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Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
4/28/2021 • House
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.
Introduced in House • 2/18/2021
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Sponsor & Cosponsors (7)
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Sponsor
Cosponsors (6)
Bill Journey
Originated in the House
Introduced
February 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.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law