Student Loan Debt now over $1.2 Trillion!!! Reform of current laws needed to relief financially burdened students/grads.

Allow for Student Loan Debt to be cleared in bankruptcy partially or completely, depending on the particular student case. Student Loan Debt accounts currently for $1.2 Trillion US dollars. Roughly $900 Billion in Federal Loans while $150-$200 Billion in Private Student Loans. Already defaulted private loans alone currently total more than $8.1 billion, representing about 850,000 individual loans in desperate need of financial relief. From 2005 to 2011 alone, total private student loan debt more than doubled from $56 billion to $140 billion and continuously rising. This issue needs reform from/including collections practices, rate for Federal Loans (currently 6.8%), predatory lending by private banks that offer high interest rates and no income based repayment plans for low income families