Political Quotes

“Mr. President, every week I hear from students across my State and around the Nation who are struggling with student loans. Congress has acted on important legislation to help students with these loans by keeping the interest rate of Federal subsidized student loans at a low 3.4 percent, but we need to do more for borrowers and their families because the private student loans have become burdensome and unmanageable. While other types of consumer loan debt are decreasing, there is one category that is increasing, student loan debt. Student loan debt is more burdensome than other debts. Lenders often will not work with borrowers; take it or leave it. As we all know, student loans--because of the action of Congress--are not dischargeable in bankruptcy. Only in extremely rare circumstances when the debtor can establish undue hardship is a student loan dischargeable from a bankruptcy. Undue hardship is a court-defined term, and most courts use a three- part analysis called the Brunner test that was created by the Second Circuit in 1987 to determine whether a student loan can be discharged in bankruptcy.…”