To prevent class-based loan forgiveness for Federal student loans under title IV of the Higher Education Act of 1965 without the explicit appropriation of funds by Congress for such purpose.
Debt Cancellation Accountability Act of 2023
This bill prohibits the Department of Education from providing class-based loan forgiveness unless funds have been specifically requested and appropriated for this purpose. Class-based loan forgiveness refers to the cancellation, waiver, assumption, discharge, reduction, or other forgiveness of any obligation due on Federal Family Education Loans, Federal Direct Loans, or Federal Perkins Loans (1) on a class-wide basis and for a class of two or more loan borrowers, and (2) that totals more than $1 million.
The prohibition does not apply to targeted loan forgiveness programs explicitly established under the Higher Education Act of 1965 and in effect before January 1, 2022, if the loan forgiveness is granted for a single borrower on a case-by-case basis.
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Introduced in House
Introduced in House
Referred to the House Committee on Education and the Workforce.
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