State AGs call for full cancellation of student loan debt – Tampa, Florida

Tampa, Florida 2022-05-04 14:25:05 –

Buffalo, NY — A group of Democratic State Attorney Generals called for a complete cancellation of federal student loan debt.

In a letter to President Joe Biden, Attorney General of New York Letitia James led a multi-state coalition of eight Attorney Generals urging him to completely cancel the debt of a federal student loan. Joining James in sending the letter were the Attorney Generals of Hawaii, Illinois, Michigan, Minnesota, New Mexico, Puerto Rico, and Washington.

“I commend President Biden for seriously considering allowing $ 10,000 per borrower, but more to end this crisis and provide the tools Americans need to prosper. Bold and decisive action is required. Student debt prevents millions of struggling borrowers from reaching financial stability and leads to a cycle of financial burden that follows them throughout their lives. I urge President Biden, along with his colleagues, to lead one of the most influential racial and economic justice initiatives in history by completely canceling this debt. “

-Attorney General James

In the letter, the coalition argues that a complete cancellation of more than $ 1.7 trillion in student loan debt owed to the federal government is needed to deal with:

  • Huge amount of debt
  • Systematic flawed repayment and forgiveness system
  • Disproportionate impact of debt burden on millions of borrowers

The coalition also said it would reduce stress and mental fatigue while providing the borrower with a myriad of opportunities.

Most Democrats supported the call to provide student loan bailouts, but most Republicans and some Democrats opposed. Due to the COVID-19 pandemic, federal student loan repayments have been suspended since March 2020.

This article was written by WKBW’s Anthony Reyes.

State AGs call for full cancellation of student loan debt Source link State AGs call for full cancellation of student loan debt

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