LOAN Act
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2021
Committee Review
Floor Vote
President
Introduced Feb 18, 2021
Last action Apr 28, 2021
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
0
Committee
2
Apr 28, 2021
Committee
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
lower
Feb 18, 2021
Committee
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.
lower
Feb 18, 2021
Introduced
Introduced in House
lower
1 primary · 6 co-sponsors
Sponsors
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