Many Americans attend four year universities. Many of these institutions cost of admission is ten thousand or more a semester. Federal student loan only cover a quarter of that cost.
To make up the difference many students are forced to turn to private student loan lenders. Private lenders share the same protection as federal loans. Both federal and private student loans can not be discharged in a bankruptcy.
Federal loans are regulated and offer borrowers who have fallen in the financial obis away out through consolidation, deferment and forbearance. This petition is asking for equal consumer protection for both private and federal student loans.