; or (ii) during the period in which principal need not be paid (whether or not such principal is in fact paid) by reason of a provision described in subsection (f), shall be equal to not more than 1.88 percent. (C) PLUS loans Notwithstanding the preceding paragraphs of this subsection, with respect to Federal Direct PLUS Loan for which the first disbursement is made on or after July 1, 2019, the applicable rate of interest shall be equal to not more than 1.88 percent. (D) Consolidation loans Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Consolidation loan for which the application is received on or after July 1, 2019, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to not more than 1.88 percent. . IV Student Debt Cancellation 401. Short title This title may be cited as the Student Debt Cancellation Act of 2019 . 402. Forgiveness of outstanding Federal student loans (a) Forgiveness required Notwithstanding any other provision of law, not later than 180 days after the date of the enactment of this title, the Secretary of Education shall forgive the outstanding balance of interest and principal due on all eligible Federal student loans. (b) Definition of eligible Federal student loan In this title, the term eligible Federal student loan means any loan made, insured, or guaranteed under part B, part D, or part E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1071 et seq., 1087a et seq., 1087aa et seq.) before the date of enactment of this title, including— (1) loans made to a parent borrower on behalf of a dependent student under part B or part D of such Act; (2) consolidation loans made under such Act