More specifically, when someone takes out the highest loan amount from the bank that they can & then flees the country in order to not pay it back, what exactly happens in such cases?
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The problem is that you same 18 year-old kids and yes, most of them still have the mindset of a teenager and not that of an adult. if you went to a bank and requested $200,000 loan and you told them you wanted to become a liberal arts major, they would laugh at you in your face and say there’s no way we can value that amount of money for what you will get in return. Loan officers for higher education take that same applicant and ask “you sure you don’t want to make it an even $250,000.00”
Knowing full well that they will never reap the financial benefits compared to the cost of the loan. That should be illegal, we should be telling children in schools that there are other options than $100,000 + college degrees.
We desperately need more trade schools to be presented towards graduating students in our country and not just going to a university that’s going to indoctrinate that student and making them believe they made a logical choice for their future.
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