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If borrowers want to get rid of their student loans through bankruptcy, they have to prove an extreme circumstance to qualify, which is rare and difficult. A senior Democrat and Republican want to change that.
Last week, Senate Majority Whip Dick Durbin and Sen. John Cornyn of Texas introduced the FRESH START Through Bankruptcy Act of 2021, which would allow borrowers to seek a bankruptcy discharge of their federal student loans after 10 years. Under federal law, according to their fact sheet, student debt is only dischargeable through bankruptcy if the borrower can prove “undue details ⇒
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