Borrowers overwhelmed by private student loan debt often discover an ugly truth too late - these loans can't be discharged in bankruptcy like other types of consumer loans.

A new report on private student loans by the Consumer Financial Protection Bureau and the U.S. Department of Education suggests it may be time to change that. The agencies say these loans offer so little flexibility to struggling borrowers that Congress might consider revising the bankruptcy law, given today's tough economy.

Bankruptcy, of course, should never be entered into lightly because the repercussions are long-lasting. Those who file for bankruptcy end up paying higher interest rates for credit cards or for a mortgage, if they can get one. A bankruptcy can also knock you out of the running for a job. And the black mark stays on credit reports for as long as 10 years.

But when twenty-somethings have $100,000 or more in private loans and little prospect of finding work, they need the kind of relief that will give them a fresh start.