You can leave the country. Most of the people deeply in debt with degrees or training that won't pay the debt would find, for example, teaching English in China a relatively comfortable living. If you have the imagination to look beyond Europe, finding a gig that's better than debt slavery isn't too difficult.
As a US citizen (or Green Card holder) you must a file an annual tax return wherever you live in the world, plus disclose foreign bank accounts. Failure to do so can have very harsh penalties.
So, you're paying taxes to the local government, and getting a credit towards your US taxes. You'd still file your informational return with the IRS, but they don't touch a dime of your foreign income.
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You can leave the country. Most of the people deeply in debt with degrees or training that won't pay the debt would find, for example, teaching English in China a relatively comfortable living. If you have the imagination to look beyond Europe, finding a gig that's better than debt slavery isn't too difficult.
The future repercussions may not be worth it.
As a US citizen (or Green Card holder) you must a file an annual tax return wherever you live in the world, plus disclose foreign bank accounts. Failure to do so can have very harsh penalties.
https://americansabroad.org/issues/taxation/us-taxes-while-l...
http://www.irs.gov/Individuals/International-Taxpayers/Forei...
So, you're paying taxes to the local government, and getting a credit towards your US taxes. You'd still file your informational return with the IRS, but they don't touch a dime of your foreign income.
The demographics targeted by predatory for-profit colleges could easily teach English in China? That's absurd!
As someone else said, you'd never be able to re-enter the country and would risk having your assets in the US seized.