John,
Along with 16 of my Democratic Attorneys General colleagues, I just sent a letter in support of the House and Senate resolutions calling on President Biden to cancel up to $50,000 in federal student loan debt for borrowers.
Our economy is already stacked against regular folks. It's no surprise so many pursue higher education as a way to build a better life for themselves and their families. Unfortunately, the sky-high cost of education makes it impossible for many student borrowers to truly get ahead.
Too many have been unduly burdened by the student loan industry's predatory lending practices, and many were already struggling before the COVID-19 pandemic and economic recession. They need our help. Badly.
The total amount of student debt in our country has doubled in the last ten years to $1.7 trillion. As many as one in five student debt borrowers are in default.
There are real consequences for borrowers who aren’t able to pay their student loans. They face wage garnishment, seizure of Social Security retirement, and many owe more than they originally borrowed long into the future despite making regular payments.
This has been a crisis for years, and now, we have the chance and to solve it.
Thank you,
Keith Ellison
