Private Student Loan Bankruptcy Fairness Act of 2015

Bill: 114-hr-1674
Sponsor: full_name: Rep. Cohen, Steve [D-TN-9]
Introduced: 2015-03-26
Policy area: Finance and Financial Sector
Subjects: Bankruptcy

Higher education

Student aid and college costs
Latest action: action_date: 2015-04-29
text: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

Summaries:
action_date: 2015-03-26
action_desc: Introduced in House
text: <p> <b>Private Student Loan Bankruptcy Fairness Act of 2015 </b> <p> Amends the federal bankruptcy code to limit the non-dischargeability, except in cases of undue hardship, of educational loans to those made, insured, or guaranteed by a governmental unit, or made under any program funded by a governmental unit or any program for which substantially all of the funds are provided by a nonprofit institution (thus allowing the discharge of private educational loan indebtedness without the need to show an undue hardship).

tv_txt: I 114th CONGRESS 1st Session H. R. 1674 IN THE HOUSE OF REPRESENTATIVES March 26, 2015 Mr. Cohen (for himself, Mr. Danny K. Davis of Illinois , and Mr. Swalwell of California ) introduced the following bill; which was referred to the Committee on the Judiciary A BILL To amend title 11 of the United States Code to modify the dischargeability of debts for certain educational payments and loans.

1. Short title This Act may be cited as the Private Student Loan Bankruptcy Fairness Act of 2015 . 2. Exceptions to discharge Section 523(a)(8) of title 11, United States Code, is amended— (1) by striking subparagraph (B), and (2) in subparagraph (A)— (A) in clause (i)— (i) by striking (i) , and (ii) by inserting any program for which substantially all of the funds are provided by a after unit or , and (B) in clause (ii)— (i) by striking (ii) and inserting (B) , and (ii) by striking or at the end. 3. Effective date; application of amendments (a) Effective date Except as provided in subsection (b), this Act and the amendments made by this Act shall take effect on the date of the enactment of this Act. (b) Application of amendments The amendments made by this Act shall apply only with respect to cases commenced under title 11 of the United States Code on or after the date of the enactment of this Act.