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Student Debt: Lawmakers Reconsider Ban On Discharging Student Loans

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Sen. Dick Durbin (D., Ill.) has introduced legislation to make it easier for borrowers discharge student loan debt.
Sen. Dick Durbin (D., Ill.) has introduced legislation to make it easier for borrowers discharge student loan debt.

The growth of student debt is stirring debate about whether the government should step in to ease the burden by rewriting the bankruptcy laws--again.

In 2005, Congress prohibited student debt from being discharged through bankruptcy, except in rare cases, because of concerns that many young graduates--who often have no major assets such as a house or a car--would be tempted to walk away from loan obligations.

Read the whole story at Wall Street Journal