It is bad enough in this country that there are no jobs for college graduates; but on top of that, many of them are stuck with over $100,000 in student loans that they cannot repay! To add insult to injury, they cannot discharge it without spending money they don't have on attorney's fees to prove to a bankruptcy judge that they are practically starving to death!
Readers of this blog will know that this is not the first time I have started a rant on this issue. But then I found out from the Bankruptcy Law Network that there is a bill, languishing in Congress, that could very well solve the problem. Unfortunately, it will probably not to see the light of day until 2013 if the Democrats retake the House.
This is perfectly good legislation that cries out for consideration. It would strip away the nondischargeability shield enjoyed by banks that do not have governmental backing on a loan and raise the bar on protection of loans that receive funding from nonprofits. Even if this bill, in its current form, is not the answer, it is at least a launching off point for the enactment of a solution.
This is a bill that needs action! It needs Congressman to bring it onto the floor, then stand up and support a vote to pass it. The National Association of Consumer Bankruptcy Attorneys (NACBA) has been working to get something done. They are gathering evidence of the student loan crisis and bringing it to the attention of legislators.
If you, a family member, or a good friend, is struggling with student loan debt, comment on my blog and tell me about it. Call your Congressman and urge the movement of this bill onto the floor for a vote. Something needs to be done.