Private student loan borrowers need more protection. Right now, if you rack up thousands of dollars in debt buying sports cars or trips to Tahiti, you can file for bankruptcy. But if you can't make your payments on the private loans you took out to pay for college, you're doomed to slide further into financial ruin. Private student loan borrowers must currently prove "undue hardship" in order to file for bankruptcy - an almost impossible feat.

There is a solution. H.R. 5043, the Private Student Loan Bankruptcy Fairness Act of 2010, would treat privately issued student loans in bankruptcy the same as other types of private debt. U.S. Representatives Steve Cohen (D-TN) and Danny K. Davis (D-IL) have proposed the legislation, which in September 2010 moved from a committee to the entire House of Representatives.

Tell Congress to extend the same protection to private student loan borrowers that they do to those in debt from buying cars, houses and luxury goods. Tell your Representative to vote yes on H.R. 5043.

Photo credit: Jeff Turner