March 25, 2005
Senate Approves Bankruptcy Bill
The Senate has approved legislation that would overhaul the country's bankruptcy laws and make it harder for college students to wipe out private education loans by filing for personal bankruptcy. The bill now heads to the House of Representatives, where supporters believe it has strong backing.
The bill, the Bankruptcy Abuse Prevention and Consumer Protection Act (S 256), would make it just as difficult for a student to discharge a private loan as a federal loan. Under current law,
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