Student Loan Debt Crisis

Posted:

Decatur – Student loans are the largest source of consumer debt in the U.S., surpassing mortgages and credit card debt.

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

Senate Bill 2236 (SB 2236) will put provisions in place to prevent individuals with student loan defaults from having their licenses lifted in 39 professions such as roofers, occupational therapists, teachers, structural engineers, home inspectors and real estate agents.

“Taking away someone’s ability to work is counterproductive,” Bennett said.  “The fact is if you aren’t able to work, you won’t be able to pay back your loans and will sink further into debt.”

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

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