LOAN Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary 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.
What just happenedApr 28, 2021
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Who’s behind it
- Introduced in HouseFeb 18, 2021
- Apr 28, 2021Committee
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Administrative State, Regulatory Reform, and Antitrust Subcommittee - Feb 18, 2021IntroReferralH11100
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.
Ways and Means Committee - Feb 18, 2021IntroReferralH11100
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.
Judiciary Committee - Feb 18, 2021IntroReferralH11100
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.
Financial Services Committee - Feb 18, 2021IntroReferralIntro-H
Introduced in House
- Feb 18, 2021IntroReferral1000
Introduced in House