Prevent a student debt crisis. Remove government backing from student loans and allow bankruptcy to discharge debt.

Right now total outstanding student loan debt just surpassed credit card debt at over one trillion dollars. The growth in student debt is far outpacing any growth in wages for new graduates. The ability to finance college enables colleges to charge ever increasing tuition and fees. These loans are available because they are non-dischargable in bankruptcy. At age 18, few kids can truly comprehend the amount of debt they are signing up for and that it could enslave them for life. We should not allow anyone, especially new adults, to enter a modern day debtor's prison. Dischargable or not, many large student loans will never be repayed. Lets give people their life back and prevent a student debt crisis. Bring back private lenders and make them have skin in the game.