educationSPRINGFIELD- Student loans are now the largest source for consumer debt in the United States surpassing mortgages and credit cards debt

More than 20 states including Illinois currently have laws in place that suspend professional licenses and certificates in the event a consumer must default on their student loans.

State Senator Scott Bennett (D-Champaign) passed an initiative to prevent licensing boards from denying, revoking or suspending individual professional licenses due to student loan default in Illinois.

“Our job is to put more people to work, not keep them from doing their job. Revoking or suspending professional licenses isn’t going to make people pay their loans back faster,” said Bennett. “The fact is if you are unemployed, you won’t be able to pay back your loans and will incur additional debt.”

Senate Bill 454 will put provisions in place to prevent individuals with student loan default from experiencing licenses being denied, revoked, or suspended in 38 professions such as occupational therapists, teachers, structural engineers, home inspectors and real estate agents.

“There isn’t a way for people to escape student loan debt. It is irresponsible to place them in an ineffective cycle that will only hinder their ability to work and develop professionally,” said Bennett.  

Student loan debt is the only type of debt in the U.S. that is not eligible for bankruptcy except in severe instances.

SB 454 passed the Senate and now moves to the House for consideration.

 
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