Federal student debt: Common Council urges its cancellation
Milwaukee City Hall
MILWAUKEE - Milwaukee's Common Council adopted a resolution on Tuesday, July 27 urging the federal government to cancel federal student debt.
The file was introduced by Common Council President Cavalier Johnson and co-sponsored by Alderman Ashanti Hamilton, Alderman Russell W. Stamper, II, and Alderwoman Chantia Lewis.
A news release indicates 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. Borrowers with outstanding education debt typically hold between $20,000 and $24,999. Black students, on average, owe $7,400 more than their white peers.
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Milwaukee joins cities such as Boston, Washington D.C., Philadelphia, and others that have urged the federal government to cancel student debt.
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