ILLINOIS (WCIA) — Some of the top political leaders are trying to provide relief for students with loans and they are asking Congress for help.
Several attorneys general wrote a letter to the House and Senate asking them to cancel up to $50,000 of federal student loan debt. They are hoping to help the borrowers who are struggling to pay what they owe.
The Illinois Attorney General said people take on the debt because they want to create a better future, but oftentimes the debt sometimes makes it more difficult for them to progress. He is hoping lawmakers will consider foregiveness.
Millions of people across the country have student loans to pay. Now, a new generation of borrowers are already thinking about that burden.
“It’s something that’s always been on my mind,” said student Brendyn Jones.
While some students feel confident about repayment…
“My parents put me in a really good financial position and they’ve show me how to be financially productive with my money,” said student Rebecca Coffman.
Others have concerns…
“Student loans just kind of pile up as soon as you get out of school and the job market is weird, so I’m kind of scared to have to do that as soon as I graduate,” said Jones.
But leaders are trying to provide some relief. A group of attorneys general sent a letter to Congress asking for them to forgive up to $50,000 in debt for every student borrower. The Illinois attorney general was a part of it.
“The level of debt to so many borrowers throughout the country is unimaginable and for some, $50,000 is a significant debt but it’s a dent in their overall debt,” said Illinois Attorney General Kwame Raoul.
This comes after President Biden said he would not consider canceling up to $50,000 of debt, but he did say he was prepared to cancel $10,000. But leaders said more must be done.
“This has created a great challenge for so many Americans throughout the country and jurisdictions to be able to close the wealth gap and to be able to attain economic opportunity due to the burden of having to pay back loans,” said Raoul.
They said canceling the debt can also help increase black and Latino household wealth and help close the racial wealth gap.