Revert the Bankruptcy Code back to Allow Student Debt to be Discharged like Other Unsecured Creditors.

Before the 2005 Bankruptcy Law, education debt by private lenders were discharged in bankruptcy like other unsecured creditors. With student loan debt outpacing credit card debt, lack of job opportunities, elimination of subsidized loans for graduate students, and a forecast that this jobless recession will continue for years to come, students need relief. Private loans are unsecured debt, and in bankruptcy they should be treated as such. Before 2005, the private student loan industry was fine, and if the law is changed, the private student loan industry will continue. If anything, it may encourage lenders to look beyond the FICA score and focus also on a student's grades, choice of major and institution, etc. to access risk of lending to that student.