; and (B) subject to congressional disapproval in accordance with such chapter. (d) Limits on Executive Authority To Cancel Student Loans (1) In General Notwithstanding any other provisions of law, the President or the Secretary of Education may not cancel the outstanding balances, or a portion of the balances, on covered loans due to the COVID–19 national emergency or any other national emergency. (2) Application of Congressional Review Act In any case where the President or the Secretary of Education cancels the outstanding balances, or portion of the balances, on covered loans through any type of executive or regulatory action, the cancellation shall be— (A) deemed to be a major rule for purposes of chapter 8 of title 5, United States Code (commonly known as the “Congressional Review Act”); and (B) subject to congressional disapproval in accordance with such chapter. (e) Implementation (1) Regarding suspensions or deferments of Federal student loan payments ongoing at the time of enactment Not later than the effective date of this Act, any suspension or deferment of Federal student loan payments on covered loans due to the COVID–19 national emergency shall terminate. Notwithstanding any other provision of law, a subsequent suspension or deferment of Federal student loan payments on covered loans for the COVID–19 national emergency shall be prohibited. (2) Regarding cancellation of student loans prior to effective date Any cancellation of the outstanding balance, or portion of a balance, on a covered loan made by the President or Secretary of Education through any type of executive or regulatory action in the 30 days before the effective date of this Act shall be— (A) deemed to be a major rule for purposes of chapter 8 of title 5, United States Code (commonly known as the Congressional Review Act )