The numbers are basically mad: total debt rose from around USD 100 billion ca 2006 to almost USD 1 trillion by the end of 2015. At the conference of Governors held on March 6, 1933, the Governors of the 48 States of the Union accommodated the Federal Bankruptcy of the United States Corporation by pledging the faith and credit of their State to the help of the National Government.
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Once the public realizes how numerous millions of people are suffering from their participation in the federal student loan system, maybe we will see genuine reform-which is nothing much more and practically nothing much less than affordable access to the bankruptcy courts.
In 2015, the Obama administration launched a pilot plan to test whether or not federal workers could efficiently take more than the job of collecting on defaulted student loans, while being much more useful and significantly less aggressive than private collectors.
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