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Student Loans

President Biden and Senate Democrats are working on legislation to cancel certain student loans.  The Administration is considering limiting loan forgiveness based on borrowers’ income, but officials from the Education Department have signaled that they do not have the income data available for borrowers. Sen. Burr (R-NC), the Ranking member of the HELP committee, and Sens. Romney (R-UT), Scott (R-SC), Cassidy (R-LA), and Tillis (R-NC) introduced the Student Loan Accountability Act in an attempt to prohibit the Biden Administration from canceling student loan debt. The bill would prevent the Departments of Education, Justice, and Treasury from canceling or forgiving any balances of covered loans. Exemptions would remain, however, for existing student loan forgiveness or cancellation programs.