Easier Student Loan Discharge in Bankruptcy Proceedings.
This bill removes the special rules that currently make it extremely difficult to cancel student loan debt during bankruptcy proceedings. If enacted, student loans would be treated like most other consumer debts, allowing borrowers struggling financially to more easily achieve a fresh start. This change applies only to bankruptcy cases filed after the law takes effect.
Key points
Allows federal and private student loans to be discharged (wiped out) through the standard bankruptcy process.
Eliminates the requirement for borrowers to prove 'undue hardship' to get rid of student debt.
Status:
Expired
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