ALBANY, N.Y. (WIVB) — New York State Attorney General Letitia James led a multi-state coalition of 17 different attorneys general who are looking to lighten the debt load of 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 make this happen.
“Student loan debt holds too many struggling borrowers down and prevents them from achieving financial stability,” James says. “Many fall behind on their payments or enter default, leading to a downward spiral of ruined credit and dashed dreams. Cancelling up to $50,000 in student loan debt will not only free these borrowers to move forward with their lives, but will simultaneously help close the racial wealth gap and move our economy to new heights. This is about creating equal footing among all students and giving every borrower the opportunity to succeed.”
James’ office says “As many as one in five federal student loan borrowers are in default” and “only two percent of borrowers who applied for loan discharges under the Public Service Loan Forgiveness program have been granted a discharge.”