Trillion Dollar Student Loan Industry Exempt From Bankruptcy

by Kent Anderson,

In 2010, the annual volume of new student loans reached 100 billion
dollars. There is now more than a trillion dollars in student loan
debt on the books and this type of debt is growing rapidly. A new
economic crisis is about to emerge. Student loan debt cannot be
discharged in bankruptcy except under the most extreme of
circumstances. It is not only government-sponsored or guaranteed
student loans that are exempt from bankruptcy discharge. Bank loans
made to students, and relatives or friends who guarantee those loans,
are facing discharge problems when the debt carries that "magic"
designation as an "educational loan."

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