Dear Mr. President,
Many private student loan borrowers entering the labor market in the wake of the recent recession have faced significant challenges, and many have defaulted on their private student loans. Bankruptcy discharge is an essential protection against consumer injury that might otherwise result when a consumer lacks the income or other means to manage debt.
However, that benefit does not apply to student loans. These loans are virtually immune from discharge in bankruptcy.
Please, return bankruptcy protections to student loans, just as bankruptcy protections cover other forms of debt. Allow borrowers the option of pleading their case in bankruptcy court after they have made a good-faith attempt to settle the loan, yet continue to face financial difficulty