Senate Bill Would Expand Student Loan Bankruptcy Discharge
By Vince Sullivan (August 3, 2021, 5:36 PM EDT) -- A bipartisan bill announced Tuesday by U.S. Sens. Richard Durbin and John Cornyn would allow borrowers to discharge student loans through bankruptcy 10 years after their first payments come due while requiring colleges and universities to repay part of the discharged debt.
Durbin, D-Ill., unveiled the proposed change to the federal bankruptcy code — dubbed the FRESH START Through Bankruptcy Act of 2021 — during a hearing of the Senate Judiciary Committee focused on student loan bankruptcy reform, saying he had floated similar changes before but now, for the first time, had bipartisan support from Cornyn, R-Texas.
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