.25% from 8.5%. PLUS loans let parents borrow up to the full cost of a child's attendance, minus any financial aid". sit tight for a few months and frequently google this topic. changes will likely occur very soon if they're going to occur at all and you never know what the final legislation will look like but the changes may benefit you. could be a surprise or two in there.

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aztec says on Jan 5, 2007, 11:31:

DonGringo you might be surprised to know... ...that until recently people with student loans could just declare bankruptcy and not have to repay the loan. Many would go for years and never pay any thing. Some of these people were doctors with rich practices.

alleycat is right. The Democrats will now need to reward their constituencies. Universities and colleges where all of the really poor people are.

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