Well, it was pretty bipartisan, and over the past decades since the mid-70s loopholes have been slowly closing--in 2005 the ability to discharge loans for nonprofit schools was eliminated.
Weirdly, attempts to roll back these ridiculous restrictions have been bipartisan, too. In 2007, Hillary Clinton tried to restore the 7 year limit, and right now there's some Republican senator whose name I can't remember pushing a bill that would eliminate the hardship test.
Bankruptcy prevents banks and schools from shunting all the risk onto students. Given the state of higher ed, going to school isn't a guaranteed paycheck, and they need to stop lending like it is. This will hopefully force schools to control tuition costs.
Weirdly, attempts to roll back these ridiculous restrictions have been bipartisan, too. In 2007, Hillary Clinton tried to restore the 7 year limit, and right now there's some Republican senator whose name I can't remember pushing a bill that would eliminate the hardship test.
Bankruptcy prevents banks and schools from shunting all the risk onto students. Given the state of higher ed, going to school isn't a guaranteed paycheck, and they need to stop lending like it is. This will hopefully force schools to control tuition costs.
Or we can just make college free. :)