Legislative Tracker: Debt Forgiveness Programs & Cancellation

Legislative Tracker LogoOn this page, you'll find proposals relating to loan forgiveness programs or the cancellation of federal student loans.

H.R. 7457 – Peace Corps and AmeriCorps Student Loan Forgiveness Act

Sponsor: Rep. Garamendi [D-CA]
Introduced: 2/26/2024
NASFAA Summary & Analysis: This bill would amend the HEA and would treat months during which a borrower has eligible federal student loans in deferment or forbearance, while serving as a Peace Corps volunteer or an AmeriCorps member, as qualifying payments towards their eligibility for the Public Service Loan Forgiveness (PSLF) program. This bill would also require that ED, in its implementation efforts, consult with relevant stakeholders, such as the Director of the Peace Corps, the CEO of the Corporation for National and Community Service, and borrowers who could potentially be affected, including current and former Peace Corps volunteers and former AmeriCorps members. 

H.R. 7139/S. 3695 – Teacher Debt Relief Act

Sponsor: Rep. Hayes [D-CT]/Sen. Stabenow [D-MI]
Introduced: 01/30/2024
NASFAA Summary & Analysis: This bill would amend the HEA to allow teachers who have completed five consecutive years of teaching to enroll in the Public Service Loan Forgiveness (PSLF) program and the Teacher Loan Forgiveness program at the same time. 

H.R.2949/S.1331 — PSLF Payment Completion Fairness Act

Sponsor: Houlahan [Rep.-D-PA] & Menendez [Sen.-D-NJ]
Introduced: 04/27/2023
NASFAA Summary & Analysis: This bill would amend the HEA so that PSLF applicants who have made 120 qualifying payments do not have to be in a public service role at the time of forgiveness. 

S.1353 — Adjunct Faculty loan Forgiveness Act of 2023

Sponsor: Durbin [D-IL]
Introduced: 04/27/2023
NASFAA Summary & Analysis: This bill would allow adjunct faculty in non-tenured track employment who teach not less than 9 credit hours per semester, 6 credit hours per trimester, or 18 credit hours per calendar year, and are not employed on a full-time basis by any other employer, to qualify for public service loan forgiveness. 

H.R.2728 — Young Farmer Success Act

Sponsor: Thompson [R-PA]
Introduced: 04/19/2023
NASFAA Summary & Analysis: This bill would broaden the definition of a public service job to include full-time farm work employees or managers on a qualified farm or ranch to be eligible for student loan forgiveness under the Public Service Loan Forgiveness (PSLF) program. 

H.R.1622 — Student Loan Accountability Act

Sponsor: Ferguson [Rep.-R-GA] 
Introduced: 03/17/2023
NASFAA Summary & Analysis: This bill would prohibit the Department of Education, the Department of Justice, and the Department of Treasury from canceling or forgiving student loan debt on a large, broad scale. The bill outlines that this prohibition shall not apply to targeted federal student loan forgiveness or cancellation programs carried out under the HEA. Additionally, the bill prevents loans that are forgiven or canceled from being tax-exempt, and would prohibit the IRS from sharing tax data for the purposes of implementing or administering student loan debt cancellation.  

H.R.1573 — Unnamed Act.

Sponsor: Connolly [Rep.-D-VA] 
Introduced: 03/14/2023 
NASFAA Summary & Analysis: This bill would require that ED accept the DD Form 214 as acceptable documentation for proof of employment when determining a borrower’s eligibility for loan forgiveness under the Public Service Loan Forgiveness program (PSLF). This bill also states that borrowers who choose to submit the DD Form 214 as proof of their employment shall not be required to submit separate certification of their employment. 
Other Topics Included: Military

H.R.1757/S.963 — Loan Forgiveness for Educators Act

Sponsor: Leger Fernandez [Rep.-D-NM] & Lujan [Sen.-D-NM]
Introduced: 03/23/2023
NASFAA Summary & Analysis: This is a bicameral bill that would provide student loan relief for educators, defined as early childhood, elementary or secondary teachers, or those who work for childhood education programs at any level, or who are leaders in secondary education schools. Educators who completed 5 years of service prior to the singing of this act would receive immediate forgiveness of their loan balance. For those who begin their service after the act is signed into law, their monthly payments would be made by ED, until the 5 year mark is reached. 

H.R.1234 — Can’t Cancel Your Own Debt Act of 2023

Sponsor: Cole [Rep.-R-OK]
Introduced: 02/28/2023
NASFAA Summary & Analysis: This bill would prohibit members of Congress from benefiting from student loan cancellation programs that are enacted during their time in Congress. This applies to student loan cancellation programs established through executive order or agency action, or an Act of Congress. Members of Congress would also not be eligible to receive any service or employment-based student loan cancellation for the time they served in Congress. 

H.R.1211 — Student Loan Accountability Act

Sponsor: DesJarlais [Rep.-R-TN]
Introduced: 02/27/2023
NASFAA Summary & Analysis: This bill would prohibit ED, the Secretary of the Treasury, or the Attorney General from taking action that would cancel or forgive student loan balances, with the exception of targeted federal student loan forgiveness and/or cancellation programs carried out under the HEA of 1965. 

S.506 — Stop Reckless Student Loan Actions Act of 2023

Sponsor: Thune [Sen.-R-SD]
Introduced: 02/16/2023
NASFAA Summary & Analysis: This bill would limit some of the authority of the President during national emergencies related to higher education actions. The legislation would end the current student loan repayment pause, prohibit the president from canceling student loans due to a national emergency, suspend the Secretary of Education from pausing loan repayment for more than 90-consecutive days, as well as prohibit the Secretary from pausing repayment for households with annual incomes that exceed 400% of the federal poverty line. 

H.R.380 — Federal Student Loan Integrity Act

Sponsor: Rep. Good [R-VA]
Introduced: 01/17/2023
NASFAA Summary & Analysis: This bill would prohibit the Secretary of Education from using the HEROES Act and a COVID-19-related national emergency declaration to forgive student loans or further extend the moratorium on loan payments. 

H.R.509/S.72— Debt Cancellation Accountability Act of 2023

Sponsor: Rep. Davidson [R-OH] and Sen. Scot [R-FL] 
Introduced: 01/25/2023
NASFAA Summary & Analysis: This bill would require that Congress appropriate funds in the case of class-based student loan forgiveness, and that the Secretary of Education provide proof in writing of necessity and legal authority to request such funds from Congress in order to forgive class-based loans.

Legislative Tracker Overview

Publication Date: 2/26/2024


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