Nessel, eight other Attorneys General, calling for full cancelation of federal student loan debt
“Hardships created by the pandemic – and the subsequent hold on loan payments – prove we are equipped to cancel student debt once and for all,” Nessel said.
LANSING, Mich. (WILX) - Thursday Michigan Attorney General Dana Nessel announced she has joined a multistate coalition of eight attorneys general in urging President Biden to fully cancel federal student debt owed by every federal student loan borrower in the country.
In a letter to President Biden, which is included below, the coalition stresses that immediate relief is necessary for borrowers struggling with the burden of unmanageable student loan debt.
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The attorneys general recognize the administration’s commitment to addressing the issue, however, they urge President Biden to immediately exercise his authority under the Higher Education Act to cancel all federal student loan debt for every borrower.
“Hardships created by the pandemic – and the subsequent hold on loan payments – prove we are equipped to cancel student debt once and for all,” Nessel said. “I stand with my colleagues in asking President Biden to bring this much-needed relief to millions of borrowers across the country.”
Right now, student borrowers owe more than $1.7 trillion to the federal government. In their letter, the coalition argues that a full termination of student debt is needed to address the enormity of debts owed, “systemically flawed” repayment and forgiveness systems, and the disproportionate impact of the burden of debt on millions of borrowers.
While state attorneys general have eased debt burdens whenever possible, the coalition argues that permanent action by the Biden administration can provide widespread relief – which is needed by millions of federal student loan borrowers.
The coalition further argues that the cancelation of federal student loan debts will reduce stress and mental fatigue and supply countless opportunities for borrowers, such as saving for retirement and purchasing new homes. Additionally, the attorneys general state that canceling federal student loan debt can substantially help close the racial wealth gap.
Joining Attorney General Nessel in sending today’s letter to President Biden are the attorneys general of:
- New York
- New Mexico
- Puerto Rico
- and Washington
The letter can be viewed below.
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