What would you do if you owed $1.75 million? What if you could not declare bankruptcy? Matthew Bridges has this problem.
He is 65 years old. He is a college professor. He lives in the Philippines. His creditors cannot get him there.
He fled in 2006.
He earned a degree in 1986. The college that awarded him the degree was a for-profit college. No high-prestige college is for-profit. It was clearly something like a diploma mill. He could not get a job.
He owed over $100,000 in loans. In 1986, that was over $200,000 in today’s money. Anyone so ignorant as to run up a $200,000 debt does not understand math.
He went on to earn a Ph.D. But he was 51. No college would hire him.
Didn’t he know this when he started the Ph.D program? I guess not.
He did not pay off his loans. Interest and late fees added up. Some interest rates were as high as 29.99%. Then there were collection charges. These were 25%.
He is dyslexic. He could not hold a steady job.
He could have declared bankruptcy under the old law. He didn’t. Then the new law cut off his escape hatch. Student loans are forever.
He gets medication now. He has been able to work. But he cannot live in the USA.
The collection agency will not get its money.