News Release

Mike Braun

WASHINGTON — On Thursday, June 30, Sen. Mike Braun, joined other Senators in introducing legislation to prevent the Biden administration from enacting an “overreaching, fiscally irresponsible” blanket cancellation of student loans.

The Debt Cancellation Accountability Act will require the U.S. Department of Education to obtain an express appropriation from Congress to pay for any federal student loan debts the Department proposes to waive, discharge or otherwise reduce whenever granted to two or more borrowers in an amount greater than $1,000,000, rather than on a case-by-case basis.

“The Biden administration’s plan to ‘cancel’ millions in student loans will shift the debt of disproportionally higher-earning borrowers onto every American. This blatant wealth redistribution will only make inflation worse at a time when millions of Americans are already feeling the burden of record-high inflation. I’m glad to join Senator Scott on the Debt Cancellation Accountability Act to prevent the Biden administration from this executive overreach,” said Braun.

Other senators supporting the measure are Sens. Rick Scott, Cynthia Lummis and John Barrasso.

“The Biden administration’s latest move to cancel millions of dollars in student loans is yet another example of how far it will go to appease the radical left. The reality is, a blanket forgiveness of student loans only benefits a small percentage of the population at the expense of millions of other hardworking Americans. Those who have saved to pay for the education they chose to get, or have no debt at all because they chose a valuable career that doesn’t require a college degree, shouldn’t be on the hook to bail out folks that voluntarily took on debt and now want someone else to pay for it. That’s not how the real world works, said Sen. Scott

“Our legislation, the Debt Cancellation Accountability Act, will hold this administration accountable to American taxpayers by requiring Congressional approval for any mass cancellation of student debt. When I was governor of Florida, we focused on solving the real problem behind massive student loan debt: the rising cost of higher education. Biden should do the same,” said Scott.

In April, Braun introduced the Stop Reckless Student Loan Actions Act with Sens. John Thune, Richard Burr, Bill Cassidy and Roger Marshall to end President Biden’s untargeted, budget-busting executive actions extending the payment pause.