I keep seeing where folks claim they voted for Biden based on the premise of cancellation of $50k in student loan dept.
My question is, how can the Federal government cancel a debt you owe to someone else?
Federal student loans are made and then bundled and sold to a 3rd party. At least the one my son’s was. So now the 3rd party owns the debt and the Federal government is out of the picture. How can government come back and say that the 3rd party is not owed? Or is the plan to buy back the debt, plus interest owed and then cancel it?
My question is, how can the Federal government cancel a debt you owe to someone else?
Federal student loans are made and then bundled and sold to a 3rd party. At least the one my son’s was. So now the 3rd party owns the debt and the Federal government is out of the picture. How can government come back and say that the 3rd party is not owed? Or is the plan to buy back the debt, plus interest owed and then cancel it?