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“Before 1976, all education loans were dischargeable in bankruptcy.”

Justice League

Time.com:

It’s no surprise that student loan debt is a major concern. Federal and private student loan debt surpassed credit card debt for the first time in 2010 and is expected to hit $1 trillion this year. At the same time as college graduates are experiencing record-high debt, they are offered little opportunity to get back on track. “There’s no way to diffuse the bomb if the status quo stays the same,” NACBA Vice President John Rao said in a press call with reporters.

Which is why the group is calling on Congress to pass legislation that would allow graduates to discharge loans they took out from private lenders, including for-profit companies like banks and student loan giant Sallie Mae. Similar legislation has been submitted over the past two years by Democrats without making much progress, but nevertheless, NACBA is hoping this year…

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