Student Loans Would Again Become Dischargeable Under New Bill

Until 1976, student loan debt could be discharged in bankruptcy proceedings. That year, largely baseless claims that student debtors were abusing the bankruptcy system led to the first restrictions on bankruptcy discharge of student loan debt. These restrictions were tightened even further in the ensuing decades.

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Although most types of debt are dischargeable in bankruptcy, there is one notable and growingly troublesome exception: student loan debt. Student loan debt has become one of the top forms of personal debt in the U.S. and is causing a great deal of financial hardship to millions of Americans, yet there is no way to discharge these debts in.

A total and permanent disability (TPD) discharge relieves you from having to repay a William D. Ford Federal Direct Loan (Direct Loan) Program loan, a Federal Family Education Loan (FFEL) Program loan, and/or a Federal Perkins Loan or to complete a TEACH Grant service obligation. To qualify for a TPD discharge, you must complete and submit a TPD discharge application, along with documentation.

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Students being crushed under the weight of mounting student loan debt have few. even under this circumstance, discharge isn’t a foregone conclusion.. federal student loans should once.

Federal student loans should once again be eligible for discharge in bankruptcy. All the way back in 1987, President Reagan’s then Secretary of Education, Bill Bennett, wrote an Op-ed in the New York Times entitled: Our Greedy Colleges .

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Death Discharge. If a borrower dies, every Federal Student Loan they carry will be discharged. This debt is not considered part of their estate nor will assets from their estate be pursued by either the Department of Education or their loan servicer.

Under the new tax law, people whose student loan debt is discharged due to disability will no longer be taxed on the discharged income, potentially saving them tens of thousands of dollars.

The common belief is that student loans and bankruptcy do not mix. Generally, student loan debt may not be discharged in bankruptcy; however, there are exceptions. Understanding Bankruptcy and Student Loans. Most individual debtors file under either Chapter 7 or Chapter 13 of the Bankruptcy Code.