Drowning in Student Debt: Who Should You Thank?

Student loans are one of the few exceptions that cannot be discharged in bankruptcy in the Bankruptcy Abuse Prevention and Consumer Protection Act, which was passed by the Bush administration in 2005. Student loans fall under the same category as child support payments and criminal fines. Almost any other kind of debt including medical bills, mortgage, credit cards and car loans, even gambling losses can be discharged under this law. Critics of the law say it is a giant giveaway to the banking industry that provides protections for lenders as opposed to students. The average loan balance for U.S. college…