So many people are stuck in a bottomless pit when it comes to private student loans. After a change by Congress in 2005, private student laons are no longer dischargeable in bankruptcy. - Source
Today, private student loan lenders make little real opportunities available for borrowers to have any hope of ever repaying their private student loans.
Many readers of the GetOutOfDebt.org website have shared stories that both suicide and leaving the country are options that seem reasonable.
Private student loans should have income based repayment options just like government backed loans. We need to find a solution to this problem or generations of students will be locked in a financial hell facing administrative wage garnishments, massive penalties and fees they will never repay in their lifetime.
Student with private student loans need real answers and solutions and not have to turn to suicide and hopelessness as their only options to deal with their private student loan debt. The Fairness for Struggling Students Act should be passed.
This is an American tragedy in the making.