<p>I agree that private student loans should be dischargeable in bankrupty AFTER X number of years following graduation–perhaps about 10. </p>
<p>In the old days, the problem was that as soon as folks got their JDs or MDs, they declared bankruptcy and left their federal student loans unpaid. </p>
<p>So, the law was changed. However, for a significant period of time, the law was still that PRIVATE loans could be discharged. The result was that banks were cautious in making loans. </p>
<p>Then the bankruptcy rules were changed so that private student loans can’t be discharged. So, banks gladly hand out loans which they would NEVER make if the loans couldn’t be discharged in bankruptcy. And, as others have said, when the money became readily available, tution jumped. </p>
<p>FAFSA caps the amount of money you can borrow for law school. I agree that these loans shouldn’t be dischargeable in bankruptcy. But, IMO, after some period of time, private loans should be. </p>
<p>At the very least, there should be rules which prohibit things like penalties and attorney’s fees being included in the amount which can’t be discharged in bankruptcy.</p>