This month, I called on President Biden to pass broad student debt cancellation.
Friend,
1.6 trillion dollars.
That’s the total federal student debt owed between 43 million people nationwide. It’s an unfathomable burden on our communities, especially communities of color, who are still braving the economic shocks of a long pandemic.
Democratic Attorneys General have been calling repeatedly on Congress, the White House, and the Department of Education to take action – anything to get relief to people who desperately need it right now.
This month, I got together with Senator Elizabeth Warren and Rep. Ayanna Pressley to turn up the pressure, big-time: In a Senate Banking Committee hearing, we urged President Biden to pass a broad cancellation of federal student debt, up to $50,000 per borrower, and held our ground against a slew of GOP detractors.
The consequences for millions of Americans who are unable to manage their student loan debt are catastrophic, especially for communities of color.
Those unable to get meaningful relief from student loan debt risk losing administrative wages, earned income tax credits, and even Social Security retirement and disability income.
Before the COVID-19 pandemic and recession, student loan borrowers were already struggling and owing more than they originally borrowed. And it’s only getting worse.
Eliminating $50,000 of student loan debt won’t just provide relief to families and communities who need it most, and it won’t just provide justice for victims of predatory for-profit colleges that left students with worthless degrees and insurmountable debt – eliminating this amount of student loan debt is the biggest thing we can do to address the racial wealth gap, helping lift communities of color in a time when this pandemic and recession has burdened them the most.
That’s why I, and a coalition of Democratic AGs, have been so persistent in our demands for student debt forgiveness.
Democratic AGs truly are “The People’s Lawyers”. They’re the most effective and diverse elected officials in the country, fighting for our rights and repairing our democracy. They need your support – will you chip in today?
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