[I'm, Ron Burgundy?]

Okay, so I’m in the same boat as about 75% of recent college graduates: I had to acquire a tremendous amount of student loan debt in order to get my education and am now falling behind on payments. I have most of my loans in a forbearance with the exception of one private loan that is not eligible. In recent months I have hit some financial difficulties due to my landlord being foreclosed on and having to move at last minute and a death in the family across country that I had to attend the funeral. In the end, I am behind on my payments and Sallie Mae is an unforgiving, loan sharking b!$*h who doesn’t want to hear any excuses.

Considering these are Federal Loans can this hinder my licensing ability if I fall too far behind? It would be a shame that I acquired all this debt, studied so hard, only to be denied a license in the end. Ironically, the purpose of getting into the debt in the first place was to achieve this goal. Does anyone have any information or past experience with this?

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[Liss, Master of Coin]

I strongly suggest to anyone that has SallieMae to sign up for their “Upromise” rewards.

It's kind of like ebates and airline rewards cards; if you buy things by going through the Upromise website, you get % back, but instead of them sending you money or earning miles it's applied to your SallieMae account.

The % varies by retailer, so not all are the same.

You don't have sign up for their credit card either but if you do you earn cash back quicker.

For example, buying from Walmart.com you get 1% back by them appling it to your student loan account. If you buy from Target.com, you get 5%. If you buy from Walmart using your Upromise CC, then you get 6% back ( 1% through the vender + 5% by using the CC). For Target.com, you'd get 10% back.

Sometimes it's not much, but over the past 5 years I've got over $1,000 back, which I figure has helped me pay down my student loan interest.

CPA (MA, Non-Reporting)

The difference in winning & losing is most often, not quitting - Walt Disney

B - 33, 71, 79!
A - 32, 61, 70, 83!
R - 33, 58, 73, 69, 81!
F - 47, 78! 🙂
After 3 long years, I'm finally DONE!
I could not have done it without NINJA MCQs.

Used: Roger for his Videos, WTB, and NINJA Audio, Notes and Test Bank.

[Liss, Master of Coin]

I strongly suggest to anyone that has SallieMae to sign up for their “Upromise” rewards.

It's kind of like ebates and airline rewards cards; if you buy things by going through the Upromise website, you get % back, but instead of them sending you money or earning miles it's applied to your SallieMae account.

The % varies by retailer, so not all are the same.

You don't have sign up for their credit card either but if you do you earn cash back quicker.

For example, buying from Walmart.com you get 1% back by them appling it to your student loan account. If you buy from Target.com, you get 5%. If you buy from Walmart using your Upromise CC, then you get 6% back ( 1% through the vender + 5% by using the CC). For Target.com, you'd get 10% back.

Sometimes it's not much, but over the past 5 years I've got over $1,000 back, which I figure has helped me pay down my student loan interest.

CPA (MA, Non-Reporting)

The difference in winning & losing is most often, not quitting - Walt Disney

B - 33, 71, 79!
A - 32, 61, 70, 83!
R - 33, 58, 73, 69, 81!
F - 47, 78! 🙂
After 3 long years, I'm finally DONE!
I could not have done it without NINJA MCQs.

Used: Roger for his Videos, WTB, and NINJA Audio, Notes and Test Bank.

[Tncincy]

@JaredSchultz42,

I was brave to ask advice about your student loans. Be encouraged that you are not the only one. These posts are mere suggestions….you know your situation and you know what you are able to do whether it is a second job and etc. What you can do and must do is respond to the student loan provider ( who ever it is) whether you have the money or not. Don't let this hinder your license you have worked too hard.

And Thank you for your military service.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

@JaredSchultz42,

I was brave to ask advice about your student loans. Be encouraged that you are not the only one. These posts are mere suggestions….you know your situation and you know what you are able to do whether it is a second job and etc. What you can do and must do is respond to the student loan provider ( who ever it is) whether you have the money or not. Don't let this hinder your license you have worked too hard.

And Thank you for your military service.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Anonymous]

@JaredSchultz42 good luck with your situation, I hope your luck turns around. Keep on pushing and take a day and call the financial aid people and negotiate some type of plan with them.

Just to add my two cents call your representatives too. Unless something is done and written into law this student loan crisis will keep on going to a point were the housing market is now. Allot of people forget that an uneducated population affects the country's economic growth and development. Its maddening when I think of how much school was 25 years ago and how much it is now.

[Anonymous]

@JaredSchultz42 good luck with your situation, I hope your luck turns around. Keep on pushing and take a day and call the financial aid people and negotiate some type of plan with them.

Just to add my two cents call your representatives too. Unless something is done and written into law this student loan crisis will keep on going to a point were the housing market is now. Allot of people forget that an uneducated population affects the country's economic growth and development. Its maddening when I think of how much school was 25 years ago and how much it is now.

[Kodiak]

Since when does your credit history / outstanding debt have anything to do with getting licensed?

AUD - Pass
FAR - Pass
BEC - Pass
REG - Nov

[Kodiak]

Since when does your credit history / outstanding debt have anything to do with getting licensed?

AUD - Pass
FAR - Pass
BEC - Pass
REG - Nov

[san4596]

Kodiak – Someone who is financially irresponsible poses a higher risk of fraud. Plus, Federal backed student loans are not your average debt. Even if you file for bankruptcy, student loan debt never goes away, and can be forcefully taken through payroll deduction, tax refunds, etc.

CPA EXAM: DONE!!!!
Ethics Course: Passed
Application Mailed: 3/16/15
Professional Conduct Exam: 97
Certification Date: 4/2/15!!!

[san4596]

Kodiak – Someone who is financially irresponsible poses a higher risk of fraud. Plus, Federal backed student loans are not your average debt. Even if you file for bankruptcy, student loan debt never goes away, and can be forcefully taken through payroll deduction, tax refunds, etc.

CPA EXAM: DONE!!!!
Ethics Course: Passed
Application Mailed: 3/16/15
Professional Conduct Exam: 97
Certification Date: 4/2/15!!!

[mla1169]

Kodiak if the creditor is anybody else but the federal government it can't affect licensing. But yes, if you owe uncle sam money, they'll keep you from your CPA, plumbers license, even your drivers license. This is a federal student loan, he's talking about so its unique from credit history/outstanding debt.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[mla1169]

Kodiak if the creditor is anybody else but the federal government it can't affect licensing. But yes, if you owe uncle sam money, they'll keep you from your CPA, plumbers license, even your drivers license. This is a federal student loan, he's talking about so its unique from credit history/outstanding debt.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[wizards8507]

https://www.amazon.com/The-Total-Money-Makeover-Financial/dp/159555078X

NY CPA

[wizards8507]

https://www.amazon.com/The-Total-Money-Makeover-Financial/dp/159555078X

NY CPA

[Tncincy]

I can say from knowledge that the state of tn can suspend your professional license if you have defaulted student loans, child support, for military debt. There is a link on the state of tn board of accountancy site to go to if your license is such. There is also an article where in the state of new York is suspending professional licenses of those with severely defaulted loans, like 10,15,20 years and these individuals have never paid a dime but has been in their profession for over 10 to twenty years. I can't remember where the link is, but to answer the question check your state board of accountancy and you might be surprised of licenses that has been suspended for defaulted student loans.

Point is it does exist. and beware of not paying student loans.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Author]

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