Private College Student Loan

Liklihood of chapter 7 bankruptcy for students with private student loans?

I'm not asking for your opinion on wether or not private student loans should be allowed to be written off in chapter 7 bankruptcy. I'm asking what is the liklihood that it will be an amendment anytime soon? I'm curious because the democrats voted for that very amendment in Februrary 2008. Republicans voted against it overwhelmingly and were the majority so it was removed.

Public Comments

1. No they should not be allowed to be written off. I would have tried to become a doctor then...because I would have just taken out massive loans and then declared bankruptcy. I can't believe it was even considered.
2. no time soon.unless your obama who took until he was 47 to pay his off! lol,yeah,he is a champ at economics.
3. http://en.wikipedia.org:80/wiki/Fascism
4. Not if the banking industry has anything to say about it, nor higher education. It was only recently they changed bankruptcy laws to put a higher priority on paying back credit cards than mortgages. What happened is people who had enough money to pay their mortgages but not their credit cards were forced to put the money toward their credit card balance before defaulting on both. So they could have saved their homes in many cases, but the banking industry wanted them to lose their homes. If people who borrowed an outrageous amount of money to pay for college—which is, after all, what higher education costs nowadays—knew that if they couldn't find a job, they could default, it would be harder to get loans. Now that's not necessarily a bad thing. Too many people have been conned into taking out loans to finance an education. It is risky in most cases, because you really can't know what the job market for your specialty will be when you get out. But then colleges would have to control their prices and stop lying to students about the real value of what they are learning. American students would no longer be seen as the goose that laid the golden egg. ∠°)