On Wednesday, three U.S. senators unveiled the Fairness for Struggling Students Act of 2013, which would reverse a 2005 stipulation that absolves private student loan debt from bankruptcy laws. Although federal loans have been ineligible for bankruptcy discharge since 1978 due to the increased regulations on private loans (high interest rates, ineligibility for income-based repayment or forbearance), Congress has to decide to make the first step in protecting student rights against private banks.

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