Elizabeth Warren proposes canceling student loan debt, free public college

Wednesday, 24 Apr, 2019

Her proposal, which is estimated to cost $1.25 trillion over a decade, creates a minimum $50 billion fund for Historically Black Colleges and Universities and minority-serving institutions to help close gaps in per-student spending.

"Here's the thing: I don't think kids starting out in New Hampshire are making $100,000, so any type of student loan debt forgiveness program that helps younger graduates or recent graduates I think would be beneficial", Berube said.

To prove her commitment to fighting a system that is rigged by and for the wealthy and well-connected, Warren yesterday announced a new plan (with Warren, there's always a plan) that would ... provide more than a trillion dollars in aid to the wealthy and well-connected.

Be a responsible and upright American and pay your debts. "It's time to make different choices", Ms. Warren said. The senator claims the plan would "give every American the opportunity to attend a two-year or four-year public college without paying a dime in tuition or fees". She called it "an enormous middle-class stimulus".

Warren, who has championed higher-education-overhaul bills during her time in the Senate, is firmly staking out ground with the more liberal wing of the Democratic Party.

Sanders introduced the College for All Act in 2017, which called for student loan refinancing, "but", Politico notes, "Warren's proposal on existing student loan debt goes beyond that of Sanders".

"Once we've cleared out the debt that's holding down an entire generation of Americans, we must ensure that we never have another student debt crisis again".

"We are familiar with all the fine rhetoric about higher education being the key to preparing the 21st-century work force and maximizing its productivity, but we can not help but notice that this is being championed by the same people who have helped to make our K-12 education system the grotesque laughing stock that it is".

I think she wants to wipe out the economy for 350 million Americans. "It's how they pay for the expenses of having a baby taken care of if they already have a child at home or being able to cover commuting expenses or maybe it's a chance to live in a dorm and have the kind of college experience that other kids can". Even in New Hampshire, next door to MA, polling averages show her far behind Sanders and former Vice President Joe Biden, who is expected to enter the race this week.

Others questioned why a tax on the wealthy should go to addressing college debt.

Brian Brenberg, associate professor and chair of the program in business and finance at the King's College in NY, said Warren's plan contains "big problems" during an appearance on "Fox and Friends" on Tuesday morning.

The proposal would provide total debt cancellation for about 90% of those with an associates degree or less, but only for about 25% with professional degrees.

"I've not seen any evidence to suggest [the Senate] will weigh on the facts instead of on partisan adherence to being protective of this president", Harris said. "You could ask why 25% of people with professional degrees need debt cancellation".

Altogether, it would wipe out all student debt - including both federal and private loans - for more than 75% of Americans with outstanding loans, according to analysis provided by Warren's campaign. Beyond that income threshold, smaller amounts of debt would be canceled, but no one with more than $250,000 in household income would be eligible. Under that formula, a person with a household income of $130,000 gets $40,000 in debt canceled, while a person with a household income of $160,000 gets $30,000 in debt canceled. The typical monthly student loan repayment is about $400 per month, or $4,800 per year.