415.963.4004Written by San Francisco Bankruptcy Lawyer, Jeena Cho
There may be some relief coming to those with overwhelming private student loan. Rep. Steve Cohen, D-Tenn., recently held a hearing on legislation (H.R. 5043) he authored that would allow for the discharge of privately issued student loans. He said interest rates and fees on private student loans can be 15% or more. Such interest rate can exceed that of credit cards. Many student loan companies prey on students too young to understand the consequences of taking out huge student loans. They are often misled to believe it would not be a problem to repay such loans because everyone with a degree can make 6 figure income.
This would be welcomed news should it pass (but I’m not getting my hopes up yet).