Getting Out From Under: Student Loans and Bankruptcy, Explained

President Joe Biden’s decision to forgive some federal student loan debt highlights the struggle that many borrowers endure to pay off the cost of higher education.

Biden’s move to forgive $10,000 for borrowers under certain income thresholds, and $20,000 of debt held by Pell Grant recipients, makes only a small dent in the debt that some current and former students hold. Some borrowers may be tempted to turn to bankruptcy in hopes of eliminating that debt.

Unlike many other forms of debt, it’s extremely difficult—and in some jurisdictions, practically impossible—to get rid of student loan obligations with a bankruptcy filing. ...