Section 1 Short title
This Act may be cited as the “Student Loan Bankruptcy Act of 2018”.
Student Loan Bankruptcy Act of 2018
A BILL
To amend title 11 of the United States Code to modify the circumstances under current law to allow an individual debtor to discharge certain educational loans and educational benefits received by the debtor more than 5 years before the commencement of the bankruptcy case under such title.
Sec. 2 Amendment
Section 523(a)(8) of title 11 of the United States Code is amended by inserting “that first became due more than 5 years (exclusive of any applicable suspension of the repayment period) before the date of the filing of the petition, or” after “(8)”.
Sec. 3 Effective date; application of amendment
Effective date— Except as provided in subsection (b), this Act and the amendment made by this Act shall take effect 1 year after the date of the enactment of this Act.
Application of amendment— The amendment made by this Act shall not apply with respect to a debt for an educational benefit, overpayment, loan, scholarship, or stipend received by a debtor before the effective date of this Act.