Pass legislation that holds private student loaning institutions and borrowers equally responsible.

We the undersigned are petitioning for the Obama Administration to pass legislation that allows graduates to discharge private loans through bankruptcy.
The purpose of this legislation is NOT to allow individuals to escape repayment of their loans through bankruptcy.
The purpose is to hold loaning institutions equally accountable for the amount of money they allow borrowers to take out. If these loans could be discharged through bankruptcy, loaning institutions would have the motivation to make payments more affordable for borrowers.
Loaning institutions would become more cautious about signing large tuition checks for lower income degrees. As a result, colleges would price the cost of tuition to reflect an amount which graduates could afford to pay off working in their field.