During the 1700’s, American colonists- including George Washington, Thomas Jefferson, Robert Morris, and others- were being treated horribly under debt- typically to British banks, trading companies, and other investors. In fact, the issue of debt was so concerning to the nation’s Founders, that that in Article I, Section 8 of the U.S. Constitution, they call for uniform bankruptcy laws ahead of the power to raise an army, declare war, and coin currency.

Congress, however, began chipping this protection away, uniquely, from student loans beginning in 1976 and continuing through 2005. Today, both federal and private student loans are essentially impossible to discharge in bankruptcy.

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