Student debt is a fact of life for nearly 50 million Americans. Some high-income earners stay on top of their debt or pay it off entirely thanks to stable jobs. Yet millions of others aren’t so lucky, falling behind on payments that frequently total more than a mortgage.
Most types of unsecured debt – credit card debt, medical bills and payday loans, for example – can be effectively wiped out through bankruptcy. Yet student loans are notoriously difficult to get out of. They can only be discharged in cases of “undue hardship” – a tough standard to meet.