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Statement from Christine Lindstrom, Higher Education Program Director, Texas Public Interest Research Group
On Thursday, April 22, Chairman Steve Cohen (D-TN) of the U.S. House Subcommittee on Commercial and Administrative Law is scheduled to hold a hearing on H.R. 5043, the “Private Student Loan Bankruptcy Fairness Act of 2010.”
Statement Christine Lindstrom, TexPIRG Higher Education Program director:
“Private educational loans are among the most profitable for banks, lenders, and institutions that provide them.
“Not only do they have high cost terms similar to credit cards, but they are extremely difficult to discharge in bankruptcy. Other forms of consumer debt, such as credit cards, auto loans, and personal loans, are fairer to borrowers in distress.
“Only the banks benefit from such rigid loan terms. Student loan borrowers who tried to better their lives with education but instead faced distress should be granted the ability to start again.”
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