We know what you’re thinking: wait, what… is this for real?! Oh yea; not only is this real, it’s happening in 19 states across the country! According to the New York Times, creditors are taking new (and in our opinion quite low) measures to get borrowed money back from struggling graduates.
For those who’ve defaulted and repeatedly missed or failed to pay their monthly student loan bill, you could be at risk of losing your license! That’s right; teachers, nurses and even real estate agents are all on watch – and a default could cost you your license to practice! Not in a field that requires a specific certification or credentials? Then you could be at risk of losing your driver’s license!
How is this possible? With the student debt crisis now reaching 1.4 trillion dollars in money owed, creditors are stepping up their game with ways to pile on more consequences for those borrowers not paying the piper. Yikes!
What can you do to protect yourself?
First, always make sure your student loan payments are on-time and paid in full. We know- easier said than done, right? If you can’t afford your payments, whatever you do, DO NOT RISK A DEFAULT! Defaults can cause day draining stress, destroy your credit – and now, could even cost you your license! The Department of Education offers tons of income driven repayment plans with possibly LOWER (which can be a low as $0 for those who qualify) monthly payments to keep you on track and out of a devastating default. If you need help navigating through your options, third party pros like Docupop are here to help you find & accurately apply for the right repayment program to fit your unique needs. Why stay in a budget breaking, hard-to-reach payment? Click the button below to get started and take achievable control of your student debt today!
For more about the borrowers who’ve recently been affected and to see if your state is on the list, click below for the full read on The New York Times website: https://www.nytimes.com/2017/11/18/business/student-loans-licenses.html
Resource: https://www.nytimes.com/2017/11/18/business/student-loans-licenses.html
Disclaimer: Docupop is a private company, not affiliated with the Department of Education. The DOE offers several programs that may offer lower monthly loan payments for borrowers who meet the qualifications based on income and family size. Lower monthly payments may lead to longer student loan maturity periods, increasing the total amount of interest over the life of the loan. The DOE also offers programs that may forgive some or all of the borrower’s loan balance. The Public Service Loan Forgiveness program (PSLF) is based on the number of qualified payments made under the program while working full-time for a qualifying employer. Other programs require a specific number of qualifying payments and then forgive the remaining balance once those payments are completed, without any public service obligation. Depending on the type of forgiveness, any amounts forgiven may be treated as taxable income for income tax purposes, please consult your tax professional. More information can be found on the DOE website: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation
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