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<p>Commercial student loans – i.e. loans not made by non-profit or govermental agencies – only became non-dischargeable in 2005. Such loans have been marketed aggressively since then, regardless of a student’s academic ability or course of study, because current law makes it nearly impossible for borrowers to default. </p>
<p>The parallels with subprime mortgage lending are disconcerting. Except that you can default on an unwise mortgage.</p>