PRIVATE STUDENT LOANS should create an income based repayment standard or be dischargeable in bankruptcy

Private Student Loans should be forced to create an Income based repayment system since the loans can not be discharged in Bankruptcy. Private lenders afford the protection of Federal student loans however most students can not afford the payments and end up in default. Many of the loans are cosigned by parents and relatives. This causes hardship. Since private lenders have the same federal protections as federal student loans then they should be forced to create an Income Based Repayment system similar to the Income Based Payment methods available to students taking out Direct Stafford Loans. If Private student lenders can not create an Income Based Repayment method based on the current income of the graduated student then Private Student Loans should be dischargeable in bankruptcy.