Lose Your License For Unpaid Student Loans?

How would you like to lose your drivers license just for missing payments on your student loans?

According to Bloomberg, there is a little-known law that exists in at least 22 states (including Hawaii) that lets authorities revoke drivers licenses or professional licenses if people fall behind on student loan payments.

In Montana, 92 people lost their license since 2007. By 2012 Iowa had suspended more than 900 licenses because the licenses holders could not make payments. And in Tennessee 1,500 people have had their professional license suspended.

As crazy as this might seem, if you fall behind on your student loan payments, I suggest you call your lender and ask for help.

There are programs out there depending on your profession that will offer support.

At the same time beware of the many scammers that prey on those in difficult situations.

Before working with a company that claims they can help, call your local Better Business Bureau to get more background information on them.

 

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