Quote: (10-15-2014 12:21 PM)iop890 Wrote:
Quote: (10-15-2014 08:00 AM)heavy Wrote:
If I could find a way to take out a student loan and invest it in real estate I would.
I don't recommend it, but it would be easy to enroll in classes somewhere and then take out more loans. They offer way more than is necessary for tuition.
I get offered over $25k per year(more if I take summer classes) in loans that I turn down. I only accept a small fraction of them.
I haven't personally done this, but for anyone who wants to game the system:
1. Find a university with the right rules about study abroad. (one that doesn't limit you to one or two semesters, and grades classes abroad on a credit/no credit basis.)
2. Enroll and tell them you want to study abroad and that you'll find the program yourself.
3. Apply to a cheap but respectable university abroad in a cheap country. (Kasetsart in Bangkok for example)
4. Tuition should be much cheaper there (I saved $3000 per semester at Kasetsart, which more than paid for my flights.), but the government will still offer you the same amount of loans they would give you in the US, because you're still technically enrolled in an American uni, accept them.
5. Since the classes are credit/no credit, you can fail and retake them indefinitely without getting a failing grade on your transcript, it's like not getting a high enough score on a CLEP test, it doesn't penalize you, you just take it again. The Thai university won't say anything because you're paying them and they get to say they have a American student.
6. Enjoy your $25k a year in poosy paradise for doing nothing.
Alternatively, actually go to class and earn a few degrees you can put to use when the government inevitably figures out what you're doing and you get cut off.
There's got to be some major flaw in this, but I can't find it. Finding the right American uni might be tough, but I think it's possible.
You might be able to get away with this for intro level classes, but you're still going to have to complete the higher level classes back at your home university. Most colleges will only accept 100 level classes only as transfer credits which is what you're going to have getting the credits from a foreign university.
It would make more sense to enroll at some degree mill like the University of Phoenix and never complete the classes. Although, you might be able to take out f*ck all student loans, pay for the classes really cheaply, and then use the left overs to pay down the debt.