HR 1143
117th Congress
House
Finance and Financial Sector
Abortion
Bankruptcy
Disability and paralysis
Disability assistance
Higher education
Intergovernmental relations
Presidents and presidential powers, Vice Presidents
Student aid and college costs
LOAN Act
Introduced: February 18, 2021
See on congress.gov
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
Plain-English summary
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.
What's happening now
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.