College graduates overwhelmed by private student loans could see bankruptcy relief if proposed legislation makes its way through Capitol Hill. Supporters of the Private Student Loan Bankruptcy Fairness Act of 2010 argue that private borrowers lack important consumer protections that come with federal loans — such as deferment plans and income-based repayment options. Under legislation enacted in 2007, borrowers who work in public service jobs for at least 10 years can qualify to have the balance of their student loans forgiven. Also, private loans typically carry variable interest rates that are higher for those who can least afford them, supporters say. “Struggling borrowers have virtually no way to make private loan debt more manageable because lenders can simply refuse to negotiate affordable terms,” said Lauren Asher, president of the Institute for College Access and Success, which runs the Project on Student Debt. Still, private student loans are growing more rapidly than federal student loans, and if trends Read More
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