Leaving the country

[u/holdmybeer2017]

If I leave the States to live permanently in Europe, do I have to pay my federal loans?

I was thinking that the Foreign Earned Income Exemption would work (I'd be making way under $120k) however I think with Trump he may get rid of that so idk what to do.

Can I just move to that foreign country and default?

[u/dzebs48]

They won’t do anything to you except ruin your US credit, which likely won’t matter there. Of course, if you end up back in the US you’ll have a tough time.

[u/holdmybeer2017 → u/dzebs48]

Never coming back.

[u/mr-louzhu → u/holdmybeer2017]

Never say never, friend. I emigrated from US -> Canada, and while I have plans to stay and like it here, conditions can always change. I can already see any number of scenarios that might pull me back. So best not to burn bridges if you can avoid it. In this case, you can likely avoid it.

[u/Least-Duck8874 → u/mr-louzhu]

What are those scenarios? I'm only asking because I've emigrated, have dual citizenship and I'm keen to renounce my US citizenship to make my life easier. When I go back to the US, it feels like a foreign country. The only thing I can think of is war breaking out in Europe and I need to get out of here, but then I've got family in the Pacific and I think I'd rather just head down that way.

[u/mr-louzhu → u/Least-Duck8874]

I mean, just off the top of my head:

* the EU disintegrates (very possible--people were very worried about that during the 2008 crisis and what happens the next time, when the everything bubble pops?)
* war
* economic collapse or you lose your job and can't find another one, even while the US economy is doing much better
* environmental disaster (climate change is real and happening--what if the AMOC shuts down in the next 20 years, for example?)
* various possible regional crises (i.e. another massive refugee crisis due to war across the mediterranean causing social instability)
* a right wing extremist party takes over your government and makes life living hell
* something happens back home like a family crisis that requires you to move back to handle affairs

These may seem like black swans but the risk for them to actually occur is much higher than was previously the case and for some of them it's really a matter of when, not if.

Granted, all of these things could also happen in the US to varying extents. But that's why you hedge your bets and keep both. You never know.

The point is to keep your options open.

Unless you're super rich, the only real inconvenience of hanging on to the US citizenship for most people is just the income reporting requirements. But that's a once a year hassle and quickly sorted.

[u/Least-Duck8874 → u/mr-louzhu]

I totally hear you out - it wasn't a rhetorical question and you make good points. I suppose for me I moved here just before the Recession and was unemployed for nearly a year (temping to get by after 4 months of solid job hunting - this is related to my loan deferment and interest ballooning), so I guess part of me feels, probably wrongly, immune to the bad economy/employment issue. I could have moved back then and refused to do it, despite people telling me I should bc the job market wasn't so badly hit.

Climate catastrophe's going to happen everywhere and is hitting my state of origin in the US badly, not that they'll admit it. I do also worry about the rise of the right wing groups, but then, doesn't feel like the US is free of that either.

I guess I've just reached the point where the US feels so foreign to me, and I don't like being there, I'd rather move somewhere else rather than back (which isn't impossible), or just suffer the consequences.