In today’s culture of living life on credit, post-secondary education loans have become the most popular method for American students to pay for their college degrees. Further, “[t]he costs for a higher education are among the fastest-rising costs in American culture today. Since 1980, tuition costs at U.S. colleges and universities have risen 757 percent.” With $1.2 trillion in current outstanding student loan debt, approximately 43 percent of the 22 million Americans with federal student loan debt are not making payments on their loans. In 2014, 69 percent of college seniors at public and nonprofit colleges graduated with some student loan debt. Missouri students alone graduated with an average of $25,844 in student loan debt in 2014. Coupled with the high unemployment rates of a recovering economy, student loan debt poses the greatest obstacle for young adults starting out on their own. Such large amounts of debt can have a serious impact on the futures of these student debtors
The “Undue Hardship” Test: The Dangers of a Subjective Test in Determining the Dischargeability of Student Loan Debt in Bankruptcy,
82 Mo. L. Rev.
Available at: https://scholarship.law.missouri.edu/mlr/vol82/iss1/12