Congressmen Cohen, Davis and Swalwell Introduce the Private Student Loan Bankruptcy Fairness Act

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WASHINGTON – Congressmen Steve Cohen (TN-09), Danny K. Davis (IL-07), and Eric Swalwell (CA-15) today introduced the Private Student Loan Bankruptcy Fairness Act. This legislation would restore fairness in student lending by treating privately issued student loans the same as other types of private debt are treated in bankruptcy. Until 2005, this type of student loan debt was dischargeable in bankruptcy, but a change to the bankruptcy code that year removed that consumer protection.

Congressman Cohen made the following statement:

“People who seek a higher education to better their futures should not be discouraged from doing so by the threat of financial ruin. No one wants to declare bankruptcy, but the bankruptcy system should work as a safety net allowing people to get the education they want with the assurance that, should their finances face the unexpected strains of…

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