Make college debt dischargeable in bankruptcy

In the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, Congress made student debt non-dischargeable in bankruptcy. That put student debt in a different category from medical debt or credit card debt, making it inescapable and sentencing millions of young people to an entire lifetime of debt servitude.

One of the main champions of this legislation in Congress was Joe Biden. Wall Street had been clamoring for bankruptcy “reform” for many years. Corporations use bankruptcy frequently as a financial maneuver to get out of bad investments, but the Act made that impossible for many consumers, especially student debtors.

People should not be on the hook for a lifetime for a choice they made when they were 18 or 20 years old, a choice that was forced upon them by exorbitant higher education costs. As President, RFK Jr. will propose legislation to Congress to repeal the unfair provisions of the Bankruptcy Act and replace it with genuine protection for indebted consumers.