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Warren unveils $640 billion college debt forgiveness plan

Warren unveils $640 billion college debt forgiveness plan

Sen. Elizabeth Warren of MA is unveiling a proposal to wipe out student debt for millions of borrowers, making her the only major 2020 presidential candidate to advance such an ambitious plan to relieve the growing burden of higher-education loans on Americans and the economy.

The debt-cancellation plan, according to her post on Medium, "cancels $50,000 in student loan debt for every person with household income under $100,000", and "provides substantial debt cancellation for every person with household income between $100,000 and $250,000".

The amount of debt that would be eligible for forgiveness would vary by income, but an independent expert analysis submitted as part of her plan suggests that three-quarters of households would see all their federal student loans forgiven.

Wayne Messam, the mayor of Miramar, Florida who is running for president, has proposed canceling more than $1.5 trillion in student date owed by 44 million Americans, but has not outlined a way to pay for it. "It's the result of a government that has consistently put the interests of the wealthy and well-connected over the interests of working families".

Warren, who said she dropped out of college initially at 19 to get married, said she was able to re-enroll on her waitressing salary when tuition was just $50 a semester.

While some cheered the offer of free universal education, others, including Mechele Dickerson, a law school professor at the University of Texas at Austin, disputed the benefit of offering full tuition to all students, including "hedge fund children". Bernie Sanders, Rep. Tulsi Gabbard, from Hawaii, and others have supported free two-year college.

Elizabeth Warren, meanwhile, is establishing herself, just as she has for years, as a kickass and extremely qualified leader.

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U.S. Senator Kamala Harris, another contender for the Democratic presidential nomination, released a plan last month that would use $315 billion in federal money over 10 years to give the average teacher a $13,500 raise, or about a 23 percent salary increase.

Warren's idea - which has been criticized as too costly - would rely on her proposed "Ultra-Millionaire Tax".

Warren also takes aim at for-profit colleges, which have been criticized for saddling low-income students and people of color with debt while providing degrees of dubious career value.

"The way we build a future where everyone's got a chance is we start out by investing in their education", Warren said. Well, first, there's that tax on the wealthiest Americans - a 2% annual tax on all net worth above $50 million and a 3% tax on all net worth above $1 billion.

"It's not enough to make sure every American can graduate from a public college debt-free". Her CNN town hall event Monday night will be centered on policy, while a number of other candidates have yet to attach any specific policies to their campaign, opting more for broad strokes of a general set of values.

Yet there has been little mention of the more than 44 million people already burdened with student loans, which makes Warren's debt cancellation plan a standout, liberal policy analysts say.

Warren is unapologetic about her heavy focus on policy.


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