H.R. 1143 117th Congress House

LOAN Act

Official title: To amend the Truth in Lending Act to modify obligations relating to private education loans due to the disability of a cosigner or borrower of the loan, to ame… Show full official titleShow less

Official title: To amend the Truth in Lending Act to modify obligations relating to private education loans due to the disability of a cosigner or borrower of the loan, to amend title 11 of the United States Code to make student loans dischargeable, and for other purposes.

Introduced: February 18, 2021 See on congress.gov

Finance and Financial Sector AbortionBankruptcyDisability and paralysisDisability assistance

More subjectsShow fewer subjects

Higher educationIntergovernmental relationsPresidents and presidential powers, Vice PresidentsStudent aid and college costs

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 28, 2021

Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Feb 18, 2021

Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Feb 18, 2021

Introduced in House

Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

Latest action April 28, 2021

Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Plain-English summary Congressional Research Service

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.

Related & companion bills 1

Bill text 1 version