A group of Democratic U.S. senators and representatives introduced legislation Thursday that would once again make most private student loans dischargeable in bankruptcy. Borrowers could discharge such loans before Congress changed the bankruptcy laws in 2005, and advocates for students have argued since then that the often high-risk and costly loans should be treated like automobile and other forms of consumer loans, which distressed borrowers can discharge.
- Obama administration backs easier bankruptcy path for private student loans
- Encourage bankruptcy, not forgiveness, for student loans (essay)
- Rethinking Bankruptcy and Student Loans
- Federal agency requests comment on private loan modifications
- New report on private student loans
- Consumer Financial Protection Bureau issues report on private student lending
- Did Congress Tame the 'Wild West'?
- Education Department clarifies how some loan collectors pursue bankrupt borrowers
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