Amends the Bankruptcy Act to prohibit the discharge of any federally insured or guaranteed student loan prior to five years from the commencement of the repayment period for such loan unless the court determines that repayment from future income will impose an undue hardship on the bankrupt or the bankrupt's dependents. Stipulates that such prohibition shall apply with respect to any proceeding commenced under the Bankruptcy Act during the period beginning on the date of enactment of this Act and ending October 1, 1979.
Subjects educational loans made, insured, or guaranteed in whole or in part by a governmental unit or made under any program funded in whole or in part by a government unit, or nonprofit institution of higher education to such prohibition.
Excludes periods of deferment from the calculation of the first five years of the repayment period.
Measure considered in House.
Passed/agreed to in House: Measure passed House.
Measure passed House.
Referred to Senate Committee on the Judiciary.
Reported to Senate from the Committee on the Judiciary with amendment, S. Rept. 96-230.
Reported to Senate from the Committee on the Judiciary with amendment, S. Rept. 96-230.
Call of calendar in Senate.
Measure considered in Senate.
Passed/agreed to in Senate: Measure passed Senate, amended.
Measure passed Senate, amended.
Resolving differences -- House actions: House agreed to Senate amendments.
House agreed to Senate amendments.
Measure enrolled in House.
Measure enrolled in Senate.
Measure presented to President.
Measure presented to President.
Signed by President.
Signed by President.
Public Law 96-56.
Public Law 96-56.
Enacted as Public Law 96-56
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line