Bill 119 HR 423, also known as the "Student Loan Debt Relief Act," aims to make changes to the dischargeability of debts related to certain educational payments and loans under title 11 of the United States Code.
The bill proposes to allow individuals with student loan debt to discharge these debts in bankruptcy proceedings, which is currently not allowed under the current laws. This would provide relief to individuals who are struggling to repay their student loans and facing financial hardship.
The bill also includes provisions to modify the criteria for determining whether a debt related to educational payments or loans can be discharged in bankruptcy. This would make it easier for individuals to qualify for debt relief and alleviate the burden of student loan debt.
Overall, the Student Loan Debt Relief Act aims to provide much-needed assistance to individuals facing overwhelming student loan debt by allowing for the discharge of these debts in bankruptcy proceedings. This could potentially help alleviate financial stress and provide a fresh start for those struggling with student loan repayment.