Elizabeth Warren proposes canceling student loan debt, free public college


Households making between $100,000 and $250,000 would receive partial debt cancellation; as the Daily Beast noted, the cancellation amount would then decline by "a dollar for every three dollars in income" above that $100,000 threshold, while households making over $250,000 would not receive any relief. And while it may be hard to feel much sympathy for anyone making over $250,000 a year, individuals in high-earning professions can carry massive, life-altering student debt loads.

Warren's new plan would forgive $50,000 in student loans for Americans in households earning less than $100,000 a year. Between 2011 and 2018, CFPB handled more than 60,000 student loan complaints.

Democratic presidential candidate Elizabeth Warren is proposing the elimination of existing student loan debt.

"The time for half-measures is over", Warren wrote in her piece on Medium. "People come up to me in tears talking about their student loan debt. It helps millions of families and removes a weight that's holding back our economy".

Last month, Sens. Cory Booker of New Jersey, Kamala Harris of California, Kirsten Gillibrand of NY and Elizabeth Warren of MA - all presidential contenders - signed on to co-sponsor Sen. Amy Klobuchar, D-Minn., has said she opposes tuition-free four-year public college, although she favors free community college.

Wiping out student debt would be "step one". She said canceling debt for millions of people would help close the nation's racial and wealth gap, and also proposed making all two-year and four-year public colleges free.

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Elizabeth Warren has reportedly been having trouble meeting her fundraising goals and she hasn't broken out of that overstuffed pack in the way many of her supporters may have expected.

President Obama put her in charge of creating the Consumer Financial Protection Bureau after the 2008 financial crisis; she designed an agency that became the top watchdog of both predatory for-profit colleges, and student lenders and servicers.

Education has been a topic on the campaign trail for some of Warren's rivals as well.

She also wants the wealth tax to pay for universal childcare and make a down payment on the Green New Deal to fight climate change and "Medicare for All" government-run health care.

According to Politico, Warren's student debt forgiveness plan is the latest attempt by the candidate to position herself further left than Democratic socialist Sen.

"Warren is recognizing that we will not be able to make tuition free without addressing past harm done by student debt", said Sara Goldrick-Rab, a professor of higher-education policy and sociology at Temple University. However, she said covering non-tuition expenses by expanding the Pell Grant, a federal program targeting low-income students, is not the best use of the program. It would create a one-time cost of $640 billion to the federal government and ultimately be paid for by an "Ultra-Millionaire Tax", an annual 2% tax on the estimated 75,000 families with $50 million or more in wealth. Besides Sanders, Sen. Kamala Harris of California, has called for "debt- free college", and previous year she, Warren, Sen. She has called for the House to begin impeachment proceedings for Donald Trump while other 2020 candidates have remained largely silent on the issue.