The Department of Justice and Department of Education consider returning the Constitutional Right of Bankruptcy protections to student loan borrowers. What could this mean for millions of families, so harmed by unbridled predatory lending that left borrowers shackled to government loans, for life? Wall Street Banker and fraud specialist, Tom Borgers, who appeared on CBS 60 Minutes in Dec 2011 after leading the nation’s investigation into the 2008 mortgage lending crisis, spoke out again in 2019, this time writing an open letter: Student Loan Debt Is Killing America. Today, Borgers has has a reminder on what Biden’s presidency could mean to the working poor and US real estate markets.

In Borgers February 2019 open letter he estimated that 25 million were unable to engage in the American Dream, ironically, a result of going to college, which now costs an exorbitant amount. “If returning bankruptcy goes through under Joe Biden’s presidency, this will mark the greatest help given to the working poor.”

Noted in Episode One Sallie Mae Not, winner of the Audience Choice Award at the Whistleblowers Summit + Film Festival in 2021, and recently screened at the USC Casden Institute and School of Cinematic Arts, many borrowers have paid more than their principle, often twice as a much, and still owe on their government issued and private loans. No stronger advocate for the return of bankruptcy protections listed in the US Constitution than Alan Collinge, founder of Student Loan Justice. Filmmaker Mike Camoin added. “This could offer a fresh start to millions of Americans, including veterans, who would be able to rid themselves of this predatory debt, start over, rent an apartment, buy a home, grow a family, basically, live the American Dream!”

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