Easier Student Loan Discharge in Bankruptcy and University Accountability.
This act makes it easier for students to discharge educational debts in bankruptcy by changing existing rules. Additionally, it introduces a mechanism where higher education institutions may be required to repay a portion of the discharged debt if their students struggle with loan repayment.
Key points
Bankruptcy rule changes: Easier discharge of certain student debts if repayment would cause undue hardship or if the first payment was due over 10 years ago.
University accountability: Educational institutions with high student loan default rates may be required to repay a portion of the discharged debt to the Department of Education.
Status:
Expired
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