LOAN Act
Latest action · Apr 28, 2021 Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 18, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 6
Members who signed on, in the order they did. All signed on Feb 18, 2021.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IN | André Carson | Original | Feb 18, 2021 |
| D-CO | Ed Perlmutter | Original | Feb 18, 2021 |
| D-DC | Eleanor Holmes Norton | Original | Feb 18, 2021 |
| D-CA | Juan Vargas | Original | Feb 18, 2021 |
| D-PA | Madeleine Dean | Original | Feb 18, 2021 |
| D-TN | Steve Cohen | Original | Feb 18, 2021 |
Actions 3
Everything that happened, newest first.
- Apr 28, 2021Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
- Feb 18, 2021Introduced in House
- Feb 18, 2021Referred 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.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4563 | To amend title 11 of the United States Code to make debts for student loans dischargeable. | Related bill | Nov 1, 2022 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Feb 18, 2021Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
