A unanimous panel of the Manhattan-based appeals court held that the loans did not qualify as the type of "educational benefit" that can be exempted from discharge under federal statute.
July 15, 2021 at 02:18 PM
4 minute read
The U.S. Court of Appeals for the Second Circuit ruled for the first time on Thursday that privately issued student loans can be discharged in bankruptcy, a major win for borrowers facing financial hardship in paying off their loans.
A unanimous panel of the Manhattan-based appeals court held that the loans did not qualify as the type of “educational benefit” that can be exempted from discharge under federal statute.
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Judge Dennis Jacobs of the U.S. Court of Appeals for the Second Circuit. Photo: Rick Kopstein/ALM
