LANSING< Mich. (WLNS) — Alongside a coalition of eight other attorneys general, Michigan AG Dana Nessel is urging for full cancellation of 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 in a press release. “I stand with my colleagues in asking President Biden to bring this much-needed relief to millions of borrowers across the country.”
In a letter to President Biden, the coalition is stressing that Biden could use his authority under the Higher Education Act to cancel student loan debt for every borrower.
“While the COVID-19 pandemic has caused tremendous disruption for countless borrowers, it is not the pandemic alone that is the problem,” the letter said. “The sheer enormity of debts owed, a systemically flawed repayment and forgiveness system, and the disproportionate impact of the debt burden all speak to the enormity of the challenge facing countless borrowers.”
In addition to discussing what has contributed to the debt, the coalition points out that debt cancellation will reduce stress, mental fatigue and enable borrowers to save for retirement and save for buying a home.
According to the letter, there are more than $1.7 trillion dollars in federal student loan debt.
The attorneys general of New York, Hawaii, Illinois, Minnesota, New Mexico, Puerto Rico, and Washington were also part of the coalition.