Student Loan Accountability Act

This bill prohibits the Secretary of Education, Treasury, or Attorney General from canceling federal student loans on a mass scale, except for existing targeted programs under the Higher Education Act. It explicitly blocks new or expanded loan forgiveness initiatives not authorized by specific existing law or regulations in effect as of March 2020. The law requires any student debt action to align with clear congressional authorization, referencing the Supreme Court’s 2023 ruling that blocked the Biden administration’s mass cancellation plan. It directly affects federal student loan programs and the agencies managing them, ensuring only pre-approved, limited forgiveness can proceed.