Senator Elizabeth Warren announced a plan today that would eliminate student loans for thousands of Americans.
Sen. Elizabeth Warren’s opening shot on a higher education plan raises the bar for 2020 candidates, moving far beyond free college and calling for sweeping loan forgiveness for millions of Americans likely to vote in the Democratic primaries.
Warren’s proposal to cancel a large swath of the $1.5 trillion in outstanding student debt catapults an idea percolating on the edges of progressive politics since at least the Occupy Wall Street movement squarely into the mainstream of a Democratic presidential primary. The $640 billion student debt cancellation plan is the most ambitious higher education proposal yet from a 2020 presidential candidate.
The proposal, which was announced on Monday, injects a new idea into a Democratic primary field already debating progressive ideas on the Green New Deal and “Medicare for All.” But Warren’s plan is also prompting charges from the right, and even some corners of the left, of a massive and unfair giveaway that would benefit students who racked up debt to attend expensive schools instead of those who saved for college or picked less pricey options.
The plan would provide direct relief to some 42 million student loan borrowers, most of whom would have their debt wiped away completely, according to Warren’s campaign. The one-time cancellation program would forgive $50,000 of debt for all borrowers earning less than $100,000, with proportionally less debt relief for those earning up to $250,000.
More about the proposed plan can be found on Warren’s campaign blog.
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