We the undersigned are petitioning for the Obama administration to pass legislation that would allow graduates to discharge private loans through bankruptcy.
By doing so, this would make lenders and borrowers equally responsible for offering and accepting loans. Lenders would be more careful about whom they lend to and how much, and when lenders have distressed borrowers they would be more willing to compromise.
For those who find themselves unable to repay the loan due to extreme hardship, this would offer them a much needed last resort.