>>Would Eliminating the U.S. Dept. of Education Wipe Out Student Loan Debt?
(Undated) -- Some Virginians are speculating that student loan debt could be eliminated if the federal Department of Education is eliminated. Rebecca Hughes explains.Preview: Voicer Script:
Forty-two million Americans collectively owe $1.6 trillion dollars in student loan debt which is overseen by the U.S. Department of Education but not owed to the department - but instead to the American taxpayer. Betsy Mayotte, President of The Institute of Student Loan Advisors tells WFMY that the terms and conditions of student loans are outlined in promissory notes and by federal law, which would require an act of Congress to change - which could happen but is unlikely. While potential chaos and delays may occur if loans are transferred to another agency, borrowers should maintain records of their loan details to ensure they are prepared for any changes.