Unpaid student loans are limiting the capacity of borrowers to earn a living.
Perhaps it is no exaggeration to say that this is the most alarming student loan crisis the country has seen in years.
With state authorities calling the shots, what is there to do?
The New York Times has the full story.
How Unpaid Student Loans Keep You From Living
Few people realize that the loans they take out to pay for their education could eventually derail their careers. But in 19 states, government agencies can seize state-issued professional licenses from residents who default on their educational debts. Another state, South Dakota, suspends driver’s licenses, making it nearly impossible for people to get to work.
As the saying goes: desperate times call for desperate measures.
What exactly desperate means, however, is up to the federal government.
According to them, the solution to the student loan crisis in the country is taking away borrowers’ means of living.
Borrowers who default on their student loans will lose their jobs.
They are lucky if the state where they live does not implement such a rule.
Unfortunately, for others, failure to pay student loan debts on time means being banned to practice the careers they have worked for.
(NOTE: Defaulted loans can lead to lower credit scores, pestering collections, and a worried mind. Avoid default and learn how to turn a “Default” status into a “Current” status in under 90 daysby using our Road Map to Getting Student Loans Out of Default. Click here to learn more and get the free map – before your next payment date!)
Band-Aid Solutions for Deep Wounds
States SUSPENDING Driver’s Licences for Unpaid Student Loan https://t.co/CqGoVAaDvd
— 🇺🇸🇸🇾🇷🇺🇰🇵☢ (@Trumpservative) November 23, 2017
No one can deny that the student loan crisis in the country is no longer just a simple occurrence.
It has shaped and continues to shape the lives of citizens.
The country is wounded, at least economically.
Nonetheless, to proceed gracefully, the country needs healing.
However, it seems that the federal government’s chosen cure does not suffice.
As critics have pointed out, the entire situation is ironic.
Why would the federal government take away the only means through which borrowers may be able to pay their student loans?
One can even think about this further in two ways.
First, instead of taking away the jobs of these borrowers, why not improve jobs to accommodate student loan expenses?
After all, these borrowers pursued a higher education to get a high-paying and fulfilling job.
They have done their part.
It is only fitting that the government acknowledge their efforts and reward them with good compensation.
Second, and more importantly: make college education more accessible.
At the end of the day, this is the root of the problem.
With astounding expenses and cost of attendance, college education in the country is no longer a ticket to success.
It has become a prologue to slaving away at one’s job for just for the privilege of repaying student debt.
A Cycle of Crises?
The cycle is quite clear.
For a well-lived life, one seeks education.
Education serves as a stepping stone to a good job.
A good job affords you a life well-lived, free of debt and full of exciting possibilities.
What is unclear, is whether the solution to keep the ideal cycle going, will work.
At present, it seems the cycle has encountered a blockage.
When will we find the remedy and get back on our feet?
Watch this video from ehowfinance for more information on unpaid student loans:
What are your thoughts on the current student loan crisis? Let us know in the comments section below.
Up Next: Revised Pay as You Earn Repayment Plan
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