Since 2005, student borrowers have been unable to discharge their private student loans through the process of bankruptcy. But that could soon change after a group of 12 senators introduced a bill aimed at addressing the current student debt crisis by restoring the bankruptcy code to hold private student loans in the same regard as other private unsecured debts.
The Fairness for Struggling Students Act of 2015 [PDF] would amend the current bankruptcy code, restoring the availability of bankruptcy relief for private student loans.
The act, which was introduced by Illinois Senator Dick Durbin, and co-sponsored by senators Sheldon Whitehouse (RI), Al Franken (MN), Richard Blumenthal (CT), Patty Murray (WA), Jack Reed (RI), Elizabeth Warren (MA), Ron Wyden (OR), Barbara Boxer (CA), Tim Kaine (VA), Brian Schatz (HI), Kirsten Gillibrand (NY) and Mazie Hirono (HI), aims to address the current student debt crisis, which has propelled student loan debt to more than $1.2 trillion.
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3 comments:
NO NO NO
This is soooo wrong!
There are too many people that only went to college because the funding was available.....they are/were not smart enough to go on their own....they chose degrees that allowed them to graduate without working too hard - but are useless in the real world....
Aaaand now they want a free pass!
I don't think so!
What a crock. And, they better tear up their degree, and wipe it from the books, as if they never went. POS, lazy people are thriving in today's world.
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