Pay Back Act

Bill: 118-hr-4742
Sponsor: full_name: Rep. McClain, Lisa C. [R-MI-9]
Introduced: 2023-07-19
Policy area: Education
Subjects: Government lending and loan guarantees

Higher education

Student aid and college costs
Latest action: action_date: 2023-07-21
text: Referred to the Subcommittee on Health.

Summaries:
action_date: 2023-07-19
action_desc: Introduced in House
text: <p><strong></strong><b>Pay Back Act</b></p> This bill 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 or otherwise modify the terms or conditions of covered loans unless expressly authorized by Congress. <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.

tv_txt: I 118th CONGRESS 1st Session H. R. 4742 IN THE HOUSE OF REPRESENTATIVES July 19, 2023 Mrs. McClain (for herself and Mr. Issa ) introduced the following bill; which was referred to the Committee on Education and the Workforce , 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 A BILL To prohibit the Secretary of Education, the Secretary of the Treasury, and the Attorney General from cancelling student loans, or changing any other terms or conditions on such loans, except as expressly authorized by an Act of Congress enacted after the date of enactment of this Act.

1. Short title This Act may be cited as the Pay Back Act . 2. Prohibition on mass cancellation of student loans (a) Prohibition 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— (1) cancel or forgive the outstanding balances, or portion of balances, on any covered loan; or (2) otherwise modify the terms or conditions of any covered loan, except as expressly authorized by an Act of Congress enacted after the date of enactment of this Act. (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.