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will I lose my real estate license?

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Hello everyone, and Soaplady.

I can call the real estate board in the state where I am licensed, but I want some feedback from anyone that has had any experience on this.

I owe about $95,000 in PRIVATE student loan money. Currently my loans are all in forebarence BUT, very soon, they will be coming out. Once this happens, I will have used up all my forebarence and deferrment options. I do have a real estate license and have been able to actually make some money doing this. I am in credit card debt, and I have been focusing on getting the cards paid down so that I can start paying on my student loans. I want to pay everything and have no intention of trying to get out of anything, including the credit card debt. My questions is this, IF I ended up defaulting on everything because I dont have any income, I am reading they can take my license? If they take my license, how do they do this? This is my only source of making any money. I am 60 years old and really dont have too many options in finding other work. Believe it or not, there is age discrimination out there.

so, has anyone lost a professional license from not paying their student loans. particulary a real estate license? if so, is there any way I can save it?

I am just trying to understand all my rights and what the circumstances would be should this economy get even worse and I end up not being able to pay my bills.




SC

Posts: 3618
Credits: 36402.4

Sub: #1 Well, what I can read there is a possibility that you may be pro
Sun, 12/20/2009 - 20:06

Well, what I can read there is a possibility that you may be prohibited from renewing your professional license if you default on student loan.

The consequences of defaulting on a student loan can be severe :(




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