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Dischargeability of Student Loans

Thursday, April 23, 2015

White House making student loan help a priority

I'm so pleased to see that the White House and Congress is making student loan assistance to consumers a priority.  It used to be the law that seven years after the student loan became due and payable, the debt could be discharged in bankruptcy as an unsecured debt.  That law changed, and presently student loans are only dischargeable based on hardship. That means you can only discharge your student loan debt if you could never use your educational degree or certificate based on financial hardship, often based on your health issues or disability.  Finally, thanks to Dick Durbin of Illinois and Elizabeth Warren of Massachusetts

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Saturday, March 28, 2015

A Simple Solution for Overburdened Student Loan Borrowers

A Simple Solution for Overburdened Student Loan Borrowers

JOHN MCMICKLE; MAR 27, 2015

Congress has been making it harder for borrowers to get out of their student loan obligations since the late 1990s. But in the face of concerns about student loan debt's impact on individuals and the broader economy, lawmakers are facing growing pressure to ease the burden of repayment.

Policymakers have good reason to be worried about student debt. The total debt outstanding for students in the United States exceeds $1 trillion, and this debt loan may be inhibiting growth in the housing market.

Some leading proposals in Congress would allow borrowers to erase private student debt while preventing the discharge of government student loans. But the recent history of bankruptcy law suggests there's a better way to provide relief to student borrowers while minimizing concerns about moral hazard.   Read more.....

John McMickle is the founder of JDM Public Strategies, a consulting firm that works in financial services and government relations. He served as the bankruptcy counsel to the U.S. Senate Judiciary Committee from 1994 to 2001. Follow him on Twitter @jdmpsllc.




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