LANSING, Mich. — Michigan Attorney General Dana Nessel is urging for the cancellation of federal student debt. Nessel is one of eight attorney generals who recently wrote a letter about the topic to President Biden.
In the letter, the group asks President Biden to immediately exercise his authority under the Higher Education Act to cancel student loan debt for every borrower. The group says that the cancellation is needed due to the enormity of debts owed, systemically flawed repayment and forgiveness systems, and the disproportionate impact of the debt burden on millions of borrowers.
Student borrowers currently owe more than $1.7 trillion to the federal government. The attorney generals say that a cancellation would provide opportunities for borrowers such as saving for retirement and purchasing news homes. They also say that it will reduce stress and mental fatigue to borrowers, as well as help close the racial wealth gap.
“Hardships created by the pandemic – and the subsequent hold on loan payments – prove we are equipped to cancel student debt once and for all,” said Nessel. “I stand with my colleagues in asking President Biden to bring this much-needed relief to millions of borrowers across the country.”