@rbreich a loan has a borrower and a lender. On student loans, for example, who holds the note--to whom is this money owed? Not all of these loans came from federal govt coffers. Some investors are owed. When student loans are forgiven, does that mean the federal govt pays off the balance to the noteholder? Or does the note disappear unpaid? I am not criticizing loan forgiveness. I am simply trying to understand the other (non-borrower) side.