Pay Your Student Loans or Your Job could be at Risk
Since 2009, over 4,200 professionals in Tennessee have had their licenses suspended for defaulting on their student loans. This includes attorneys, doctors, dentists, nurses, social workers, cosmetologists, etc. Nearly 75% of them had their license reinstated once they setup payment plans for their loans.
Is this a logical consequence? While our student loans enable us to get our professional licenses, taking away one's livelihood is not going to put them in any better situation to pay their student loans and will have an overall detrimental effect on our economy as a whole. It seems to me there must be a better way to address individuals defaulting on their student loans - maybe, just maybe, they could start with getting the costs of a college degree under control. I am inclined to believe that the rates at which people defaulted on their loans was lower when the costs of getting an education was not equivalent to small (or in some cases large) mortgage.
Read more about this issue at http://www.timesfreepress.com/…/failed-pay-your-stu…/318051/.