Eight attorneys general call on Biden to cancel federal student debt for every borrower

Eight attorneys general, including those of New York, Illinois and Washington state, wrote a letter to President Joe Biden on Wednesday requesting that he forgive federal student debt for every borrower.

“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 New York State Attorney General Letitia James.

The attorneys general stated the president has the authority to cancel the debt through executive action, an assertion some have contested.

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Biden previously expressed hesitation to cancel federal student debt without Congress, but under intense pressure from advocates and Democratic legislators he has recently shown a willingness to use his own authority to reduce people’s debt loads.

Even before the pandemic, the country’s outstanding student loan debt balance exceeded $1.7 trillion and posed a larger burden to households than credit card or auto debt. Roughly a quarter of borrowers, or 10 million people, are estimated to be in delinquency or default.

“We are currently embroiled by a significant international conflict, our economy remains fragile and consumer prices for every day necessities are spiking at rates unseen for decades,” the attorneys general wrote. “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.”