The debt is not going away.
Does this loan forgiveness only apply to federal loans (in which case I’d assume the debt goes away poof) or also to private lending (then no poof since the burden passes to taxpayers)?
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I suspect the details remain to be seen, but regardless, poof is unlikely. It'll probably be months, after the election, before facts emerge. Government is in the business of redistributing debt and wealth, not making debt vanish. If they cared about making debt go away, they'd end income tax and forgive tax debt.