Student loans are the only type of loan in this country to be stripped of standard bankruptcy protections.There is little logic in a bankruptcy system that allows everyone else to file for bankruptcy, including the very Wall Street institutions that have led us to our current economic climate, while stripping the same protections from ordinary citizens. The only real explanation is a lobbying effort that targets both Republican and Democratic lawmakers.
We urge all citizens to support the petition to the White House calling for the return of standard bankruptcy protections to all student loans.