What is the official ID of this bill?
The official print number for this legislation is HR 2498.
Private Student Loan Forgiveness for Death or Disability
This act aims to protect students and co-signers of private education loans. If a student borrower dies or becomes totally and permanently disabled, the loan will be discharged, and the lender cannot attempt to collect it. Additionally, the discharged amounts will not be taxed.
Key points
Private Student Loan Discharge: If a student borrower of a private education loan dies or becomes totally and permanently disabled, their liability for that loan will be cancelled.
Co-signer Protection: Individuals who co-signed the loan with the student will also be released from responsibility for the debt in case of the student's death or permanent disability.
Tax Exemption for Discharged Amounts: Amounts discharged due to death or permanent disability will not be considered taxable income.
No Disability Status Monitoring: After a loan is discharged due to disability, the lender will not be allowed to monitor the student's disability status.
Effective Date: The changes will take effect one year after the act is enacted.
Status:
Expired
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