The 2005 bankruptcy amendment prohibiting the discharge of private student loans is a give away to the banks and Wall Street.
Students may be better served by taking cash advances on a credit card and gambling in a casino than by taking these loans. Gambling debts are dischargable in bankruptcy, but student loan debt almost never is discharged except in cases of "undue hardship." The undue hardship standard is strictly interpreted by most judges based on former, and more favorable, economic conditions.
In addition, there is little in the way of quality control to ensure the educational programs financed by these loans are linking graduates to available and in-demand jobs.
Stop allowing bankers to have lifelong indentures on American citizens now. Remove private banks from education.