Durbin Legislation Would Allow Student Loan Bankruptcy
Here is a wrap-up of some of the latest political news.
U.S. Dick Durbin (D-IL) has introduced legislation that would allow private student loan debt to be discharged in bankruptcy. The bill does not include federal student loans. This may be a boon to some senior citizens who are more concerned about having money for student loans rather than for golf or cruises. These senior citizens are still paying their college loans; others are paying costs incurred when they returned to college later in life; and others are strapped with loans they co-signed for their children who cannot, in this job market, afford to pay their loans. The Washington Post reported that new research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36 billion in student loans, …
