Second District Assemblyman Vince Mazzeo at the Aerospace Control Alert facility in Egg Harbor, NJ.
There is good news for some New Jersey borrowers who are struggling with repaying their student loan debt. The New Jersey General Assembly unanimously approved legislation this week, Bill A-2926, that would repeal a law that suspends the professional licenses of those who fail to repay their student debt.
The bill would revoke a law that allows for the suspension of various different licenses issued by the Division of Consumer Affairs ranging from occupations such as architecture and cosmetology to dentistry and social work (just to name a few). It also would not allow attorneys’ licenses to be suspended for the same reason.
Second District Assemblyman Vince Mazzeo, who introduced the bill, explained that keeping people from earning a salary will do nothing to help the borrower or the lender, calling the suspension of licenses an “unreasonable punishment.”
New Jersey could use the help. It currently has the 38th highest student loan debt in the nation with the average debt per graduate at $19,242. Some graduates, like those from Bloomfield College, are leaving school with an average of $44,000 in debt.
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