Attorney General Raoul Calls For Full Cancellation Of Federal Student Loan Debt
CHICAGO – Attorney General Kwame Raoul today joined a multistate coalition of eight attorneys general urging President Biden to fully cancel federal student loan debt owed by every federal student loan borrower in the country. The coalition urges the president to immediately exercise his authority under the Higher Education Act to cancel the more than $1.7 trillion owed to the federal government by student borrowers. “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.” In their letter , Raoul and the coalition argue that a full cancelation of student debt is necessary to address the sheer enormity of debts owed, systemically