“Student loan debt in this nation has reached crisis proportions,” Warren said.
that would carry out her campaign promise to wipe out some $640 billion of outstanding student loan debt.
It’s also meant as a broader economic stimulus. Warren said that the more than $1.5 trillion of outstanding student debt “is a drag on our entire economy” as loan borrowers delay or forgo economic activity such as buying a house or starting a business.Student loan borrowers who have $100,000 or less of gross household income would receive up to $50,000 of forgiveness. Borrowers earning between $100,001 and $250,000 would receive proportionally less in loan forgiveness.
The federal government would suspend the collection of student loan payments for a year while the Education Department carries out the loan forgiveness program. Any amount of loan forgiveness would not count as taxable income.It’s not clear exactly how much the plan would cost, as the Congressional Budget Office has not yet scored the bill. But Warren has said the plan will wipe out some $640 billion in debt.
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