The 6 biggest questions about Elizabeth Warren's plan to cancel student debt:
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But not everyone would benefit from the proposal if it winds up being enacted . Furthermore, there are many burning questions about who, specifically, the program would benefit; how these benefits would be allocated; and whether there might be unintended negative consequences of student loan forgiveness for borrowers and their families. Here's a rundown.While the vast majority of the $1.
UPDATE / CORRECTION: Senator Warren's team reached out to confirm that private student loans would be eligible under her proposal. Still, it is unclear what legal authority would permit this .Even if we assume that only federal student loans would be eligible for Warren's debt forgiveness proposal, it does not necessarily mean that federal loans would qualify. Warren has not specified, for instance, whether federal Parent PLUS loans would be eligible for cancellation benefits.
UPDATE / CORRECTION: Senator Warren's Team reached out to state that under her proposal, borrowers could refinance their remaining student loan balances at lower rates.Under federal law, cancelled debt can be treated as taxable income for the borrower. In other words, federal law requires that borrowers report cancelled debt as earned income for tax purposes -- and they then have to pay income taxes on that cancelled debt. There are certain exceptions to this rule.
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