This will be VERY popular with a those Americans staggering under the weight of repaying the hundreds of billions of dollars of loans….
Democrats could count on votes if they put this in their 2020 final plan of action for their parties nominee…….
Student loan debt is actually a drag on the economy ….
Sen. Elizabeth Warren, D-Mass., unveiled a new plan on Monday that would offer free public college for future students while cancelling up to $50,000 in student debt for over 40 million Americans.
Warren said her proposal was designed to confront a recent surge in student loans, now totaling $1.5 trillion nationally. She blamed insufficient funding in higher education in favor of lower taxes for the mounting student debt.
“The first step in addressing this crisis is to deal head-on with the outstanding debt that is weighing down millions of families and should never have been required in the first place,” she said in a statement.
Much of the 2020 Democratic presidential field has already signed onto plans for either free public college, a signature part of Senator Bernie Sanders’, I-Vt., platform, or debt-free college as well as various proposals to refinance student debt and lower interest rates.
President Donald Trump last month proposed limiting the amount of loans students can be taken out while offering a new income-based repayment option.
Warren’s proposal goes further by allowing former students to immediately wipe out their debt.
Households making under $100,000 could cancel up to $50,000 of student loan debt. Those making up to $250,000 could still qualify for partial debt cancellation, with the amount available declining by $1 for every $3 they make over $100,000….
image…reason.com
Sen. Elizabeth Warren is promoting an online calculator that shows voters just how much — exactly — they’d benefit from her proposal to cancel outstanding student loans.
Speaking Friday at Iowa State University, the Massachusetts Democrat and 2020 presidential hopeful asked people to take out their phones and plug their debt amounts into the calculator, which is available on her campaign’s website.
“Anybody in here have student loan debt? Anybody in here know someone with student loan debt? Okay, I think we got almost everybody,” the Massachusetts Democrat said.
The calculator, she added, is “a way to make real to people what it means to talk about student loan debt cancellation.”
Warren released her loan forgiveness plan last week, which she says would be paid for by her proposed wealth tax. Her campaign estimates that the one-time debt cancellation would cost $640 billion….
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