Student loan debt causes problems for many Raleigh and Cary residents, and the problem isn’t getting any better.
As the job market demands higher education for better jobs, more people are choosing college, borrowing money in hopes of a better life. But the promise that an expensive bachelor’s degree is the easy answer turns out not to be true. Many times, those who benefit are the lenders and the education institutions.About 12 million Americans borrow money each year for college tuition. In the U.S. today, outstanding student loan debts total between $902 billion and $1 trillion.
Those who file for bankruptcy find they can rid themselves of much of the debt that is holding them back — except student loans. Whether private or federal, student loans are not something your bankruptcy can erase, except in very extreme cases.
However, Senate Bill 114 and House Bill 532 pending in the current Congress would permit the discharge of private student loans.
Last week I attended the National Association of Consumer Bankruptcy Attorneys Capitol Hill meeting in Washington, D.C. to speak to our congressional representatives about those bills.
Many leading educational organizations support this legislation and we were there to ask for their support and to cosponsor these bills.
Our congressional representatives were interested, and understood that student loans are the next big financial problem faced by many Americans. The feedback was very positive, and Senator Hagen and U.S. Reps. Watt and Butterfield seemed willing to support these initiatives.
Myself and members of NACBA will continue to follow up with our congressional members to ensure that this legislation is not forgotten.
While we won’t see results happen overnight, the visit was a big step in making real change — change that will affect every member of our local community.
As a private citizen, you can help by contacting your congressional members to ask their support for Senate Bill 114 and House Bill 532.
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Making Private Student Loan Debt Part of Bankruptcy Law
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