Private education loan & school goes bust - can debt be partially cancelled?

If a US bank gives an American student a private education loan for studies at a foreign med school and the school goes bust before the student can finish and graduate - does the student have any case for trying to get some of the debt to the bank cancelled .... for the year the school stopped, and/or previous years? Does the bank have any liability in this? Curious to know the legal situation....

Thanks for any help!