1. Short title This Act may be cited as the Debt Cancellation Accountability Act of 2023 . 2. Prohibition on class-based loan forgiveness without proper approval Part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1088 et seq. ) is amended by adding at the end the following: 494A. Prohibition on class-based loan forgiveness without proper approval (a) Definitions In this section: (1) Class-based loan forgiveness (A) In general The term class-based loan forgiveness means the cancellation, waiver, assumption, discharge, reduction, or other forgiveness of any obligation due on covered loans— (i) on a class-wide basis and for a class of 2 or more covered loan borrowers; and (ii) that totals more than $1,000,000. (B) Exception for existing targeted loan forgiveness programs The term class-based loan forgiveness does not include a targeted program of loan forgiveness explicitly established under this Act and in effect before January 1, 2022, if the cancellation, waiver, assumption, discharge, reduction, or other forgiveness of any obligation due on a covered loan is— (i) granted for a single covered loan borrower who has submitted an application to the Department that includes an attestation of compliance with all conditions and requirements of the applicable loan forgiveness program; and (ii) based upon an individualized, case-by-case determination of the covered loan borrower’s— (I) eligibility for the targeted loan forgiveness