If the student loan forgiveness bill is passed, then the following would go into effect. The Secretary of Education would have 6 months to cancel all outstanding student loan debt that the federal government provides, insured, or guaranteed. This bill would also grant the Secretary of Education the authority to purchase the outstanding loans from private lenders. The program would get private lenders to sell to them by paying off all unpaid portions of the debt including principal, interest and any late charges.
How it will affect the average American
43 million Americans owe money to the federal government due to student loans. The total amount of federal student debt is $1.4 trillion. To those Americans with just federal student debt, their loans would all be forgiven. This will allow those