Does cancelling actually mean paying it off on behalf of the debtors?
A large percentage of student debt is so-called "direct loans". This is money loaned by the US Department of Education. This money comes from the Federal government, not from a bank or other private financial institution.
A large percentage of student debt is so-called "direct loans". This is money loaned by the US Department of Education. This money comes from the Federal government, not from a bank or other private financial institution.
https://en.wikipedia.org/wiki/Student_loans_in_the_United_St...
For those loans, "cancelling" presumably means adjusting some ledger entries.