Forgive All Federal Student Loan Debt, NY AG Urges Biden

NEW YORK — Eight attorneys general, including New York's Letitia James, are calling on President Joe Biden to forgive federal student loan debt for every borrower.

In a letter sent to Biden this week, the group said borrowers around the country need "immediate relief" and that the president has the power to cancel student loan debt under the Higher Education Act.

"While I commend President Biden for giving serious consideration to forgiving $10,000 per borrower, we must take bolder, more decisive action to end this crisis and provide Americans with the tools they need to thrive," said James, who is leading a multi-state coalition of attorneys general in this effort.

Joining James in sending the letter to Biden are the attorneys general of Hawaii, Illinois, Michigan, Minnesota, New Mexico, Puerto Rico, and Washington.

In the past, Biden has considered student-loan forgiveness for borrowers — a promise he campaigned on — but hesitated to move forward without Congress.

The Federal Reserve estimates that borrowers owe more than $1.7 trillion in student loan debt — a number that surpasses both credit card and auto debt.

In their letter, the coalition of attorneys general stressed that a full cancelation of student debt "is necessary to address the sheer enormity of debts owed, systemically flawed repayment and forgiveness systems, and the disproportionate impact of the debt burden on millions of borrowers."

"We are currently embroiled by a significant international conflict, our economy remains fragile and consumer prices for everyday necessities are spiking at rates unseen for decades," the letter stated. "Now is not the time for half measures, extensions, or patchwork solutions. Now is the time for decisive action. We call upon your administration to immediately exercise its authority to cancel federal student loan debt for every borrower."