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Student Debt Bankruptcy Reform Act

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Mr. Swanner, with thanks to Mr. Delaney, submits

A BILL

To amend title 11 of the United States Code to make student loans dischargeable.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Student Debt Bankruptcy Reform Act”.

SEC. 2. EXCEPTION TO DISCHARGE.

Section 523(a) of title 11, United States Code, is amended—

(1) by striking paragraph (8); and

(2) by redesignating paragraphs (9) through (14B) as paragraphs (8) through (14A), respectively.

SEC. 3. CONFORMING AMENDMENTS.

Title 11, United States Code, is amended—

(1) in section 704(c)(1)(C)(iv)(I) by striking “(14A)” and inserting “(14)”;

(2) in section 1106(c)(1)(C)(iv)(I) by striking “(14A)” and inserting “(14)”;

(3) in section 1202(c)(1)(C)(iv)(I) by striking “(14A)” and inserting “(14)”; and

(4) in section 1328(a)(2) by striking “(8), or (9)” and inserting “or (8)”.

SEC. 4. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

(a) Effective Date.—Except as provided in subsection (b), this Act and the amendments made by this Act shall take effect on the date of the enactment of this Act.

(b) Application Of Amendments.—The amendments made by this Act shall apply only with respect to cases commenced under title 11 of the United States Code on or after the date of the enactment of this Act.

PES: This bill amends the federal bankruptcy code to permit 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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