Ending Mass Student Loan Forgiveness Without Congressional Approval
This bill aims to restrict the ability to broadly cancel federal student loans. It means the government cannot forgive debts for large groups of students without explicit approval and funding from Congress. This impacts future debt forgiveness programs, requiring them to be individually assessed or legislatively approved.
Key points
Mass student loan forgiveness (over $1 million for two or more borrowers) will require specific Congressional appropriation of funds.
Existing, individualized loan forgiveness programs in effect before January 1, 2022, are exempt from these new restrictions.
The government must provide detailed reasons for any proposed mass debt forgiveness and secure funding from Congress.
Expired
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