10 years was the timespan that the government report used. The reason why it matters whether or not you can discharge the loan is because it changes lending be

10 years was the timespan that the government report used. The reason why it matters whether or not you can discharge the loan is because it changes lending behavior in the first place. The baby boomers used to work entry level jobs over the summer and pay for a semester of college. In the late 70s, congress changed the bankruptcy law. Lenders loved this because it completely changes the risk equation. It incentivized them to lend as much as possible to as many as possible. This triggered a feedback loop with colleges. They could charge more for tuition, and in turn, lenders could lend more risk free debt. Rinse and repeat. Colleges would use that extra income to take on administrative bloat and wasteful programs. Four decades later, tuition is double that of other countries, colleges are happy, lenders are happy, and graduates are getting crushed by debt.