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Federal student loans are also not dischargeable in bankruptcy, reducing the options of borrowers in financial distress A. Institutional Background Student loans are a popular way for Americans to pay the cost of college, and the use of such loans has been increasing in recent years. In 2005, 30% of 22-year-olds had accumulated some student loan debt, with an average real balance among debt holders of approximately $13,000. By 2014, these numbers had increased to 45% and $16,000, respectively. 5 The vast majority of students have access to federal student loans, which generally do not involve underwriting and can charge below-ount of such loans students can borrow is capped by Congress, however. Student borrowers frequently exhaust their available federal loans before moving on to generall...