The law concerning private student loans is unbalanced and unfair to students and needs to be changed immediately.
Why is this important?
In 2005 Congress passed a law that protected private unsecured student loans against bankruptcy. This is an unfair practice and allows financial institutions federal protection on a private debt. This would be likened to not being able to discharge a credit card in bankruptcy because the credit card was protected by federal law. It is not fair to the consumer and negates the true reason for bankruptcy to begin with.
