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years or, in the case of a felony, for a lifetime. That can have a serious impact on your ability to build a stable financial future because a person convicted of a crime may be denied certain social and economic advantages that are key to building wealth : Education. Colleges and universities may deny entry to a person who has been convicted of a felony. Financial Aid. Students with a drug offense or sexual offense are ineligible for most financial aid . If you are convicted for possession or sale of illegal drugs while you are enrolled in college, your federal student aid eligibility will likely be suspended. Military. If you commit a felony or a drug-related misdmeanor, you may not be able to enlist in the armed forces , or if accepted, you may be denied a security clearance . This severely limits prospects for career advancement in the military and law enforcement. Credit. You may be denied credit by a bank or other lender, particularly if the crime involved violence or financial fraud. This will seriously limit the ability to buy a home or start a business. Employment. Most prospective employers, routinely require disclosure of a conviction . Lying on an employment application is fraud and can result in automatic rejection or get you fired. If convicted of a felony, you may be unable to get a job in a business that handles money or sensitive information . By law and under limited circumstances, a prospective employer must consider the job-relatedness of a conviction, the circumstances of the offense, and the number of offenses before denying employment. Regardless, obtaining a good, steady job after a conviction is an uphill battle. Professional Licenses. If you commit a felony or are involved in a crime of moral turpitude , such as sexual assault, sale of illegal drugs, or embezzlement, you may lose or be denied a professional license . Licenses are required in many types of jobs in the medical field, education, security and patrol services, electricians, plumbers, and various construction and automotive repair jobs. Housing. In many cases, a landlord may deny housing to a person with a criminal record , particularly if they are a convicted felon. In some cities, a person with even a misdemeanor may be denied public housing. Passport. Generally, it can be very difficult for a convicted felon to obtain a U.S. passport , particularly if the conviction was for a drug-related offense. This may also be the case for drug-related misdemeanors. Overseas Visa. It is nearly impossible to obtain a visa for travel or work outside the U.S. if you have a record of convictions for violent or sexual crimes, repeated convictions for felonies, drug possession, or a recent conviction for any serious crime. Reflect on Learning: Do you understand the potential long term financial impact of committing a crime? Can you list them? Answer: Potential denial of college admission, denial or loss of financial aid, inability to serve in the military, denial of credit, difficulty finding a job, loss of or inability to obtain professional license, difficulty obtaining housing, passport or visa. Can you make the connection between crime and descent into poverty or the inability to rise out of poverty? Would you hire a person with a criminal record? What if the person has committed a crime of moral turpitude? What if your business handled a lot of cash or had access to clients' private information, such as access to bank accounts and Social Security numbers? PRODUCT PREVIEW
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 339
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