Student Loan Debt Non Dischargeable in Bankruptcy

In 2005, a Bill was passed that made it nearly impossible for student loan debt whether private or public to be discharged in bankruptcy.

As an Attorney law school is rather expensive, unless you were a lucky one on a full ride.  No matter who you are you are coming out of school with a nearly $100,000 or more in student loan debt.  That now even in this terrible economy is impossible to hide from.

I know many college graduates who have a bachelors, and even a masters or a doctorate but are unable to find work that is willing to pay them a decent salary.  Many lawyers I know that are freshly barred are working as legal assistance or secretaries.   This salary is not enough to pay the hefty student loan payment each month.

This article describes how a Bill has been brought forth that would make Private Student loan dischargeable in a bankruptcy just as any other consumer debt. In my opinion this Bill  is a great break through for some.  With the cost of the education on the rise, and the economy on the slump there has to be some relief, for those hefty private student loans.

Not that I believe people should get a free ride, but they should get the help they need when they are in a slump!  Bankruptcy is about starting over, getting a fresh start, and with Private Student Loan hanging over your head how is that a fresh start!