Acting on a suggestion earlier this week from President Barack Obama to ease the student loan debt burden for some borrowers, 12 U.S. Senators have introduced a new bill designed to do just that.  If approved, the proposed Fairness for Struggling Students Act of 2015 would put private student loans in the same category as other dischargeable private unsecured debt. Currently, student loan debt can only be discharged in the rarest cases thanks to changes made to federal bankruptcy code in 2005. The bill seeks to reverse those changes. Illinois Senator Dick Durbin, a co-sponsor for the bill, released a statement saying, “Too many Americans are carrying around mortgage-sized student loan debt that forces them to put off major life decisions like buying a home or starting a family. We can no longer sit by while this student debt bomb keeps ticking.”

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Image Source: Ian Norman