Quote:
Originally Posted by Gwaihir
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However, you can thank Biden for playing a key role in making student loans nearly impossible to dismiss in a bankruptcy; definitely one of his babies.
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And the post-hoc fact check from Gwaihir intuiting this accusation from the social consciousness says:
True
Private student loans were largely stripped of bankruptcy protections in 2005 in a congressional move that had the devastating impact of tripling such debt over a decade and locking in millions of Americans to years of grueling repayments.
The Republican-led bill tightened the bankruptcy code, unleashing a huge giveaway to lenders at the expense of indebted student borrowers. At the time it faced vociferous opposition from 25 Democrats in the US Senate.
But it passed anyway, with 18 Democratic senators breaking ranks and casting their vote in favor of the bill. Of those 18, one politician stood out as an especially enthusiastic champion of the credit companies who, as it happens, had given him hundreds of thousands of dollars in campaign contributions –
Joe Biden.