ILLINOIS (WAND) - Illinois Attorney General Kwame Raoul has joined other leaders of U.S. states in calling for the full cancellation of federal student loan debt.
Raoul's announcement said he has joined a coalition of eight attorneys general, which is urging President Joe Biden to fully cancel federal student loan debt owed by every federal student loan borrower in the United States. The president is asked to immediately use his authority under the Higher Education Act to cancel over $1.7 trillion student borrowers owe to the federal government.
Raoul and the coalition said the full cancellation is needed to address the "sheer enormity" of debts owed, along with repayment and forgiveness systems leaders called "systematically flawed" and the disproportionate impact of the debt burden on millions of U.S. borrowers.
Leaders said they contend only permanent action by the government can provide needed widespread relief.
“Without action, the student loan crisis will continue to get worse, stifling economic activity and weighing down families with mountains of debt that they cannot afford to repay,” Raoul said. “While long-term reforms to the student loan system are desperately needed, I urge the Biden administration to take action that will provide immediate relief to student loan borrowers.”
Leaders argue cancellation will reduce stress and mental fatigue on borrowers and provide them opportunities, including saving for retirement and buying new homes. They argue it would also substantially help to close the racial wealth gap.
To see the full letter sent by the coalition to President Biden's desk, click here.
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