Elizabeth Warren unveils $640 billion college debt forgiveness plan

Elizabeth Warren unveils $640 billion college debt forgiveness plan

It would also cancel some debt for those with household incomes between $100,000 and $250,000. In a Medium post, Warren wrote that the U.S. Cory Booker, Kirsten Gillibrand and Kamala Harris, are backing the Debt-Free College Act, a bill that would cover all costs for students attending a public college without necessitating loans.

The cost? Roughly $1.25 trillion over 10 years. Income-based standards for debt cancellation would reduce or even withhold assistance from some households.

The Massachusetts senator says the proposal unveiled Monday would eliminate nearly all student loan debt for 42 million Americans, canceling $50,000 in debt for each person with household income under $100,000.

As the list of candidates for 2020 continues to grow - here are the people who have already announced their candidacy.

That's just a fraction of the $18.2 million raised by Vermont Sen.

Warren explained that in order to keep debt out of the system, her plan would make public colleges free.

Britain set for record-breaking Easter weekend weather after sweltering Good Friday
The mercury hit 25C in parts of the United Kingdom on Good Friday and were forecast to rise to a possible 27C on Easter Monday. She added: "The highs today are probably 25C but I think there's an outside chance of beating that".

Sanders defends herself over Mueller report revelation The Morung Express
Trump submitted written answers to written questions but refused to sit down for an interview with the special counsel. Sanders, however, didn't only reference the comments once in a "heat of the moment" environment.

PR Newswire - BlackBerry® KEY2 Red Edition Now Available In The United States
The package also includes a special edition red earbuds that are branded BlackBerry, as initially announced back in February. Today's Red Edition KEY2 brings a vibrant red color to the KEY2 aluminum frame with black accents and a textured black back.

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. 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. As Warren noted in her video, she could go to school for $50 per semester, which was easily affordable with a part-time job.

The revenue from Warren's wealth tax proposal - a 2% tax on wealth above $50 million and a 3% tax on wealth above $1 billion - would pay for her newest proposal, her campaign said.

Asked about connecting the viability of her new proposal to another, Warren insisted that there is broad support for the idea of taxing the ultra-rich.

"The result is a huge student loan debt burden that's crushing millions of families and acting as an anchor on our economy", Warren wrote.

The plan will do this in a number of ways including creating a $50 billion fund for Historically Black Colleges and Universities and minority-serving institutions to make sure the spending per student is on par with colleges in the area; making more funding available for states that show improvement in enrollment and graduation for low-income students and students of color; banning for-profit colleges from receiving federal funding and prohibit colleges from considering citizenship status or criminal history in admissions decisions. Beyond that income threshold, smaller amounts of debt would be canceled, but no one with more than $250,000 in household income would be eligible.

Warren also takes aim at for-profit colleges, which have been criticized for saddling low-income students and people of color with debt while providing degrees of dubious career value. Warren says it would be paid for by a new tax on multimillionaires, and at least partially offset by new economic growth. Kirsten Gillibrand of NY signed onto a bill called the "Debt-Free College Act".

Related Articles