Why you need to pay off your student loan
April 16, 2009
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Have you ever wondered what would happen if you didn’t pay off your debt? Well wonder no further! There was an article in the Globe & Mail where a lawyer who had been carrying $67,000 in student loans since 1998 recently lost his law license due to failure to pay his loan.
The appeals panel in Austin found that because Mr. Santulli, a Houston solo practitioner, did not adhere to a previous orders requiring him to pay his debts, he lacked the “trustworthiness” necessary for a lawyer to represent clients.
The panel’s decision affirmed an earlier board of law examiners’ decision that his heavy debts might tempt the lawyer to “short-shrift” his clients or “convert money” from clients to pay his loans.
The panel concluded that “there is a clear and rational connection between Santulli’s lack of trustworthiness or reliability in carrying out responsibilities and the likelihood that he will harm a client, obstruct administration of justice or violate the disciplinary rules.”
Just a reminder that not paying off your debt can cause problems which you might not be able to see at first.
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Adam Goodman is the author of Following The Goods Financial Management for the Young and Ambitious. Throughout his life, Adam never took ownership of his financial knowledge and no one ever sat down with him to explain what it meant to plan for his financial future. Luckily, while at business school, Adam finally learned how to be smart about financial management and he is here to share what he has learned along his journey with you.
Adam's past experience includes owning and operating his own consulting firm, as well as working as a Consultant with Deloitte & Touche. Adam is currently in a sales and marketing role in the telecom industry.
