Around 100 people gathered to protest outside the US Bankruptcy Court on SW 5th Ave and SW Salmon in Downtown Portland to demand full dischargability of all student loans in bankruptcy. Portland, OR, USA, 17/10/11.
According to a press release from the organizers;
"We demand that all student loans be fully dischargeable in bankruptcy court. Because the wealthy have their business and personal debts canceled when they declare bankruptcy. Because when the poor seek to have their debts canceled, they're told that student loan debt is non-dischargeable for life. We seek the total abolition of bankruptcy discrimination against the poor and working classes.
Students have no credit history when they enter college and seek to finance their education with student loans. No one will lend money on such a risky venture. This is the argument for a federal guarantee of student loans. It brings lenders to the table. But because there is no credit history on which the loans are made, student loans are not part of the credit markets. They are part of a modern system of indentured servitude.
We demand an end to the student loan industry. We demand a 100% grant-based system for funding education instead. We demand that all debts be treated equally in bankruptcy courts. We demand bankruptcy discharge of all debts for rich and poor alike. [...]