118th Congress Education
S. 506: Stop Reckless Student Loan Actions Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
Stop Reckless Student Loan Actions Act of 2023
This bill limits executive authority to (1) suspend or defer federal student loan payments or interest accrual on such loans, and (2) cancel federal student loans.
Specifically, the bill prohibits the President or the Department of Education (ED) from suspending or deferring federal student loan payments or the accrual of interest on such loans for borrowers with annual household incomes over 400% of the federal poverty line.
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Further, ED may only suspend or defer federal student loan payments or the accrual of interest for such loans for a total of 90 days after the declaration of a national emergency by the President. ED must submit recommendations to Congress on relief necessary for recipients of student financial-aid assistance.
Additionally, the bill prohibits the President or ED from cancelling the outstanding balances or portions of balances on student loans due to the COVID-19 national emergency or any other national emergency.
Executive or regulatory action to suspend or defer federal student loan payments or to cancel federal student loans shall be subject to congressional review.
The bill also revises the definition of affected individual for purposes of the Higher Education Relief Opportunities for Students (HEROES) Act of 2003 to exclude from relief under the act (1) an individual who resides or is employed in an area that is declared a disaster area in connection with a national emergency; or (2) an individual who suffered direct economic hardship as a direct result of a war, military operation, or national emergency.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Barrasso R-WYOriginal
- Katie Britt R-ALOriginal
- Bill Cassidy R-LAOriginal
- Kevin Cramer R-NDOriginal
- Joni Ernst R-IAOriginal
- Charles Grassley R-IAOriginal
- Roger Marshall R-KSOriginal
- Tim Scott R-SCOriginal
- Rick Scott R-FLOriginal
- Mike Rounds R-SD
- Mike Braun R-IN
Who scored on this bill
No member has earned points from it yet.
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by John Thune.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text: CR S460)