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Change the law so that Private Student Loans are no longer protected from Bankruptcy Laws.

Created by M.C. on November 17, 2012

Currently Private Student Loans (PSL) are protected and it is extremely difficult to have them discharged in bankruptcy cases.

This is problematic because unlike Federal Student Loans (FSL) with fixed interest rates, Private Student Loans interest rates are variable and can increase over the life of the loan.

Why should the loans from these private and for profit banks be offered the same protection as Federal Student Loans when they don't offer any of the same consumer protection?

Economy & Jobs
Education
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