DALLAS - Student Loans! Yeah, just the phrase alone probably ticked a lot of you off. But some little-known laws in 22 states might make you even madder -- and Texas is one of them.
Turns out in these states, if you default on your loans and don’t get on a payment plan, you can have your professional license, or even in some states, your driver’s license revoked.
So here’s the deal. Let’s say in Texas you get your chiropractic license, but the student debt piles up and you default on that loan. Say goodbye to that license.
“If they can’t get a job because you’re taking their license away that they might need to pay off the loan, then what’s the point?!” asked Larry Wells of Dallas.
It’s a massive issue that’s not going away. Recently in a statement to Business Insider, Mark Cuban cautioned against the draw of forgiving all the debt because it would give the school’s “more leeway to raise tuition."
Student debt is a big issue for the Mavs owner. He even owns the domain CollegeDebt.com. It’s a real-time ticker showing the second-by-second increase of student debt in America.
It’s currently at 1.3 trillion dollars! That’s almost as much as credit card debt and auto loans combined.
It’s a problem that’s only getting bigger every time you blink.