Student debt is an increasingly difficult problem for many students individually, and for our economy as a whole. According to the College Board, 7% of student loans during 2010-2011 came from non-federal sources. Like their federal counterparts, private student loans cannot be discharged in bankruptcy. Yet private student loans are not subject to the same repayment plan options as their federal student loans.
Why should banks be given the advantage of holding non-dischargeable debt without being required to provide reasonable repayment terms? We call on the Federal Government to reign in this practice! Pass legislation requiring private student loan issuers to offer income-based, income sensitive, and graduated repayment plans!