Requesting Cosponsors To Discharge Student Debt through Bankruptcy: H.R.449 - 114th Congress (2015-2016)Messages Sent So Far
Bankruptcy protections should never have been removed from any student loans in this nation. In general, we believe it is very clear at this point that removing bankruptcy protections from both private and federal student loans has led to predatory lending behavior, has enabled unchecked inflation in the cost of college, has led to intolerably poor oversight in the case of federal loans, and caused a plethora of other negative consequences that have far outweighed any short term financial benefits to the lending side of the system. The harm this has done to the citizenry has been incalculable. Therefore, we believe that bankruptcy protections must be returned to all student loans as quickly as possible. The current legislation is an important start, however, and so we look forward to its quick passage.
Please cosponser H.R. 449 to help generations of Americans struggling with the financial burden of student loan debt.
Feb 3rd, 2015Someone from Washington, DC writes:
Could not be more disappointed with the democrats, who would rather throw money at higher education rather than ending the predatory student loan system which, in the absence of the most basic consumer protections like bankruptcy rights, is completely devastating millions of citizens. I am however, even MORE disappointed by the republicans, led by John Boehner, who prattle on about free markets while the cruel and unusual absence of free market protections (again bankruptcy protections) remain off the table, and the lending system is allowed to inflate with a speed never before seen. Adam Smith would be- and ever living economist ought to be- shaking their heads at how badly the student loan system has been perverted against the very citizens it was supposed to be helping. Obama, Elizabeth Warren, and the rest of the democrats were supposed to be the good guys in this, yet they are nowhere to be found on the bankruptcy issue when it comes to federal loans. Warren particularly should be ashamed given her complete inaction on this critically important topic, given her background as a bankruptcy scholar and professor. .