S.Amdt. 5416

1. Adds SEC. ___. FEDERAL STUDENT LOAN INTEGRITY wherever appropriate

   Adds a section

   Inserted: SEC. ___. FEDERAL STUDENT LOAN INTEGRITY.

   Inserted: (a) Prohibition.--The Secretary of Education may not use the authority under section 2(a)(1) of the Higher Education Relief Opportunities for Students Act of 2003 (20 U.S.C. 1098bb(a)(1)) to issue a waiver or modification, or to extend a waiver or modification issued before the date of enactment of this Act, of any statutory or regulatory provision applicable to the student financial assistance programs under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.) in connection with the national emergency declared by the President on March 13, 2020, pursuant to the National Emergencies Act (50 U.S.C. 1601 et seq.) (Proclamation 9994).

   Inserted: (b) Limitation on Waivers and Modifications.--Section 2(a)(1) of the Higher Education Relief Opportunities for Students Act of 2003 (20 U.S.C. 1098bb(a)(1)) is amended--

   Inserted: (1) by striking "Notwithstanding" and inserting the following:

   Inserted: "(A) Authority of secretary.--Except as provided in subparagraph (B), notwithstanding"; and

   Inserted: (2) by adding at the end the following:

   Inserted: "(B) Limitation.--A waiver or modification under paragraph (1) may not--

   Inserted: "(i) provide for a period that exceeds 60 days during which--

   Inserted: "(I) payments of principal or interest due on loans made, insured, or guaranteed under part B, D, or E of title IV of the Act are suspended; or

   Inserted: "(II) interest does not accrue on such loans; or

   Inserted: "(ii) result in the discharge or cancellation of a loan made, insured, or guaranteed under part B, D, or E of title IV of the Act.".

   Inserted: (c) No Loan Forgiveness Authority.--

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   Inserted: (1) Removal of loan forgiveness authority.--Section 432(a)(6) of the Higher Education Act of 1965 (20 U.S.C. 1082(a)(6)) is amended by striking ", pay, compromise, waive, or release".

   Inserted: (2) No authority for any loan forgiveness plan.--The amendment made by paragraph (1) shall prohibit the President or the Secretary of Education from--

   Inserted: (A) cancelling $10,000 in student loan debt under part B or D of title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq.; 1087a et seq.) for borrowers with an annual income of not more than $125,000; or

   Inserted: (B) carrying out any other loan forgiveness program not explicitly authorized under such title.

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed