PONTIAC, IL – Illinois citizens who are defaulting on their student loans are losing their professional licenses to operate within the state, at an alarming rate, according to State Senator Dan Rutherford (R-Pontiac).
“Recent stories in the media have highlighted the situation about our state’s licensed professionals losing their accreditation because of student loan defaults,” Rutherford said. “Of course the economy has impacted most Illinoisans on some level, but it is important that people stay current on their student loans.”
Typically lenders will attempt to work with borrowers in order to avoid default. The Illinois Student Assistance Commission has programs and staff that help out borrowers who are on the brink of default. Depending on a borrower’s financial situation it may be possible to qualify for a deferment, forbearance or even forgiveness.
“Borrowers should always try and explore their options before they simply stop paying,” Rutherford concluded. “The State of Illinois has improved their default tracking systems, thus it is easier for professionals to have their licenses revoked for non-payment.”
For more information on the default protection for licensed professionals, please visit www.DanRutherford.com.