Elizabeth Warren Wants to End the Student Loan Debt Crisis For Good


Sen. Elizabeth Warren, a Democrat from MA, and Democratic candidate for president, said she's not discouraged by sexism in politics as she aims to be the first woman elected president of the United States.

Elizabeth Warren (Mass.) has rolled out another progressive policy initiative: A plan for cancelling most student loan debt while providing universal "free" college to Americans at the cost of $1.25 trillion over 10 years. Debt forgiveness alone would involve a one-time cost of $640 billion. For households between $100,000 and $250,000, the debt cancellation decreases by $1 for every $3 in income.

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. In a lengthy essay on Medium, Warren lays out the hows and the whys of her plan, which would be paid for via her proposed "Ultra-Millionaire Tax", a 2% annual tax on the 75,000 families with $50 million or more in wealth-wealth that as of now largely goes untaxed thanks to a number of workarounds the ultra-rich have established to make sure it never gets to trickle down to the masses. Bernie Sanders' 2017 legislation that would make four-year public colleges tuition-free for some students - said her new plan is "bigger" and "goes further" than Sanders', who is also vying for the Democratic nomination. "Like K-12 education, college is a basic need that should be available for free to everyone who wants to go". The Massachusetts Democrat and 2020 contender is also calling for a drastic increase in federal spending on higher education that would make tuition and fees free for all students at two- and four-year public colleges and expand grants for lower-income and minority students to cover costs like housing, food, books and child care. Progressives cheered Warren's plan to wipe out much of the $1.5 trillion in student debt, which has experienced almost 157 percent cumulative growth in the last 11 years.

Individuals with incomes of more than $250,000 would not have their debts reduced.

As the list of candidates for 2020 continues to grow - here are the people who have already announced their candidacy. "It's how the daughter of a janitor in a small town in Oklahoma got to become a teacher, a law school professor, a U.S. Senator, and eventually, a candidate for President of the United States", she wrote.

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As IJR previously reported, former "Dirty Jobs" host Mike Rowe has been working to get more students to consider going to trade school.

Late last week, she distinguished herself by becoming the first major candidate to call for impeachment proceedings against President Donald Trump after the release of special counsel Robert S. Mueller III's report on Russian interference in the 2016 election.

"I wish I could staple a free college diploma under every one of your chairs. I do. It touches people's lives", she said.

"Research shows that more funding for non-tuition costs helps improve graduation rates, which must be our goal", Warren wrote.