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H.R. 5043 has not yet been enacted. It is still in the House Judiciary Committee. The House Judiciary Subcommittee approved the bill in September 2010, which sent it to the full Committee, where it currently is.
However, if the bill is enacted, private student loans will be dischargeable along with other unsecured debt, and in the same manner, in Bankruptcies that are filed after the bill is enacted (if it is enacted - the bill is sitting in that committee with close to a thousand other bills waiting to be considered).
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A) With current law, if the primary borrower files a Bankruptcy, the co-signer remains responsible for paying the student loan, and if the co-signer files a Bankruptcy, the co-signer will still be liable for the loan, as filing a Bankruptcy currently has no affect on the liability for a student loan for the primary borrower or for the co-signer.
B) If H.R. 5043 is enacted, then if the primary borrower files a Bankruptcy, the primary borrower would no longer be responsible for the loan, but the cosigner would still be liable, unless the co-signer also files a Bankruptcy, in which case the co-signer would not be liable.
This may be a bit confusing. Please let me know if you need further clarification.