Allow the discharge of private student loans in bankruptcy.

Thousands of people across the country are drowning in private student loan debt. Those who borrow are stuck with unreasonable payments, interest rates are similar to credit cards and private companies do not offer any of the protections to borrowers that are offered with federal loans. They have no reason to fear losing money, so they often lend to high risk borrowers and do very little to prevent identity theft during the process. This business is killing the economy, as debtors often cannot afford to live, let alone purchase homes, cars, or otherwise contribute to economic recovery in a meaningful way. Allowing discharge of these loans in bankruptcy will jump start the economy, allowing young people to regain financial stability, move on and start creating jobs themselves.