LOAN Act
- Last Action
- 4/28/2021
Actions
- 2021-04-28Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
- 2021-02-18Referred 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.
- 2021-02-18Referred 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.
- 2021-02-18Referred 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.
- 2021-02-18Introduced in House
- 2021-02-18Introduced in House
CRS Summary
As of 2021-02-18 (00)
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.
Cosponsors (6)
- André Carson (D-IN)
- Steve Cohen (D-TN)
- Madeleine Dean (D-PA)
- ELEANOR NORTON (D-DC)
- Ed Perlmutter (D-CO)
- Juan Vargas (D-CA)
Subjects
- Abortion
- Bankruptcy
- Disability and paralysis
- Disability assistance
- Higher education
- Intergovernmental relations
- Presidents and presidential powers, Vice Presidents
- Student aid and college costs
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.