Student Loan Accountability Act

Bill: 117-hr-8006
Sponsor: full_name: Rep. Ferguson, A. Drew, IV [R-GA-3]
Introduced: 2022-06-09
Policy area: Education
Latest action: action_date: 2022-06-09
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and 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.

Summaries:
action_date: 2022-06-09
action_desc: Introduced in House
text: <p><strong>Student Loan Accountability Act</strong></p> <p>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. <em>Covered loans</em> refer to Federal Family Education Loans, Federal Direct Loans, Federal Perkins Loans, and loans under the Health Education Assistance Loan Program.</p> <p>The prohibition does not apply to targeted federal student loan forgiveness, cancellation, or repayment programs carried out under the Higher Education Act of 1965.</p> <p>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.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 8006 IN THE HOUSE OF REPRESENTATIVES June 9, 2022 Mr. Ferguson (for himself and Mr. Gallagher ) introduced the following bill; which was referred to the Committee on Ways and Means , and in addition to the Committees on Education and Labor , and 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 A BILL 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 means— (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. ; 1087a et seq.; 1087aa et seq.) before, on, or after the date of enactment of this Act; or (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. ) made before, on, or after the date of enactment of this Act. (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) of the Internal Revenue Code of 1986 is amended by striking paragraph (5). (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) of the Internal Revenue Code of 1986 is amended by adding or return information for the purpose of administering a student loan cancellation plan unrelated to reasons authorized under subparagraphs (A), (B), and (C) after 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.