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State attorneys general call for full cancellation of federal student loan debt

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Posted at 12:25 PM, May 04, 2022
and last updated 2022-05-04 14:33:02-04

BUFFALO, N.Y. — A group of Democratic state attorneys general has called for the full cancellation of federal student loan debt.

In a letter to President Joe Biden, New York AG Letitia James led a multistate coalition of eight attorneys general urging him to fully cancel federal student loan debt. Those who joined James in sending the letter are the attorneys general of Hawaii, Illinois, Michigan, Minnesota, New Mexico, Puerto Rico and Washington.

“While I commend President Biden for giving serious consideration to forgiving $10,000 per borrower, we must take bolder, more decisive action to end this crisis and provide Americans with the tools they need to thrive. Student debt keeps millions of struggling borrowers from reaching financial stability and leads to a cycle of financial burdens that follow them throughout their lives. I join my colleagues in urging President Biden to lead one of the most impactful racial and economic justice initiatives in history by canceling this debt, in its entirety, for all."
- Attorney General James

In the letter, the coalition argues the full cancellation of more than $1.7 trillion in student loan debt owed to the federal government is necessary to address:

  • The sheer enormity of debts owed
  • Systemically flawed repayment and forgiveness systems
  • Disproportionate impact of the debt burden on millions of borrowers

The coalition also said it would also reduce stress and mental fatigue while providing countless opportunities for borrowers.

While most Democrats have supported calls to offer student loan relief, most Republican lawmakers and some Democrats have stood opposed. Federal student loan repayments have been on pause since March 2020 due to the COVID-19 pandemic.

This article was written by Anthony Reyes for WKBW.