H.R. 1143 · 117th Congress
LOAN Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KildeeSponsor6 cosponsors · 6 D
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Feb 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: LOAN Act
Also known as: Lenders Offer Assistance Now Act
Latest action (Apr 28, 2021): Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 18, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.