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Will The Fairness for Struggling Students Act Allow Me to Discharge My Private Student Loans in Bankruptcy? – Lexi

“Dear Steve,

I owe $25,000 in credit card debt and over $120,000 in student loan debt. Half are federal loans and half are private loans. I am a single mother of two little ones and the reason for my debt was mostly due to my failed marriage and going to an expensive school. I am getting ready to file for bankruptcy as I cannot afford to pay everything anymore.

I know that the student loan debt will not be discharged in bankruptcy, but with the proposed law in the Senate called “The Fairness for Struggling Students Act of 2013″ I am worried that I will file for bankruptcy and then a new law will be passed that will allow some bankruptcy help with private student loans. If this happens will I be able to do anything about it or since I filed then it’s too late? My lawyer doesn’t think the law will change, but I just want to know in case it does. Thank you so much!!!


Dear Lexi,

There is no indication the law will become a reality. Similar laws have been suggested each year for the past few years and they’ve all gone nowhere.

The odds are significantly unlikely it will become a reality anytime soon.

On the federal loans, don’t forget to look at your consolidation and payment reduction options available. See the links below.

Student Loan Resources

You can use the following student loan resources to help reorganize, discharge or forgive your student loan payments.

The Overall Guide to Dealing With Student Loan Debt

Get Help For Your Student Loan Problem

Discharge Your Student Loans in Bankruptcy

Getting Sued Over a Student Loan

Private Student Loan Help

Student Loan Default

Student Loan Forgiveness and Discharge Information

Watch Out for Student Loan Assistance Programs

Administrative Wage Garnishment

Student Loan Consolidation Information

Specific Federal Student Loan Repayment Program Information

Maybe College Isn’t the Answer

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Lexi

    Thank you Steve! You have been a tremendous help while I have been going through my financial situation and I will continue to follow you throughout the whole process. I greatly appreciate your help!


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