U.S. Senator Elizabeth Warren proposes to cancel student loan debt.
for student loan debt forgiveness would:Provide substantial debt cancellation for every person with household income between $100,000 and $250,000.Also make private student loan debt eligible for cancellation.
Streamline the student loan debt forgiveness process using data and income information already available to the federal government. Importantly, Warren's plan offers no student loan debt cancellation to borrowers with a household income above $250,000, which she says is the Top 5% of earners. There would also be"phase-outs" based on income. The $50,000 cancellation amount would phase out by $1 for every $3 in income above $100,000.
“For far too many students and families, the cost of higher education has meant daunting debt and a lifetime of student loan repayments,” “We need to allow people to get the kind of post-secondary education that will help them achieve their dreams and aspirations, and earn a living to become productive members of society.
Warren's campaign proposal included an Ultra-Millionaire Tax that would include a 2% annual tax on the 75,000 families in the U.S. who have at least $50 million in net worth. However, Warren has not indicated whether the legislative proposal would be funded in the same manner.
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