AG Kaul supports group backing up to $50K in student loan debt relief
Paying for college doesn't have to be complicated. Here's what you need to know about when and how to cover your tuition costs. (iStock)
MADISON, Wis. - Attorney General Kaul has joined a multistate coalition urging the adoption of U.S. House and Senate resolutions that call for the cancellation of up to $50,000 in federal student debt owed by each and every federal student loan borrower nationwide.
In their letter to Congress on Friday, Feb. 19, the attorneys general stress the immediate relief needed for borrowers struggling with unmanageable student loan debt, which has only been exacerbated by the COVID-19 pandemic and current financial crisis. The resolutions – Senate Resolution 46 and House Resolution 100 – call on President Biden to exercise his authority to cancel up to $50,000 in federal student loan debt per borrower.
According to the letter, the existing repayment system for federal student loans provides insufficient opportunity for struggling borrowers to manage their debts. As many as one in five federal student loan borrowers are in default. Options for student borrowers to obtain relief have also proven to be inadequate.
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Only 2% of borrowers who applied for loan discharges under the Public Service Loan Forgiveness program have been granted a discharge, and efforts by state attorneys general to obtain student loan discharges for students defrauded by for-profit schools have been stymied by the U.S. Department of Education.
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