Student Loan Accountability Act

To prohibit the mass cancellation of student loans. 1. Short title This Act may be cited as the Student Loan Accountability Act 2. Findings Congress finds the following: (1) Statutory authority has not been provided to the executive branch of the Federal Government to cancel student loans on a mass scale. (2) It is unfair for taxpayers who paid student loans or did not attend college to pay for those who chose to take student loans. (3) Canceling student loan debt would disproportionately assist wealthy borrowers over underprivileged borrowers. 3. Prohibition on mass cancellation of student loans (a) Prohibition (1) In general Notwithstanding any other provision of law, the Secretary of Education, the Secretary of the Treasury, or the Attorney General shall not take any action to cancel or forgive the outstanding balances, or portion of balances, of covered loans, except as provided in paragraph (2). (2) Exemption The prohibition described in paragraph (1) shall not apply to targeted Federal student loan forgiveness, cancellation, or repayment programs carried out under the Higher Education Act of 1965 ( 20 U.S.C. 1001 et seq. (b) Definitions In this section, the term covered loan (1) a loan made, insured, or guaranteed under part B, D, or E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1071 et seq. (2) a loan under the Health Education Assistance Loan Program under title VII of the Public Health Service Act ( 42 U.S.C. 292 et seq. (c) Limitation The Secretary of Education, the Secretary of the Treasury, or the Attorney General may not implement, or publish in any form, any regulation, or take any action, that modifies, alters, amends, cancels, discharges, forgives, or defers the repayment of any student debt not expressly permitted within statute or regulation, regarding covered loans, except to the extent that such regulation or action reflects the clear and unequivocal intent of Congress in legislation. 4. Repeal of certain student loan forgiveness modifications (a) In general Section 108(f) (b) Effective date The amendment made by this section shall apply to discharges of loans after the date of the enactment of this Act. 5. Prohibition of tax data sharing (a) In general Section 6103(l)(13)(D)(ii) or return information for the purpose of administering a student loan cancellation plan unrelated to reasons authorized under subparagraphs (A), (B), and (C) investigations or prosecutions (b) Effective date The amendment made by this section shall apply to disclosures made after the date of the enactment of this Act.

Summary: 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 carried out under the Higher Education Act of 1965. Additionally, the bill repeals the temporary tax-free treatment of discharged student loan debt. It also prohibits tax return information from being shared for the purpose of administering a student loan cancellation plan.