Imagine graduating from high school with a dream in your heart to serve your community (and make a good living while doing it). Most of us have been there. If you want to be a nurse, you choose a school and obtain a student loan to get you though. The problem is, many don’t think about the student debt problem once they graduate. They think they’ll find a job immediately and it will be smooth sailing. Nothing could be further from the truth.
Many public service workers never imagined that their loan could ever cost them their job. For thousands of public service professionals, this is a real crisis.
Student Debt Laws Cause Problems
In 19 U.S. states, there are laws on the books to prevent service workers from renewing their license if they owe. This is an attempt by those states to encourage students to pay their loans by threatening an action that would all but end their careers.
Other states, like South Dakota, will outright suspend your driver’s license if you owe student debt.
These strong-arm tactics make it impossible for service workers to do their job. This ultimately makes it even tougher for them to pay back their loans on time. All you have to do is fall behind a little bit and BOOM. With no warning, many public service workers simply go to renew and find out they can’t.
It’s unknown exactly how many nurses lost their job or were impacted by student debt, as the states don’t keep track of the numbers. But, the New York Times was able to find at least 8,700 incidences of this very thing happening to public service workers.
If you’re a public service worker and you struggle with student debt, you have options at your disposal. Student loan forgiveness is one option, but there are others. If you’re looking for help, contact Financial Helpers today. We’d love to help you with your student debt problem. You can reach us at:
It’s Not Just a Law
There’s the famous case of Shannon Otto from Nashville, Tennessee. Otto grew up wanting to be a nurse her whole life. To fulfill her dream, she had to do what millions of other students did: get a loan to cover her schooling.
After years of studying and working hard, Otto finally made her dream come true, only for it to be snatched away from her.
Otto’s home state of Tennessee is one of the states who indiscriminately yanks licenses for money owed. So, when she started suffering from epileptic seizures that kept her from working, she got behind on her bills. Defaulting on her student loans, Otto had her nursing license revoked.
The worst part is, she didn’t realize what had happened until after she got her seizures under control and was able to return to work. When she reapplied for her license, she found out that the Tennessee Board of Nursing went ahead and suspended her from practicing. She had to pay $1,500, a sum she didn’t have laying around after being out of work for so long.
Levels of Student Debt Rising
The amount of student debt owed to creditors is reaching epidemic levels. It’s not just the cost of getting an education, but also the stagnant economy that haunted the U.S. for a decade. Students with bachelor’s degrees had to work in fast food and live at home after graduating because they couldn’t swing it on their own.
As a result, the amount of student debt owed has reached the $1.53 trillion mark and continues to climb. Sadly, banks don’t care. They want their money and often do everything they can, from garnishing wages to seizing refunds, to get it back. And get it back they will.
Student loans are literally crippling the futures of our nation’s top professionals.
