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Student Loan Accountability Act
12/15/2023, 3:55 PM
Summary of Bill HR 1622
The Student Loan Accountability Act, also known as Bill 118 hr 1622, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to hold colleges and universities accountable for the student loan debt that their students accumulate.
Under this proposed law, institutions of higher education would be required to share in the financial responsibility of student loan defaults. This means that if a certain percentage of a school's students default on their loans, the school would be responsible for a portion of the outstanding debt.
Additionally, the Student Loan Accountability Act aims to increase transparency in the student loan process. Colleges and universities would be required to provide students with more information about the cost of attendance, graduation rates, and potential earnings after graduation. This is intended to help students make more informed decisions about their education and borrowing. Overall, the Student Loan Accountability Act seeks to address the growing issue of student loan debt in the United States by holding institutions accountable and providing students with more information to make educated decisions about their financial future.
Under this proposed law, institutions of higher education would be required to share in the financial responsibility of student loan defaults. This means that if a certain percentage of a school's students default on their loans, the school would be responsible for a portion of the outstanding debt.
Additionally, the Student Loan Accountability Act aims to increase transparency in the student loan process. Colleges and universities would be required to provide students with more information about the cost of attendance, graduation rates, and potential earnings after graduation. This is intended to help students make more informed decisions about their education and borrowing. Overall, the Student Loan Accountability Act seeks to address the growing issue of student loan debt in the United States by holding institutions accountable and providing students with more information to make educated decisions about their financial future.
Congressional Summary of HR 1622
Student Loan Accountability Act
This bill generally prohibits the Departments of Education, Justice, or the Treasury from taking any action to cancel or forgive the outstanding balances, or portion of balances, of covered loans. Covered loans refer to Federal Family Education Loans, Federal Direct Loans, Federal Perkins Loans, and loans under the Health Education Assistance Loan Program.
The prohibition does not apply to targeted federal student loan forgiveness, cancellation, or repayment programs carried out under the Higher Education Act of 1965.
Additionally, the bill repeals the temporary tax-free treatment of discharged student loan debt. It also prohibits tax return information from being shared for the purpose of administering a student loan cancellation plan.
Read the Full Bill
Current Status of Bill HR 1622
Bill HR 1622 is currently in the status of Bill Introduced since March 17, 2023. Bill HR 1622 was introduced during Congress 118 and was introduced to the House on March 17, 2023. Bill HR 1622's most recent activity was Referred to the Subcommittee on Health. as of March 24, 2023
Bipartisan Support of Bill HR 1622
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
12Democrat Cosponsors
0Republican Cosponsors
12Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1622
Primary Policy Focus
EducationAlternate Title(s) of Bill HR 1622
Student Loan Accountability Act
Student Loan Accountability Act
To prohibit the mass cancellation of student loans.
Comments
Sponsors and Cosponsors of HR 1622
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