Restore Bankruptcy and Consumer Protections to All Student Loans.

We, the people of the United States of America, petition the government to restore all consumer credit and bankruptcy protections to all current and future student loans regardless of the funding sources. Borrowers should be able to declare bankruptcy for the total amount owed and have it reported on their credit report for the normal seven years. There should also be the option of resetting the loans to the original amount borrowed plus a reasonable interest penalty, which should allow those whose interest rates have ballooned exponentially to repay what they actually borrowed rather than the onerous amount they have been burdened with. Those taking this route should not receive a negative reporting on their credit scores or should have such a report limited to three years.