The Plaintiff asserts that her
debt for educational loans incurred prior to the 24th of October, 2011 should be discharged because repayment would constitute an undue hardship within the meaning of 11 U.S.C. § 523 (a)(8).»
This section of FinAid presents information about banks, credit unions, savings & loan associations, and other financial institutions that provide funds to students and
parents for educational loans under the Federal Family Education Loan Program (FFELP) and private education loan programs (also known as alternative loan programs).
First - Time Borrower A first - year undergraduate student who has no unpaid loan balances outstanding on the date he or she signs a promissory
note for an educational loan.
With Biden's support, Congress in 1998 passed a law limiting bankruptcy
protections for educational loans to students who could prove their loans were an «undue hardship.»
Buried in the 400 - page legislation was a section designed to make it more difficult for students to get bankruptcy protections not just for their government and nonprofit loans, but
also for the educational loans they received from private financial firms.
Further, though widespread cheating, self - serving grade inflation, theft of books, reneging on
debts for educational loans, plagiarism and hucksterism are all too widespread, they are far from universal.
Lender A bank, credit union, savings & loan association, or other financial institution that provides funds to the student or
parent for an educational loan.
L. 96 — 56 substituted «
for an educational loan made, insured, or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or a nonprofit institution of higher education» for «to a governmental unit, or a nonprofit institution of higher education, for an educational loan» in the provisions preceding subpar.