Bankruptcy Student Loan Cancellation Gets Bipartisan Support

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Legislation that will restore the right of needy borrowers to cancel student loans in the wake of bankruptcy has garnered bipartisan support in the Senate, giving impetus to the legal change that consumer advocates have long sought.

Senators Richard Durbin (D., Illinois) and John Cornin (R., TX) on Tuesday announced a clean slate of bankruptcy law that would allow bankruptcy filing borrowers to repay taxpayer-backed student loans after a waiting period of 10 years …

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