[vonmoltke]

The federal government is the one holding all that debt, so that is exactly what is going to happen.

[sokoloff]

There is a high 8/low 9 digit inventory of private student loans, not held federally.

[apatters]

If we're being cynical, I think they would forgive the debt and bail out any large financial institutions who are damaged by the act of doing so. It would be very in character.