Friday, June 21, 2019

Study: For Those Filing For Bankruptcy, Student Loan Debt Still Lingers On - Mike Brown, lendEDU

Essentially, student loan debt is impossible to discharge in bankruptcy and last week, Sen. Dick Durbin introduced a new bill to Congress, co-sponsored by Warren, Sanders, and Harris, that would treat student loan debt the same as nearly all other forms of consumer debt when dealing with bankruptcy proceedings. In this study by Mike Brown of lendEDU, the key findings included:

  • 32% of all consumers that filed for Chapter 7 bankruptcy also carried student loan debt 
  • Among that 32%, student loan debt made up 49% of the average consumer's total debt 
Posted by at