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repayment

When Unpaid Student Loan Bills Mean You Can No Longer Work

Fall behind on your student loan payments, lose your job.

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.

States Review Laws Revoking Licenses For Student Loan Defaults

In 22 states, people who default on their student loans can have professional licenses suspended or revoked. The percentage of Americans who default on student loans has more than doubled since 2003.

Butch Dill/AP

Clementine Lindley says she had a great college experience, but if she had it to do over again, she probably wouldn't pick an expensive private school.

"I could actually buy a small home in Helena, Mont., with the amount of debt that I graduated with," she says.

Alexander's Loan-Repayment Overhaul

Student advocates have for years complained about the complex set of options borrowers must navigate to repay their student loans. Student loan borrowers are faced with a dizzying nine repayment plans based on their income, in addition to a standard 10-year loan-repayment plan.

There's a growing consensus that Congress should reduce those options to one income-based option on top of the standard plan.

No Income? No Problem! How the Gov't Is Saddling Parents with College Loans They Can't Afford

More than a decade after Aurora Almendral first set foot on her dream college campus, she and her mother still shoulder the cost of that choice.

Default Data on Parent PLUS Loans

The national default rate for Parent PLUS loans has nearly tripled in recent years, but it remains well below the

default rates for other federal student loans, according to data released for the

rst time last week by the U.S.

Department of Education.

Of all parent borrowers whose PLUS loans entered repayment in the 2010

scal year, the data show, 5.1

percent were in default three years later. That

gure has risen steadily from the 1.8 percent default rate for the

cohort of borrowers in the 2006

scal year.

My son's student loans are killing my retirement. What can I do?

Q. To assist our son in fulling his dream of becoming an Air Force pilot, we took out a Parent Plus loan to cover his tuition. We borrowed $90,000 over four years. Is there any write-off we can take? It's tough paying $1,200 per month and almost $1,100 goes to interest. It's killing my retirement.

-- Retirement-poor

A. You son is very lucky that you took out loans on his behalf.

Hopefully the day will come when he can help you with the payments.

What I Wish I Knew About Student Loans As A First-Year Attorney

I can’t believe I have already been an attorney for about five years!

"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
– Mike Quigley
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie
The road to success is always under construction
– Lily Tomlin
"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich