A student-loan borrower just got $78,000 in debt wiped out in court after 3 decades of repayment following Biden's new bankruptcy guidance
According to the legal filings, Dodson attended Griffin Business College, a for-profit school in Seattle, in 1988, and she took out $18,955 in student loans for that education. The school shut down in 1993 following lawsuits from a number of students who said they were misled by the school. Upon reentering repayment in the early 1990s, Dodson suffered financial hardship and the late fees and surging interest left her with her most recent balance totaling $78,715.
"She minimizes entertainment and transportation expenses, and she avoids expensive habits or pastimes. She cuts coupons for groceries and even restricts her food intake to stretch the family food budget," the filing said."Despite maximizing her income and minimizing her expenses, Ms. Dodson is currently unable to repay her student loans without undue hardship to herself and her dependents, given her income and family responsibilities.
Leading up to the guidance, borrowers had to prove the"undue hardship" standard, in which borrowers have to show that they cannot maintain a minimal standard of living, that their circumstances aren't likely to improve, and that they have made a good-faith effort to repay their debt. That standard has proved veryin court, and the new guidance eased the process for borrowers by allowing them to complete a self-attestation form to help the departments assess their discharge request.
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