Why would the availability - or unavailability - of BK discharge of private student loans shift the “pain” onto taxpayers? Only in the publicly guaranteed sector is there a risk of taxpayers having to shoulder the costs. And honestly, taxpayers probably have to bear more of the pain if you make it easier for students to declare bankruptcy if the government is the guarantor (unless, again, they’re also changing the general rule that the guarantor isn’t released just because the borrower declares BK).
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