Mitt Romney and fellow Republicans introduce bill that would stop Biden from canceling student-loan debt

• Five Republican senators introduced a bill this week that would prohibit student-loan forgiveness.

• The legislation bars Biden from taking any action to cancel or forgive borrowers' balances.

• The bill is unlikely to become law anytime soon with a 50-50 Senate and Democratic-controlled House.

Student-loan borrowers eager for broad debt forgiveness will be out of luck if Sen. Mitt Romney has anything to say about it.

On Wednesday, the lawmaker from Utah and several of his Republican colleagues introduced a bill that would bar the Biden administration from broadly canceling student-loan debt — a political move the president has been considering since he took office last year.

The Student Loan Accountability Act would prohibit Biden's Education, Justice, and Treasury Departments from taking any action that would cancel or forgive student-loan borrowers' outstanding balances or even portions of those balances, a Wednesday press release said.

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The bill would include exemptions for student-loan forgiveness, cancelation, and repayment programs that are already in effect, such as the Public Service Loan Forgiveness and Teacher Loan Forgiveness programs.

Republican Sens. Richard Burr and Thom Tillis of North Carolina, Tim Scott of South Carolina, and Bill Cassidy of Louisiana joined Romney in introducing the bill in Congress this week.

The bill is unlikely to become law anytime soon with a 50-50 Senate, a Democratic-controlled House, and Biden in the Oval Office.