Committee approves file regarding student loan debt
During today’s meeting of the Judiciary and Legislation Committee, the committee recommended adoption of file #210405 – a resolution urging the federal government to cancel federal student debt, and directing the Department of Administration – Intergovernmental Relations Division to lobby for this policy. The file was introduced by Common Council President Cavalier Johnson and co-sponsored by Alderman Ashanti Hamilton.
The total owed by student loan borrowers amounts to over $1.7 trillion with the average student loan payment being $393 a month, almost 20% of the typical American’s monthly household income. Black students, on average, owe $7,400 more than their white peers. The file will be before the full Common Council for adoption at its next meeting on Tuesday, July 27 at 9 a.m.
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