NEW YORK (WIVB) – New York State Attorney General Letitia James has led a multi-state coalition of 17 different attorneys general seeking to ease the debt burden on college graduates.
The coalition is calling for the cancellation of up to $ 50,000 in federal student loans for all borrowers across the country. Senate Resolution 46 and House Resolution 100 call on President Joe Biden to use his authority to achieve this.
“Student loan debt is holding back too many struggling borrowers and preventing them from achieving financial stability,” James said. “Many fall behind on their payments or default, leading to a downward spiral of ruined credit and shattered dreams. Canceling student loan debt of up to $ 50,000 will not only allow these borrowers to move forward with their lives, but will simultaneously help close the racial wealth gap and move our society forward. economy to new heights. It’s about creating a level playing field among all students and giving every borrower the opportunity to be successful. “
According to James’ office, up to one in five federal student loan borrowers are in default and only 2% of borrowers who have applied for a loan release under the public service loan forgiveness program have been released.