Debt Cancellation Accountability: Limiting Mass Student Loan Forgiveness
This bill aims to restrict the government's ability to broadly cancel federal student loans. It means that large-scale loan forgiveness programs would require explicit approval and funding from Congress. This could impact future widespread student debt relief initiatives, making them subject to a more rigorous legislative process.
Key points
The government cannot broadly forgive federal student loans without specific Congressional approval and funding.
Any mass loan forgiveness exceeding $1,000,000 would require a detailed request and appropriation from Congress.
Existing individualized loan forgiveness programs, based on case-by-case assessment, are not affected.
Expired
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