S. 506 · 118th Congress
Stop Reckless Student Loan Actions Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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ThuneSponsor11 cosponsors · 11 R
R
Barrasso
KB
R
Britt
BC
R
Cassidy
KC
R
Cramer
JE
R
Ernst
CG
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Grassley
RM
R
Marshall
TS
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Scott
RS
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Scott
MR
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Rounds
MB
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Braun9 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Feb 16, 2023
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.
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 nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Stop Reckless Student Loan Actions Act of 2023
Latest action (Feb 16, 2023): Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text: CR S460)
Policy area: Education · Origin: Senate · Introduced: Feb 16, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.