HR 4750
RED Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the RED Act, aims to allow borrowers to discharge student loans and educational benefit obligations in bankruptcy. Specifically, it amends existing bankruptcy law to make student loans – including those from nonprofits, government entities, and private lenders – eligible for discharge. The changes would update sections of Title 11 of the United States Code to reflect this new ability. The bill’s impact would be felt in bankruptcy cases filed after its enactment.
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Primary sponsor
Wm. Lacy Clay
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