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Up until now, student loan debt could not be forgiven, even for bankruptcy. But a Colorado couple has had over $200,000 in student loans forgiven by a federal judge due to their bankruptcy!
The US Court of Appeals found that the couples’ debt could be discharged with their personal bankruptcy.
This puts many cracks in the stranglehold that the student loan industry has had on consumer debt! It is not the law of the land, but it is an important precedent. Education loans are often high-interest financial products that prey upon young people’s eagerness for an education that they can ill afford. The industry has been long in need of regulatory overhauls if you ask me, which you didn’t.
