Into the 1978, the exception to this rule to help you bankruptcy proceeding launch of student loans try went out-of the higher Knowledge Act into U.S. Case of bankruptcy Password from the eleven USC 523(a)(8) towards the passage through of the fresh new Personal bankruptcy Change Work. As costs printed in the house away from Representatives had advised treating the brand new 1976 reforms, brand new Senate version succeeded. A modification the next 12 months clarified that the five year limitation applied to financing supported “… entirely or even in part because of the a political unit or an excellent nonprofit business from higher education.”
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