The student loan system is out of control. Congress stripped standard bankruptcy protections from student loans in 1998, and a predatory, hyper-inflationary government-led lending system has arisen.
The government now profits well over $50 billion per year on the program, prices have skyrocketed faster than health care, and families across the Puget Sound are being crushed.
Disturbingly, the Office of Federal Student Aid, which is run largely by former bankers, fights tooth-and-nail behind the scenes alongside Wall Street lobbyists to keep bankruptcy from the predatory cash cow.
There is a good reason the founding fathers demanded a uniform system of bankruptcies ahead of the power to declare war, raise an army and coin currency in our constitution. The student loan catastrophe proves their wisdom in spades.
House Resolution 2366 would put student loans in parity with all other loans in bankruptcy proceedings, but Congressman Derek Kilmer, D-Gig Harbor, has yet to cosponsor this bipartisan legislation. Frankly, this should have happened years ago.
What on earth is Kilmer waiting for? He needs to fight for his constituents.