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Nonresident Alien Default on Private Student Loan

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  • 12-03-2013, 11:15 AM
    hitrance
    Nonresident Alien Default on Private Student Loan
    Hi

    I took a private student loan for my MBA while in the US. I have now left the US and have no plans on ever returning. I may wish to travel to the US for vacation but that too is optional. I was wondering what are the consequences if i default on the private loan as the bank took advantage of the financial crisis to extort predatory loan terms and since it was halfway through my education, there was no other option but to choose the loan.

    Thank you in advance for your feedback.
  • 12-03-2013, 01:33 PM
    Dogmatique
    Re: Nonresident Alien Default on Private Student Loan
    Immigration won't care. The creditors likely won't chase you too hard, either. If you DO end up coming back to live though, they can go as far as intercepting income tax refunds and all sorts of other fun things.

    But your debt is irrelevant when it comes to immigration.
  • 12-03-2013, 01:39 PM
    Disagreeable
    Re: Nonresident Alien Default on Private Student Loan
    The bank did not take advantage of anyone, you did. The right to a college education is not a Constitutional right even for a US citizen. You are simply another deadbeat who intentionally ripped of a lender. Be aware if the lender has a relationship with the school, they can elect to withhold your transcripts as long as they comply with FERPA.
  • 12-03-2013, 02:13 PM
    llworking
    Re: Nonresident Alien Default on Private Student Loan
    Quote:

    Quoting Disagreeable
    View Post
    The bank did not take advantage of anyone, you did. The right to a college education is not a Constitutional right even for a US citizen. You are simply another deadbeat who intentionally ripped of a lender. Be aware if the lender has a relationship with the school, they can elect to withhold your transcripts as long as they comply with FERPA.

    Sorry but that is not accurate. The school got paid, they cannot withhold transcripts.

    However, it is still a bad idea to walk away from this debt. It may not be a problem for you now, or even a few years from now, but they way that things are going globally, its quite possible that this debt could come back to haunt you, even in another country. We are already seeing some signs of that sort of thing now.
  • 12-03-2013, 02:35 PM
    Dogmatique
    Re: Nonresident Alien Default on Private Student Loan
    If the OP lives outside of the US, how would the debt haunt him?
  • 12-03-2013, 02:36 PM
    Disagreeable
    Re: Nonresident Alien Default on Private Student Loan
    As I noted, if the lender has a relationship with the school the possibility is there they can withhold official transcripts. This issue has been addressed by Federal law. Such contract clauses are legal regarding official transcripts.

    Quote:

    Quoting llworking
    View Post
    Sorry but that is not accurate. The school got paid, they cannot withhold transcripts.

    However, it is still a bad idea to walk away from this debt. It may not be a problem for you now, or even a few years from now, but they way that things are going globally, its quite possible that this debt could come back to haunt you, even in another country. We are already seeing some signs of that sort of thing now.

  • 12-03-2013, 09:35 PM
    hitrance
    Re: Nonresident Alien Default on Private Student Loan
    Quote:

    Quoting Disagreeable
    View Post
    The bank did not take advantage of anyone, you did. The right to a college education is not a Constitutional right even for a US citizen. You are simply another deadbeat who intentionally ripped of a lender. Be aware if the lender has a relationship with the school, they can elect to withhold your transcripts as long as they comply with FERPA.

    i suggest you refrain from attacking people personally. how the hell would you know if it was intentional or not intentional and what gives you the right to form that judgement?
  • 12-04-2013, 02:54 AM
    Dogmatique
    Re: Nonresident Alien Default on Private Student Loan
    Quote:

    Quoting hitrance
    View Post
    i suggest you refrain from attacking people personally. how the hell would you know if it was intentional or not intentional and what gives you the right to form that judgement?



    Well, right or wrong, disagreeable is entitled to share his opinion with everyone.
  • 12-04-2013, 09:18 AM
    Disagreeable
    Re: Nonresident Alien Default on Private Student Loan
    Ahhhh, did the truth hurt your feelings? You expected everyone to tell you the big bad lender deserves to be ripped off perhaps?

    Quote:

    Quoting hitrance
    View Post
    i suggest you refrain from attacking people personally. how the hell would you know if it was intentional or not intentional and what gives you the right to form that judgement?

  • 12-04-2013, 03:47 PM
    Dogmatique
    Re: Nonresident Alien Default on Private Student Loan
    Quote:

    Quoting hitrance
    View Post
    Hi

    I took a private student loan for my MBA while in the US. I have now left the US and have no plans on ever returning. I may wish to travel to the US for vacation but that too is optional. I was wondering what are the consequences if i default on the private loan as the bank took advantage of the financial crisis to extort predatory loan terms and since it was halfway through my education, there was no other option but to choose the loan.

    Thank you in advance for your feedback.


    I'd love to know your definition of "extortion". And while legally you're okay, it's pretty obnoxious to screw the lender out of his money and all the while complain that it's their fault.
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