I’ve got over $50,000 in student loan debt — all for a Bachelor’s degree in “Liberal Studies.” Then, after all the Liberal Studies factories shut down once the recession hit, I found it hard to get a good job. Once I ran out of forbearances I would fantasize about bankrupting the debt. Of course, with private student loans that’s impossible — or nearly so. (A Baltimore judge recently ruled to discharge $340,000 in student loan debt for a borrower who “suffered from a disorder that prevented her from working” — and made history doing so.)
But in a new report, the Consumer Financial Protection Bureau and the U.S. Department of Education say the rules should change, and college grads with a mountain of loan debt and poor job prospects should be able to find relief in bankruptcy. The organizations find that private student loans, unlike federal ones, are just too inflexible to not allow discharge through bankruptcy.
If the rules changed it did become feasible to bankrupt my student loans, I don’t think I’d do it at this stage. I just wouldn’t want the black mark on my credit. Would it be worth it to you?
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