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September 23, 2009, 05:12 PM ET
Discharging Student Loans in Bankruptcy Gets House Subcommittee Hearing
In 2005, Congress added private student loans to the list of debts that are not automatically discharged when a person declares bankruptcy -- federally guaranteed student loans were treated that way in a 1976 law. Instead, students who borrow from both public and private lenders must prove to a judge that repaying their debts would be an "undue hardship." On Wednesday, a subcommittee in the U.S. House of Representatives held a hearing on why the law should be changed.
Comments
1. douglas319 - December 01, 2009 at 09:58 pm
To hell with the us congress.
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