Debt Cancellation Accountability Act of 2023

S 72, the Debt Cancellation Accountability Act of 2023, requires congressional approval before the federal government can cancel student loans for groups of borrowers (defined as "class-based" forgiveness totaling over $1 million for two or more borrowers). It prohibits the Education Secretary from authorizing such group cancellations without a specific budget appropriation, mandating that the Secretary submit detailed requests to Congress explaining the need, legal basis, and justification for collective cancellation versus individual reviews. The bill specifically excludes existing targeted loan forgiveness programs in place before January 1, 2022, which continue to operate under individual case reviews. This law changes the process for large-scale student loan forgiveness by making it contingent on explicit congressional funding and approval.