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Full Text of this Amendment

SA 2347. Mr. DURBIN submitted an amendment intended to be proposed to amendment SA 2327 proposed by Mr. Kennedy to the bill H.R. 2669, to provide for reconciliation pursuant to section 601 of the concurrent resolution on the budget for fiscal year 2008; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:
(a) In General.--Section 523(a)(8) of title 11, United States Code, is amended--
(1) in subparagraph (A), by striking clause (i) and inserting the following:
``(i) an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit, or an obligation to repay funds received from a governmental unit as an educational benefit, scholarship, or stipend; or''; and
(2) in subparagraph (B), by inserting before the semicolon at the end ``, unless such qualified educational loan first became due more than 5 years, excluding any deferment of the repayment period while the borrower is attending an institution of higher education, as that term is defined in section 102 of the Higher Education Act of 1965 (20 U.S.C. 1002), before the date of the filing of the petition''.
(b) Applicability.--The amendments made by subsection (a) shall apply only with respect to obligations described in section 523(a)(8) of title 11, United States Code, as amended by this section, that are entered into on or after the date of enactment of this Act.

(As printed in the Congressional Record for the Senate on Jul 19, 2007.)