Attorney General Phil Weiser statement on White House student loan debt forgiveness announcement

Aug. 24, 2022 (DENVER)—Attorney General Phil Weiser released the following statement regarding the White House announcement on student loan debt forgiveness:

“The student loan debt cancellation the Biden administration announced today will provide much-needed relief for thousands of student loan borrowers in Colorado. Many Coloradans have crushing debt load and either no degree because they dropped out of a program that did not work for them or a worthless degree because their for-profit schools lied to them about the value of their education and their job prospects after graduation. Others were victims of unfair and predatory loan servicing practices. This action addresses the lingering impact of harm to student borrowers.

“My office is committed to protecting students and borrowers and addressing the student debt crisis. So far, we have secured approximately $90 million in debt relief for more than 11,000 Coloradans from our actions against Westwood College, ITT Tech, Colorado Art Institute, and Navient. We have other legal actions pending, and we are fighting for public servants who were promised loan forgiveness in exchange for 10 years of public service but were denied that relief in part because loan servicers mismanaged a critical federal program.

“Debt cancellation alone will not fix our current student loan financing system, which is complex, hard to navigate, and unfair to many student borrowers. Moreover, students should not have to accept the heavy burden of debt to earn a degree that can create great stresses and financial hardship. We need meaningful reform to address this issue over the long term. Our team will continue to prioritize this important work and stand up for students.”

###

The Colorado student loan ombudsperson in the Attorney General’s Office is available as a resource for student loan borrowers throughout the state at studentloans@coag.gov or (720) 508-MySL (6975). Borrowers struggling with their student loans can click here for more information or to file a complaint with the student loan ombudsperson.