Fairness for Struggling Students Act of 2015

Bill: 114-s-729
Sponsor: full_name: Sen. Durbin, Richard J. [D-IL]
Introduced: 2015-03-12
Policy area: Finance and Financial Sector
Subjects: Bankruptcy

Higher education

Student aid and college costs
Latest action: action_date: 2015-03-12
text: Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1497)

Summaries:
action_date: 2015-03-12
action_desc: Introduced in Senate
text: <p><b>Fairness for Struggling Students Act of 2015</b></p> <p>This bill amends federal bankruptcy law to make privately issued student loans dischargeable in bankruptcy. Under current law, student loans (whether issued privately or by a governmental unit) are dischargeable only if excepting the loans from dischargeability would impose undue hardship on the debtor and the debtor's dependents. </p>

tv_txt: II 114th CONGRESS 1st Session S. 729 IN THE SENATE OF THE UNITED STATES March 12, 2015 Mr. Durbin (for himself, Mr. Whitehouse , Mr. Franken , Mr. Blumenthal , Mrs. Murray , Mr. Reed , Ms. Warren , Mr. Wyden , Mrs. Boxer , Mr. Kaine , Mr. Schatz , Mrs. Gillibrand , and Ms. Hirono ) introduced the following bill; which was read twice and referred to the Committee on the Judiciary A BILL To amend title 11, United States Code, with respect to certain exceptions to discharge in bankruptcy.

1. Short title This Act may be cited as the Fairness for Struggling Students Act of 2015 . 2. Exceptions to discharge Section 523(a)(8) of title 11, United States Code, is amended by striking dependents, for and all that follows through the end of subparagraph (B) and inserting dependents, for an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit or made under any program funded in whole or in part by a governmental unit or an obligation to repay funds received from a governmental unit as an educational benefit, scholarship, or stipend; .