Florida Professionals: Behind on Student Loans? Read This Now
Several decades ago, there were not many professions that needed a license in order for a person to be a practitioner. Now over twenty-five percent of the available professions have licensure requirements. These professions require education beyond high school, and in many instances, beyond four years of college in order to meet the requirements for licensure. Additional schooling can be expensive. Millions of people take out loans to complete their education and millions of those people get behind on student loans with dire consequences.
Consequences for Defaulting on Student Loans
Florida professionals need to be aware of the sanctions they may face if they fall behind on student loans. Your credit score can suffer and you stand a chance of wage garnishment. In some instances, people have been sued for falling behind.
You may also lose your ability to renew your professional license and you may not have access to your school records. Depending on your profession, there may be further embarrassing and significant penalties. A default on a HEAL Loan by a medical professional will result in the person’s name being published on the internet, and he or she are excluded from receiving payments in the Medicare and Medicaid programs. They will also be banned from working with organizations that have a contract with either of these programs.
Falling Behind on Student Loans is Serious Business
Not only have professionals lost their good credit standing, some have lost their jobs as a result of defaulting on student loans. When your license is suspended or cannot be renewed, you cannot work at your profession. The practice of blocking licenses is a more aggressive way to prevent people from defaulting. Making payment arrangements can help you prevent the consequences of falling behind on student loans.
You Can Avoid Defaulting
It is important to continue paying on your student loan, no matter what you are facing. Get organized so you can keep track of student loans that need to be paid. Make sure you have copies of any loan forms you sign. Keep files for both paper and electronic documents you receive in connection with your loans.
Put your payment due dates in your calendar so you won’t forget them and make your payments on time. You might not receive a bill or notice about your loan payment, but payment is still due. If you can, opt for automatic payment for your loans. It’s convenient and assures that your payments will always be on time. If you are having financial hardship making your payments, reach out for help to find out what your options are, like reduction in payments and deferral.
Tison Law Group has experience in many areas, including criminal law, personal injury, injunctions, administrative law and addiction and mental health law. If you have a legal issue in one of these areas, contact us for a consultation. We provide excellent legal services with honesty and integrity.