eligible private student loan of the borrower that was purchased by the Secretary in accordance with paragraph (1) . (3) The Secretary shall, immediately upon issuance of a Federal Direct Forgiveness Loan, cancel the outstanding balance of interest and principal due on such loan. (d) Repayment refunds prohibited Nothing in this section shall be construed to authorize any refunding of any repayment of a loan. (e) Exclusion from taxable income The amount of a borrower’s Federal Direct Forgiveness Loans forgiven under this section shall not be included in the gross income of the borrower for purposes of the Internal Revenue Code of 1986. . (b) Notice to borrowers Section 128(e) of the Truth in Lending Act ( 15 U.S.C. 1638(e) ) is amended by adding at the end the following new paragraph: (12) Notice required along with billing statements Along with each billing statement sent to the borrower during the six-month period beginning on the day after the date of enactment of the Student Debt Cancellation Act of 2019, the private educational lender shall include a statement informing the borrower that— (A) the borrower may be eligible for loan forgiveness of eligible private student loans under section 459C of the Higher Education Act of 1965