H.R.1143 - LOAN Act117th Congress (2021-2022) |
|Sponsor:||Rep. Kildee, Daniel T. [D-MI-5] (Introduced 02/18/2021)|
|Committees:||House - Financial Services; Judiciary; Ways and Means|
|Latest Action:||House - 04/28/2021 Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.1143 — 117th Congress (2021-2022)All Information (Except Text)
Introduced in House (02/18/2021)
Lenders Offer Assistance Now Act or the LOAN Act
This bill requires the discharge of a private education loan in the event of the student borrower's disability. Such a discharge is not considered income for tax or other purposes. Additionally, the bill prohibits the automatic default of a private education loan due to the disability of a loan cosigner.
Furthermore, the bill generally permits the discharge of student loans in bankruptcy. Under current law, student loans are not dischargeable in bankruptcy unless repayment would be an undue hardship to the debtor and the debtor's dependents.