Bill > HR3448

This bill, the Student Debt Cancellation Act of 2019, requires the Department of Education to forgive the outstanding balance of interest and principal on all eligible federal student loans, including Federal Family Education Loans, Federal Direct Loans, and Perkins Loans, as well as certain parent loans, consolidation loans, and grants treated as loans. The bill also authorizes the Department to purchase and forgive the outstanding balance of interest and principal on eligible private student loans. The bill excludes the forgiven loan amounts from the borrowers' taxable income and requires the Department to notify borrowers about the loan forgiveness programs.