Bankruptcy bill to wipe out borrowers’ student loan debt

 

Source: NBC 5 Chicago

Pointing to the 44 million Americans who owe more than $1.5 trillion in student loan debt, Illinois Sen. Dick Durbin on Monday pushed for legislation that would wipe away a student loan borrower's debt if they declare bankruptcy.

The measure, titled the Student Borrower Bankruptcy Relief Act of 2019, looks to eliminate part of the bankruptcy code that makes student loans nondischargeable, "allowing these loans to be treated like nearly all other forms of consumer debt."

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