Introduction and Background
Millions of Americans are grappling with student debt on top of the challenges posed by the coronavirus pandemic and the economic recession. Unlike other categories of personal debt, most student loans are nondischargeable absent a showing that the debtor is experiencing an “undue hardship.” Of the over $1.6 trillion in student loan debt, over $50 billion is comprised of private loans. On August 31, 2020, in McDaniel v.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a roughly $2 trillion coronavirus response bill signed into law yesterday, is intended to provide widespread emergency relief for Americans and the country’s economy. In addition to its benefits for individuals, the bill provides aid for small businesses, large corporations, hospitals and public health agencies, and state and local governments.