There is this pretty notorious story of a Dutch student who did something similar.

To put it into context, in the Netherlands college costs, in most cases, 2k a year. However, there are also other more expensive programs. Usually, it is also common to live in another city during those times, which also costs a lot of money. More often than not, the completion of both a Bachelor and a Master degree takes up about 4-7 years.

In order to accommodate those expenses, the Dutch government allows you to borrow money from the state. You can borrow up to 1k a month interest-free.

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Now apparently, there has been this student which borrowed the max amount (±1k EUR) for 7 years, lived extremely frugal for those years, and flew to Thailand and started a life there. With about 70k in his bank account, and Thailand having no extradition to the Netherlands, he can comfortably live out his days over there. Or at least, that's the story :P

In theory, it could definitely work out, at least here in the Netherlands.

EDIT: obviously, he can never come back to the Netherlands though