Dive Summary:
- Congress should open up some student loans for discharge in bankruptcy, a liberal think tank says in a report.
- The Center for American Progress proposes creating a category of student loans — such as those with unaffordable repayment plans for students who enroll in ineligible education programs — that could be discharged in bankruptcy.
- Under existing law, student loans are practically impossible to discharge in bankruptcy.
From the article:
... "We also need to keep in mind with the student borrower, there is the parent borrower or grandparent borrower," said Joe Valenti, the report's other co-author and director of asset building at CAP. "There is a surprising number of older Americans who have this debt." ...
