To amend title 11 of the United States Code to make debts for student loans dischargeable.
12/31/2022, 5:05 AMSummary of Bill HR 4563
Bill 117 HR 4563, also known as the Student Loan Debt Relief Act, aims to amend title 11 of the United States Code to allow for the discharge of student loan debts. Currently, student loan debts are not typically dischargeable in bankruptcy proceedings, meaning that individuals struggling with overwhelming student loan debt are often unable to seek relief through bankruptcy.This bill seeks to change that by making student loan debts eligible for discharge in bankruptcy proceedings. This would provide much-needed relief to individuals burdened by student loan debt, allowing them to potentially have their debts forgiven and start fresh financially.
Supporters of the bill argue that allowing student loan debts to be discharged in bankruptcy would provide a lifeline to individuals who are struggling to make ends meet due to their student loan obligations. They believe that this change would help alleviate the financial stress and burden that many Americans face as a result of their student loans. Opponents of the bill, however, argue that allowing student loan debts to be discharged in bankruptcy could have negative consequences, such as potentially increasing the cost of borrowing for future students. They also argue that it could lead to an increase in bankruptcy filings related to student loan debt, which could have broader economic implications. Overall, the Student Loan Debt Relief Act is a controversial piece of legislation that seeks to address the issue of student loan debt in the United States. It remains to be seen whether the bill will garner enough support to pass in Congress and become law.
Congressional Summary of HR 4563
This bill permits a borrower to discharge in bankruptcy a nonprofit, government, or private student loan, or an obligation to repay an educational benefit, scholarship, or stipend.
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Current Status of Bill HR 4563
Bill HR 4563 is currently in the status of Bill Introduced since July 20, 2021. Bill HR 4563 was introduced during Congress 117 and was introduced to the House on July 20, 2021. Bill HR 4563's most recent activity was Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law. as of November 1, 2022Bipartisan Support of Bill HR 4563
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 4563
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 4563
To amend title 11 of the United States Code to make debts for student loans dischargeable.To amend title 11 of the United States Code to make debts for student loans dischargeable.Comments
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Sponsors and Cosponsors of HR 4563
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