Congress has made it difficult if not impossible to discharge student loan debt through bankruptcy.
We need to change the law to make it easy to discharge student loan debt through bankruptcy. By doing so, the loan lenders will have skin in the game, loan eligibility requirements will become stricter and schools will need to be more competitive in pricing because the flood of "guaranteed" loan money will contract.
Under the current system, the banks have no incentive for prudence in lending to students because the student cannot discharge the debt. The schools have no incentive to hold down costs because easy and abundant loan money is available to students.
“We need to change the law to make it easy to discharge student loan debt through bankruptcy.”
NOT FEDERALLY BACKED LOANS!! Not taxpayer should be forced to pay for another’s college debt.