17 state attorneys general call for cancellation of $ 50K in student debt

A coalition of 17 state attorneys general is calling for the cancellation of up to $ 50,000 in federal student loan debt for all borrowers.

The Democratic Attorneys General, led by New York Attorney General Letitia James and Massachusetts Attorney General Maura Healey, sent a letter Friday to Congress leaders supporting resolutions calling for President BidenJoe BidenDeath’s death toll from winter conditions is at least 40: AP On The Money: House Sign Spreads on GameStop, Robinhood | Manchin meets wage advocates | Yellen Says Go Big, GOP Says To Hold Top Political Donor Sentenced To 12 Years For Illegal Contributions To The MORE campaign to use executive action to cancel outstanding student loans.

“The existing repayment system for federal student loans does not provide troubled borrowers with the ability to manage their debts or recover from the current economic crisis,” the attorneys general wrote. “The large-scale forgiveness of federal student debt will bring immediate relief to millions of people struggling during this pandemic and recession, and provide a much needed boost to families and our economy.

The letter noted that borrowers struggled with student debt long before the coronavirus pandemic, and that people of color have been disproportionately affected.

Congressional resolutions, state attorneys general said, “Would help address predatory practices that have disproportionately harmed people of color, boost our struggling economy, and create a viable future for millions of Americans.”

The letter comes as progressives increase public pressure on Biden to write off up to $ 50,000 in student loan debt. The president said during a CNN town hall Tuesday that he was prepared to write off up to $ 10,000 in debt, but not $ 50,000.

It’s unclear how much executive authority Biden has on this matter. The White House has previously said it is reviewing the president’s credentials, although Biden has indicated he would prefer to sign a law passed by Congress that eliminates some student debt.