Proposed Legislation Allows Discharge of Private Student Loans in Bankruptcy
Published 04 May 10 06:08 AM | NextStudent
Democratic lawmakers in both chambers of Congress have proposed legislation that would make private student loans eligible for discharge under U.S. bankruptcy laws.
Sens. Richard Durbin of Illinois, Sheldon Whitehouse of Rhode Island, and Al Franken of Minnesota introduced the Fairness for Struggling Students Act (S. 3219) in the U.S. Senate on April 15, the same day that Reps. Steve Cohen of Tennessee and Danny Davis of Illinois introduced the Private Student Loan Bankruptcy Fairness Act (H.R. 5043) in the U.S. House of Representatives.
The House Judiciary Committee recently held a hearing on the proposed House bill (webcast of the House Judiciary Committee hearing on the Private Student Loan Bankruptcy Fairness Act, April 22, 2010).
Student Loans Among Most Difficult Debts to Discharge
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