Section 1 Short title
This Act may be cited as the “Pay Back Act”.
Pay Back Act
A BILL
To prohibit the Secretary of Education, the Secretary of the Treasury, and the Attorney General from cancelling student loans, or changing any other terms or conditions on such loans, except as expressly authorized by an Act of Congress enacted after the date of enactment of this Act.
Sec. 2 Prohibition on mass cancellation of student loans
Prohibition— Notwithstanding any other provision of law, the Secretary of Education, the Secretary of the Treasury, or the Attorney General shall not take any action to—
cancel or forgive the outstanding balances, or portion of balances, on any covered loan; or
otherwise modify the terms or conditions of any covered loan,
Definitions— In this section, the term covered loan means—
a loan made, insured, or guaranteed under part B, D, or E of title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq.; 1087a et seq.; 1087aa et seq.) before, on, or after the date of enactment of this Act; or
a loan under the Health Education Assistance Loan Program under title VII of the Public Health Service Act (42 U.S.C. 292 et seq.) made before, on, or after the date of enactment of this Act.