Bankruptcy is like the ultimate get out of jail free card. You just get to wipe the slate clean, and even though your credit score and ability to borrow might suffer, you are free from all your previous obligations. But student loans have long been exempted from being erased by bankruptcy.
If this bill passes Congress however, hundreds of billions of currently delinquent student loans, potentially as much as $1.4 trillion worth of student loan debt…
Just another way for socialist to get what they want by forcing others to pay for college education, just as Bernie Sanders demanded. The government encourages loans to be written to people with little or no income so they can go to college. Banksters make HUGE profits under a program that would never find investors in a free market or without the aid of fiat currency Then when the bubble bursts the banksters trot off down the street with billions in profits and the tax payer gets stuck with the bill.
Oh, and colleges have made even more than the banksters, again at the expense of the tax payers.
Average Joe