EXCLUSIVE: Rick Scott, Senate Republicans Introduce Legislation To Prevent Mass Cancellation Of Student Loan Debt | The Daily Caller

Republican Florida Sen. Rick Scott introduced legislation Thursday that would prevent the mass cancellation of student loan debt in the U.S., something the Biden administration is reportedly considering.

The Debt Cancellation Accountability Act, first obtained by the Daily Caller, would require the U.S. Department of Education to obtain appropriation from Congress to pay for any federal student loan debts they try to waive, discharge or reduce whenever granted to two or more people borrowing an amount greater than $1,000,000, instead of a case-by-case basis.

The Biden administration is reportedly looking to take executive action to forgive $10,000 per borrower, or maybe even more. The move would clear $321 billion of federal student loans and clear the student debt for almost 12 million people, according to CNBC. However, Republicans say canceling student debt would just put the responsibility on hardworking, taxpaying Americans.