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Make private student loans dischargeable in Bankruptcy

Created by C.M. on April 26, 2014

Private student loan lenders like Sallie Mae should not have the same protection that federal loans do in bankruptcy. Federal loans are paid with tax payer money private loans are not and are just like any other personal loan. In 2005 with the lobbying power of Sallie Mae private loans got the same protection in bankruptcy as federal loans on a ear mark of another bill. Private lenders have no reason to work with you because they know you can't get rid of the loans. A loan based on someones credit should be dischargeable in bankruptcy

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