Student Loan Accountability Act: Prohibiting Mass Student Debt Cancellation.
This bill aims to prohibit the executive branch, including the Department of Education, from implementing mass cancellation of federal student loans. For borrowers, this means that broad, automatic debt forgiveness is blocked, and relief must be sought through existing, targeted programs. The legislation emphasizes that mass cancellation is unfair to taxpayers who have already paid their loans or chose not to pursue higher education.
Key points
Mass Cancellation Ban: The Secretary of Education, Treasury, or the Attorney General are prohibited from taking action to cancel or forgive outstanding student loan balances on a mass scale.
Exemption for Targeted Programs: The prohibition does not apply to specific, targeted loan forgiveness programs that were already in effect under the Higher Education Act as of May 2022.
Limitation on Future Rules: Executive agencies cannot implement new regulations to modify, cancel, or defer student debt repayment unless Congress provides clear and unequivocal intent in legislation.
Expired
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