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Washington Groups Urge Officials to Change Laws Regarding Student Loans and Bankruptcy by Kevin Judd
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Washington Groups Urge Officials to Change Laws Regarding Student Loans and Bankruptcy by KEVIN JUDD
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| Article Posted: 08/03/2012 |
| Article Views: 130 |
| Articles Written: 34 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 159 |
| Article Votes: 0 |
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Washington Groups Urge Officials to Change Laws Regarding Student Loans and Bankruptcy |
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Law,Finance & Investment,Government
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A report by the Education Department and the Consumer Financial Protection Bureau says that Congress should consider modifying laws that, except in rare exceptions, prohibit the discharge of private student loans through bankruptcy. “It would be prudent to consider whether they wish to modify the code in light of the impact on young borrowers in challenging labor-market conditions,” said bureau Chief Richard Cordray, following the release of the report. Currently, the only way you can have student loans discharged through bankruptcy is by proving extreme hardship. Multiple news reports show that private student loan lending has ballooned over the last decade. According to a recent Time Magazine article, during the 2007–08 academic year, nearly half the students at four-year, for-profit schools had private student loans. These loans often have longer payment periods and higher interest rates than loans provided with the assistance of the federal government. Kevin D. Judd Law Firm of Kevin D. Judd
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