Elizabeth Warren proposes a transformational plan for student loan forgiveness and free college.
for student loan debt forgiveness would:Provide substantial debt cancellation for every person with household income between $100,000 and $250,000.Also make private student loan debt eligible for cancellation.
Streamline the student loan debt forgiveness process using data and income information already available to the federal government. Importantly, Warren's plan offers no student loan debt cancellation to borrowers with a household income above $250,000, which she says is the Top 5% of earners. There would also be"phase-outs" based on income. The $50,000 cancellation amount would phase out by $1 for every $3 in income above $100,000.
This is the kind of big, structural change we need to make sure our kids have opportunity in this country."How would Warren pay for this student loan forgiveness plan and universal free college plan?Warren's Ultra-Millionaire Tax would include a 2% annual tax on the 75,000 families in the U.S. who have at least $50 million in net worth.
Warren also wants to invest an additional $100 billion in Pell Grants over the next 10 years and expand eligibility for Pell Grants to include more lower- and middle-income students.Some of the 2020 presidential candidates have weighed in on the future of higher education, how to manage growing student loan debt, and how to
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