For many, student loans are the only way to afford a college education, but they've left millions of people in debt and unable to afford major financial milestones like purchasing a home or opening a small business.
Federal student loan debt has ballooned to more than $1.7 trillion across the country, with 3.8 million borrowers owing over $142 billion here in California alone. And that's not even counting private loans!
In his ongoing work to provide more relief to student borrowers, Rob joined a multistate coalition of 19 attorneys general to support the U.S. Department of Education's proposal to expand federal student loan debt forgiveness.
If implemented, this new forgiveness plan would waive repayment for:
- 25 million borrowers whose debt balances skyrocketed past the original loan amount due to interest;
- 2.5 million borrowers who have been in repayment for 20+ years;
- People with debt who attended "low-financial-value programs" at colleges that lost proper certification or cheated students;
- People who are experiencing financial hardship in paying back their loans.
Since the U.S. Supreme Court blocked the Biden Administration's original efforts to provide broad student debt forgiveness, this is the next best approach to alleviate debt for millions of borrowers across the country.
— Bonta HQ
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