Most Think Bankruptcy Is an Acceptable Way To Escape Student Loan Debt — Do You Agree?

Depressed Asian young girl feel worry about financial problem in house. Stressed desperate young woman looking frustrated to paperwork and bills think of money debt, budget loss, bankruptcy at home. stock photo
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The Supreme Court is expected to rule this week on President Biden’s student loan forgiveness plan, which would forgive up to $20,000 per borrower.

Take Our Poll: Do You Think Bankruptcy Is an Acceptable Way To Escape Student Loan Debt?

Repayments already are scheduled to restart in October after a long pandemic-related pause, and the Supreme Court will determine whether borrowers will need to repay their full amounts.

An expert recently told GOBankingRates that about 20% of borrowers have defaulted on loans worth about $124 billion.

“Relieving debt through bankruptcy will be an option that many borrowers may be able to turn to instead,” said Jonathan Petts, CEO of Upsolve, a non-profit organization that helps individuals file bankruptcy without using a private attorney.

A poll by GOBankingRates indicated many people agree with that approach: 57% of the 5,000 or so respondents said they think bankruptcy is an acceptable way to escape student loan debt.

What do you think?

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