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Private Loan Disability Discharge Act of 2023

12/15/2023, 4:00 PM

Summary of Bill HR 4784

Bill 118 hr 4784, also known as the Private Loan Disability Discharge Act of 2023, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide relief to individuals who are permanently disabled and unable to work by allowing them to have their private student loans discharged.

Under the current law, individuals with federal student loans are able to have their loans discharged if they are permanently disabled. However, this provision does not apply to private student loans, leaving many disabled individuals burdened with debt that they are unable to repay.

The Private Loan Disability Discharge Act of 2023 seeks to address this issue by extending the same discharge provisions to private student loans. This would provide much-needed financial relief to disabled individuals who are struggling to make ends meet due to their inability to work. The bill includes provisions to streamline the application process for loan discharge, ensuring that eligible individuals are able to access this relief in a timely manner. It also includes safeguards to prevent abuse of the system, such as requiring documentation of disability from a qualified medical professional. Overall, the Private Loan Disability Discharge Act of 2023 aims to provide a compassionate solution to the financial challenges faced by permanently disabled individuals with private student loans. By allowing these individuals to have their loans discharged, the bill seeks to alleviate financial hardship and provide a path to financial stability for those who are unable to work due to disability.

Congressional Summary of HR 4784

Private Loan Disability Discharge Act of 2023

This bill directs the holder of a private education loan to discharge the loan balance for both the borrower and any cosigner in the event of total and permanent disability of the borrower. The bill also extends indefinitely the exclusion of student loan debt discharge from gross income for federal income tax purposes.

Read the Full Bill

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Current Status of Bill HR 4784

Bill HR 4784 is currently in the status of Bill Introduced since July 20, 2023. Bill HR 4784 was introduced during Congress 118 and was introduced to the House on July 20, 2023.  Bill HR 4784's most recent activity was Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of July 20, 2023

Bipartisan Support of Bill HR 4784

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 4784

Primary Policy Focus

Education

Alternate Title(s) of Bill HR 4784

Private Loan Disability Discharge Act of 2023
Private Loan Disability Discharge Act of 2023
To provide for the discharge of a private education loan in the case of death or total and permanent disability of a student obligor, and for other purposes.

Comments

Sponsors and Cosponsors of HR 4784

Madeleine Dean
Madeleine Dean
PennsylvaniaDemocrat

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