student loan01 lgSPRINGFIELD – Student loan borrowers will now have protections in place to help them keep their professional licenses as they work to pay off their debt, thanks to a new law passed by State Senator Scott Bennett.

Bennett (D-Champaign) worked with Attorney General Lisa Madigan to pass Senate Bill 2439, which removes from Illinois law provisions that allow an individual’s professional license to be taken away if they are behind on their student loan payments. 

“There are many things we can do to collect debt for student loans, but taking away someone’s job should never be an option,” Bennett said. “This new law protects licensed professionals from becoming trapped in insurmountable debt.”

The Career Preservation and Student Loan Repayment Act puts provisions in place to prevent licensing agencies from denying, revoking, or suspending licenses to individuals with student loan default in 38 professions such as occupational therapists, teachers, structural engineers, home inspectors and real estate agents.

“For many people, the reward of a fulfilling career is what makes an investment in higher education worth it,” Bennett said. “I am glad that we are now able to protect that investment and ensure that borrowers can stay current on their payments – instead of severely punishing them when they fall behind.” 

The governor signed the law this week. It takes effect immediately.

 

 
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