Elizabeth Warren’s proposal to cancel student debt will soon be one step closer to reality — even if she doesn’t become president
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Under the proposal Warren released as part of her presidential campaign in April, borrowers with a household income of less than $100,000 would have $50,000 of their student debt cancelled and borrowers with an income between $100,000 and $250,000 would be eligible for some student debt cancellation — though not the full $50,000. Borrowers earning $250,000 or more would receive no debt cancellation.
But that doesn’t mean it’s not without controversy. In the past, critics of the idea of student debt forgiveness have argued that it would benefit well-off borrowers the most because they’re more likely to have higher debt loads. Warren’s proposal aims to address these concerns by tying the level of forgiveness to the borrower’s income, though some analyses have found that borrowers in the second-highest income quintile would receive the largest share of total debt relief as measured by dollars.
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