We request that the Obama Administration pressure the US Congress to change the current laws regarding PRIVATE EDUCATIONAL LOANS making them dischargeable through normal bankruptcy procedures, thus making it more likely that lenders will work with borrowers on repayment plans and offer options much like those given for Federal Education Loan repayment.
By making these loans, which for many are catastrophic in enormity, dischargeable through bankruptcy the lenders would in the future be forced to carefully consider to whom they are lending, force lenders to work with borrowers through various, comprehensive, and fair repayment options, and allow the borrower a LAST RESORT help by being able to discharge the debt while still paying a penalty through a seven year mark on his/her credit.