AG Ellison joins multi-state coalition calling for student loan debt cancellation – WCCO
MINNEAPOLIS (WCCO) – Attorney General Keith Ellison said he is joining a multi-state coalition to urge Congressional resolutions calling for the cancellation of up to $ 50,000 in federal student debt.
Earlier this month, top lawmakers, including Representative Ilhan Omar, introduced the college debt relief proposal.
READ MORE: How much do we owe in student debt? And how did we get there?
Student debt in this country now stands at $ 1.6 trillion, according to the Federal Reserve Bank. It’s behind mortgages, but ahead of total credit card debt and auto loans. That $ 1.6 trillion is also an increase of over 200% over 15 years. In 2006, student debt in the United States stood at $ 480 billion.
Ellison’s office said the nonprofit Student Borrower Protection Center reports that 775,300 student loan borrowers in Minnesota have a collective debt of $ 29.1 billion. Minnesota ranks fifth in the country in percentage of 2019 graduates with student loan debt.
READ MORE: Prospect of Student Debt Remission Welcomed by ‘Sandwich Generation’ as Their Children Head to College
“The economy is stacked against ordinary people. It makes it hard for far too many people to pay for their lives, ”Ellison said. “People are looking for higher education to build a better future for themselves and their families, but the sky-high cost means too many of them have to take on student debt that makes it impossible to build that better future – and the Minnesotans are harder hit. by high student debt than people in most states.
Ellison and 16 other state attorneys general said they were seeking immediate relief for borrowers struggling with debt, especially given the continued pressure of the COVID-19 pandemic on the economy.
Right now, 43 million Americans have some sort of student debt. That’s one in six American adults and two-thirds of those between the ages of 18 and 29.