DEFUSE THE STUDENT DEBT BOMB
America’s student loan debt continues to spiral out of control, a ticking time bomb for our nation’s financial future. At the end of 2018, student loan debt hit over $1.5 trillion, tripling in size since 2006. For the over 44 million Americans with student debt, there was no hope for relief if they ever found themselves in a situation where they could not pay back their loans. Until now.
In May 2019, the Student Borrower Bankruptcy Relief Act was introduced to set things right. If approved, student debt would once again be treated like medical debt or credit cards in bankruptcy. For borrowers who truly cannot afford to pay their student loans, they would be able to wipe the loans out in bankruptcy. Filing bankruptcy not taken lightly: bankruptcy courts evaluate each case closely.
That is why NACBA has released a new project:
To further strengthen the call to restore student loan bankruptcy discharge, NACBA is proud to introduce a new project: studentdebtbomb.com, a social media campaign to promote the Student Borrower Bankruptcy Protection Act of 2019 (S. 1414 and H.R. 2648), which seeks to make student loans fully dischargeable. The goal of the social media campaign is to encourage people to contact their Senators and Congressional Representatives, urging them to cosponsor the bills.
For further information, please contact Krista D’Amelio, NACBA Director of Government Affairs & Communications, at firstname.lastname@example.org.
Student Loan Debt Bomb Archives:
SURVEY: 4 OUT 5 U.S. BANKRUPTCY ATTORNEYS REPORT MAJOR JUMP IN STUDENT LOAN DEBTORS SEEKING HELP, FEARS GROW OF NEXT MORTGAGE-STYLE DEBT THREAT TO U.S.
The Same Front-Line Experts Who Were Among the First to Warn of the Rising Mortgage Crisis Now Point to Emerging “Student Loan Debt Bomb”;
The New Face of Student Debt: Vietnam Vet Parent Who Co-Signed Loans And Now is Likely to Lose His Golden Years.
WASHINGTON, D.C. – With student loan debt now topping U.S. credit card debt and few or no options available for distressed borrowers (including unwary parents who co-signed loans and now face the loss of nest eggs, retirement homes and other assets), America faces the very real possibility of another major economic threat on a par with the devastating home mortgage crisis, according to a new survey and report published today by the National Association of Consumer Bankruptcy Attorneys (NACBA).