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  1. #1

    Default Non US Citizen Unable to Pay Private Student Loan

    Hi all.

    Thanks a lot for reading this. I came to the US two years ago to do a Master's program. I got a loan from Citi, for US $150,000.

    Now with the economic downturn, I'm not able to get a job, and because I'm not a US citizen or permanent resident, I will have to leave the US back to my country if I don't get a job in the next two months.

    If I leave the US, it will be impossible for me to repay my loan. My question is, what are the consequences for me of not repaying this loan? As I mentioned, I'm not US citizen, neither resident, and my loan had no collateral or cosigner.

    This is entirely a private loan. (as I'm not elligible for any government funded loan because of not being US citizen or perm resident)

    What should I do in order to minimize the consequences of this for me here in the US?


    Thanks,

    Worried Student

  2. #2

    Default Re: Non US Citizen Unable to Pay Private Student Loan

    Given that nobody has replied to my inquiry, I decided to reply myself with the info I have gathered by doing research on the web, so that future users can benefit:

    1. Private loans are not dischargeable, as long as they were issued to cover Qualified Higher Education Expenses to a qualified institution. In other words, if you used your money to pay tuition and other education related expenses and also went to a "real", well established school, it's not dischargable.

    2. There is an exception: If repaying makes you go thru "undue hardship". In other words, repaying is no possible for you because would make you very poor, or you're disabled and just can't make enough to pay.

    3. You can be sought after in other countries, according to the UNCITRAL (United Nations Commission on International Trade Law) previsions. If your country has signed and created laws implementing this, your creditor could seek legal action in your country of origin. Countries that have signed this include Canada, Australia, UK, New Zealand and others.

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