II 

118TH CONGRESS 

2D SESSION S. 4815 

To prohibit the mass cancellation of student loans. 

IN THE SENATE OF THE UNITED STATES 

JULY 25, 2024 

Mr. ROMNEY (for himself, Mr. CASSIDY, Mr. TILLIS, and Mr. SCOTT of South 

Carolina) introduced the following bill; which was read twice and referred 

to the Committee on Health, Education, Labor, and Pensions 

A BILL 

To prohibit the mass cancellation of student loans. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Student Loan Account5 ability Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) Congress does not hide elephants in 

9 mouseholes; statutory authority has not been pro10 vided to the executive branch of the Federal Govern11 ment to cancel student loans on a mass scale. 


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1 (2) In 2023, the Supreme Court struck down 

2 the Biden Administration’s attempt at mass can3 cellation of student loans in Biden v. Nebraska, 600 

4 U.S. 477 (2023), concluding that ‘‘ ‘[t]he basic and 

5 consequential tradeoffs’ inherent in a mass debt can6 cellation program ‘are ones that Congress would 

7 likely have intended for itself’ ’’ and ‘‘ . . . our prece8 dent—old and new—requires that Congress speak 

9 clearly before a Department Secretary can unilater10 ally alter large sections of the American economy.’’. 

11 (3) It is unfair for taxpayers who already paid 

12 their student loans, chose not to pursue higher edu13 cation, or worked hard to pay for their education 

14 without taking on student loan debt, to foot the bill 

15 of millions of borrowers. 

16 SEC. 3. PROHIBITION ON MASS CANCELLATION OF STU17 DENT LOANS. 

18 (a) PROHIBITION.— 

19 (1) IN GENERAL.—Notwithstanding any other 

20 provision of law, the Secretary of Education, the 

21 Secretary of the Treasury, or the Attorney General 

22 shall not take any action to cancel or forgive the 

23 outstanding balances, or portion of balances, of cov24 ered loans, except as provided in paragraph (2). 


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1 (2) EXEMPTION.—The prohibition described in 

2 paragraph (1) shall not apply to targeted Federal 

3 student loan forgiveness, cancellation, or repayment 

4 programs carried out under the Higher Education 

5 Act of 1965 (20 U.S.C. 1001 et seq.), under final 

6 regulations as in effect on May 11, 2022. 

7 (b) DEFINITIONS.—In this section, the term ‘‘covered 

8 loan’’ means— 

9 (1) a loan made, insured, or guaranteed under 

10 part B, D, or E of title IV of the Higher Education 

11 Act of 1965 (20 U.S.C. 1071 et seq.; 1087a et seq.; 

12 1087aa et seq.) before, on, or after the date of en13 actment of this Act; or 

14 (2) a loan under the Health Education Assist15 ance Loan Program under title VII of the Public 

16 Health Service Act (42 U.S.C. 292 et seq.) made be17 fore, on, or after the date of enactment of this Act. 

18 (c) LIMITATION.—The Secretary of Education, the 

19 Secretary of the Treasury, or the Attorney General may 

20 not implement, or publish in any form, any regulation, or 

21 take any action, that modifies, alters, amends, cancels, 

22 discharges, forgives, or defers the repayment of any stu23 dent debt not expressly permitted within statute or regula24 tion as in effect on March 12, 2020, regarding covered 

25 loans, except to the extent that such regulation or action 


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1 reflects the clear and unequivocal intent of Congress in 

2 legislation. 

Æ 


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