states revoking licenses over student loan defaults

#STATES REVOKING LICENSES OVER STUDENT LOAN DEFAULTS PROFESSIONAL#
#STATES REVOKING LICENSES OVER STUDENT LOAN DEFAULTS FREE#

Numbers of individuals affected aren’t known because states don’t keep records. “Firefighters, nurses, teachers, lawyers, massage therapists, barbers, psychologists…real estate brokers (and others) have all had their credentials suspended or revoked.” The New York Times addressed the issue, saying “(f)all behind on your student loan payments, lose your job.” Outstanding student loan debt exceeds $1.5 trillion, second only to household mortgages – nearly equal to credit card and auto loan debt combined, the amount increasing by an astonishing $3,000 per second, $180,000 per minute, $10,800,000 per hour, over 259,000,000 daily, around $100 billion annually – why it’s so lucrative for lenders and collection companies. Unless repaid, future lives and careers are impaired. Principal, accrued interest, late payment and collection agency penalties create enormous burdens to repay. Tax refunds can be seized.Ī conspiratorial alliance of lenders, guarantors, servicers, and collection companies profit from debt service and inflated collection fees – a deplorable predatory system.

So can Social Security and disability income, along with other retirement benefits. Declaring bankruptcy doesn’t end the obligation. For many, it’s crushing.įor too many, it’s permanent, amounts owed unforgiven. Others need large loans to attend, forced into burdensome debt bondage. Providers are enriched.įor many, rising tuition and fees make higher education unaffordable. The student loan racket is a disturbing government/corporate partnership. Maybe others will join them, part of a great wealth transfer swindle, shifting it inexorably from most Americans to its privileged class, ongoing for years.

#STATES REVOKING LICENSES OVER STUDENT LOAN DEFAULTS PROFESSIONAL#

The following states have laws permitting suspension of professional or driver’s licenses of individuals defaulting on student loans – compounding a deplorable racket:Īlaska, Arkansas, California, Florida, Georgia, Hawaii, Illinois, Iowa, Kentucky, Louisiana, Massachusetts, Minnesota, Mississippi, New Mexico, North Dakota, Tennessee, Texas, Virginia and Washington.

#STATES REVOKING LICENSES OVER STUDENT LOAN DEFAULTS FREE#

The facts on higher education point to tuition free college being the most cost effective method for its purposes.Defaulting on Student Loans Can Mean Loss of Jobsīy Stephen Lendman ( – Home – Stephen Lendman) Going after professional licenses stands out as especially punitive.įirefighters, nurses, teachers, lawyers, massage therapists, barbers, psychologists and real estate brokers have all had their credentials suspended or revoked.

Another state, South Dakota, suspends driver’s licenses, making it nearly impossible for people to get to work.Īs debt levels rise, creditors are taking increasingly tough actions to chase people who fall behind on student loans. But in 19 states, government agencies can seize state-issued professional licenses from residents who default on their educational debts. Fall behind on your student loan payments, lose your job.įew people realize that the loans they take out to pay for their education could eventually derail their careers.

States revoking licenses over student loan defaults