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

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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.

What's happening now April 28, 2021

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

Related & companion bills 1

Bill text 1 version