Democratic presidential candidate Elizabeth Warren lashed out at billionaire Leon Cooperman on Monday for his stake in the student loan servicer Navient and stressed the importance of forgiving student debt.
Nearly 60% of Americans support a proposal in which borrowers who earn less than $250,000 get $50,000 of their student debt cancelled, according to a Quinnipiac University poll in April. Yet that backing drops to 44% if such a plan were funded through a tax on the wealthy."One thing I know he cares about — his fortune," Warren wrote in a Tweet on Tuesday. "He's a shareholder in Navient, a student loan company that has cheated borrowers and used abusive, misleading tactics.
Warren has been a prominent critic of Navient, one of the largest student loan servicers in the country. She said Cooperman "went so far as to ask how I might impact his investment in the last earnings call with Navient." To that end, Mark Kantrowitz, a higher education expert, said, "If there's widespread student loan forgiveness, student loan servicers and lenders would take a big hit."
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