04/17/2015 08:13 pm ET Updated Apr 20, 2015

How The Bush Administration Pointlessly Screwed Over Student Borrowers

Stephen Dunn via Getty Images

There has never really been a good reason to bar Americans from discharging their student loans in bankruptcy. Back in the 1970s, a spate of newspaper stories claimed that unscrupulous college kids and law school grads were borrowing money from the government without planning to pay it back, knowing that they could just go to court and weasel out of their debts before they had any real assets to lose in the bargain. But, unsurprisingly, the reporting turned out to be mostly anecdotal trash that was later debunked in a study commissioned by Congress.

Didn't matter.

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