,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cddh  ,,in ,,the ,,house ,,of  
,,representatives  ,june #bd1 #bjai,ms4 
,omar 7for herself1 ,ms4 ,jayapal1 ,ms4 
,jackson ,lee1 ,ms4 ,tlaib1 ,ms4        
,norton1 ,mr4 ,thompson of ,mississippi1
 ,ms4 ,lee of ,california1 ,mr4 ,garca  
of ,illinois1 and ,ms4 ,ocasio-,cortez7 
introduced the following bill2 which was
 referred to the ,committee on          
,education and ,labor1 and in addition  
to the ,committees on ,financial        
,services1 and ,ways and ,means1 for a  
period to be subsequently determined by 
the ,speaker1 in each case for          
consideration of such provisions as fall
 within the jurisdiction of the         
committee concerned  ,a ,,bill  ,to     
forgive outstanding ,federal and private
 student loans4  #a4 ,short title ,this 
,act may be cited as the ,student ,debt 
,cancellation ,act of #bjai4  #b4       
,forgiveness of outstanding ,federal    
student loans  7a7 ,forgiveness required
 ,notwithstanding any other provision of

 law1 not later than #ahj days after the
 date of the enactment of this ,act1 the
 ,secretary of ,education shall forgive 
the outstanding balance of interest and 
principal due on all eligible ,federal  
student loans4  7b7 ,definition of      
eligible ,federal student loan ,in this 
,act1 the term eligible ,federal student
 loan means any loan made1 insured1 or  
guaranteed under part ,b1 part ,d1 or   
part ,e of title ,,iv of the ,higher    
,education ,act of #aife before the date
 of enactment of this ,act1 including-- 
7#a7 loans made to a parent borrower on 
behalf of a dependent student under part
 ,b or part ,d of such ,act2  7#b7      
consolidation loans made under such     
,act2 and  7#c7 any grant treated as a  
loan under such part ,d in accordance   
with section #beh7;e71 section          
#dbj,m7c71 or section #hjg7;d7 of such  
,act4  7c7 ,method of loan forgiveness  
,to provide the loan forgiveness        
required under subsection 7a71 the      
,secretary of ,education is authorized  

to carry out a program-- 7#a7 through   
the holder of a loan1 to assume the     
obligation to repay the outstanding     
balance of interest and principal due on
 loans made1 insured1 or guaranteed     
under part ,b of title ,,iv of the      
,higher ,education ,act of #aife 7#bj   
,u4,s4,c4 #ajga et seq472 and  7#b7 to  
cancel the outstanding balance of       
interest and principal due on loans made
 under part ,d or part ,e of such title4
  7d7 ,repayment refunds  7#a7 ,prior   
repayment ,nothing in this section shall
 be construed to authorize any refunding
 of any eligible ,federal student loan  
repayment made before the date of       
enactment of this ,act4  7#b7 ,payments 
made after enactment ,the ,secretary    
shall refund to each borrower who       
receives forgiveness under this section 
the amount of any payments the borrower 
makes on an eligible ,federal student   
loan during the period beginning on the 
date of the enactment of this ,act and  
ending on the date on which the         

,secretary forgives the outstanding     
balance of such eligible ,federal       
student loan4  7e7 ,exclusion from      
taxable income ,the amount of a         
borrower's eligible ,federal student    
loans forgiven under this section1 and  
the amount of any repayments to a       
borrower under subsection 7d77#b71 shall
 not be included in the gross income of 
the borrower for purposes of the        
,internal ,revenue ,code of #aihf4  #c4 
,purchase and forgiveness of outstanding
 private student loans  7a7 ,in general 
,part ,d of title ,,iv of the ,higher   
,education ,act of #aife 7#bj ,u4,s4,c4 
#ajhg;a et seq47 is amended by inserting
 after section #dei;,b the following3   
#dei;,c4 ,temporary authority to        
purchase and forgive eligible private   
student loans  7a7 ,private education   
loan purchase and forgiveness           
,notwithstanding any other provision of 
law1 not later than #ahj days after the 
date of enactment of the ,student ,debt 
,cancellation ,act of #bjai1 the        

,secretary1 in consultation with the    
,secretary of the ,treasury1 shall carry
 out a program under which the          
,secretary shall purchase1 and then     
forgive1 the outstanding balance of     
interest and principal due on eligible  
private student loans4  7b7 ,definitions
 ,in this section3 7#a7 ,eligible       
private student loan ,in this section1  
the term eligible private student loan  
means a private education loan1 as      
defined in section #adj7;a7 of the      
,truth in ,lending ,act 7#ae ,u4,s4,c4  
#afej7;a771 that was expressly for the  
cost of attendance 7as defined in       
section #dgb7 at an institution of      
higher education participating in a loan
 program under part ,b1 part ,d1 or part
 ,e of title ,,iv of the ,higher        
,education ,act of #aife 7#bj ,u4,s4,c4 
#ajgj et seq471 as of the date that the 
loan was disbursed1 and that was made   
before the date of enactment of the     
,student ,debt ,cancellation ,act of    
#bjai4  7#b7 ,private educational lender

 ,the term private educational lender   
has the meaning given the term in       
section #adj7;a7 of the ,truth in       
,lending ,act 7#ae ,u4,s4,c4 #afej7;a774
  7c7 ,method of loan purchase and      
forgiveness ,the ,secretary1 in         
consultation with the ,secretary of the 
,treasury1 shall carry out a program    
under which the ,secretary1 upon        
application by a borrower who has an    
eligible private student loan1 shall    
purchase the eligible private student   
loans of the borrower1 issue such       
borrower a loan under this section1 and 
forgive such loan1 in accordance with   
the following3  7#a7 ,the ,secretary    
shall pay to the private educational    
lender of the eligible private student  
loan an amount equal to the sum of the  
unpaid principal1 accrued unpaid        
interest1 and late charges of the       
eligible private student loan1 as       
calculated on the date of the purchase  
of such loan1 in order to discharge the 
borrower from any remaining obligation  

to the private educational lender with  
respect to the eligible private student 
loan4  7#b7 ,the ,secretary shall issue 
to the borrower a loan1 known as a      
,federal ,direct ,forgiveness ,loan1 in 
an amount equal to the sum of the amount
 paid to the private educational lender 
of the eligible private student loan of 
the borrower that was purchased by the  
,secretary in accordance with paragraph 
7#a74  7#c7 ,the ,secretary shall1      
immediately upon issuance of a ,federal 
,direct ,forgiveness ,loan1 cancel the  
outstanding balance of interest and     
principal due on such loan4  7d7        
,repayment refunds prohibited ,nothing  
in this section shall be construed to   
authorize any refunding of any repayment
 of a loan4  7e7 ,exclusion from taxable
 income ,the amount of a borrower's     
,federal ,direct ,forgiveness ,loans    
forgiven under this section shall not be
 included in the gross income of the    
borrower for purposes of the ,internal  
,revenue ,code of #aihf4  4  7b7 ,notice

 to borrowers ,section #abh7;e7 of the  
,truth in ,lending ,act 7#ae ,u4,s4,c4  
#afch7;e77 is amended by adding at the  
end the following new paragraph3  7#ab7 
,notice required along with billing     
statements ,along with each billing     
statement sent to the borrower during   
the six-month period beginning on the   
day after the date of enactment of the  
,student ,debt ,cancellation ,act of    
#bjai1 the private educational lender   
shall include a statement informing the 
borrower that--  7,a7 the borrower may  
be eligible for loan forgiveness of     
eligible private student loans under    
section #dei;,c of the ,higher          
,education ,act of #aife2 and  7,b7 to  
be eligible for such loan forgiveness1  
the borrower must apply to the          
,secretary of ,education no later than  
the date that is #ahj days after the    
date of enactment of the ,student ,debt 
,cancellation ,act of #bjai4  4  #d4    
,notice to the public ,not later than   
#ae days after the date of enactment of 

this ,act1 the ,secretary of ,education1
 in consultation with institutions of   
higher education and lenders of ,federal
 student loans and private education    
loans1 shall take such actions as may be
 necessary to ensure that borrowers who 
have outstanding eligible ,federal      
student loans or outstanding eligible   
private student loans 7as defined in    
section #dei;,c of the ,higher          
,education ,act of #aife1 as added by   
this ,act7 are aware of the loan        
forgiveness programs authorized by this 
,act4 ,such information shall--  7#a7 be
 presented in a form that is widely     
available to the public1 especially to  
borrowers with outstanding ,federal and 
private student loans2  7#b7 be easily  
understandable2 and  7#c7 clearly notify
 borrowers of eligible private student  
loans--  7,a7 that borrowers must apply 
for loan forgiveness under this ,act1   
and must do so no later than the date   
that is #ahj days after the date of     
enactment of this ,act2 and  7,b7 of the

 application process and requirements to
 apply for forgiveness of eligible      
private student loans in accordance with
 this ,act4