To prohibit the mass cancellation of student loans.
About This Bill
Committee
Latest Action · June 15, 2022
Referred to the Committee on Education and Labor, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Student Loan Accountability Act
This bill generally prohibits the Departments of Education, Justice, or the Treasury from taking any action to cancel or forgive the outstanding balances, or portion of balances, of covered loans. Covered loans refer to Federal Family Education Loans, Federal Direct Loans, Federal Perkins Loans, and loans under the Health Education Assistance Loan Program.
The prohibition does not apply to targeted federal student loan forgiveness, cancellation, or repayment programs that are in effect by final regulation on March 12, 2020, and carried out under the Higher Education Act of 1965.
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