For the past few years, a handful of economists and politicians have advocated for cancelling student debt.As part of her campaign for the Democratic nomination for president, Sen. Elizabeth Warren of Massachusetts released a proposal that would provide significant student-loan relief for a large share of borrowers.
Warren’s proposal to address student debt and college affordability is the most dramatic to emerge in the presidential contest. Most of her opponents have expressed support for some sort of tuition-free college, but none has discussed large-scale debt cancellation. Who would benefit from Warren’s benefit? Over the past several years, critics have derided proposals to cancel or make student debt less onerous because they worried that the benefits would flow largely to those with the most debt. That often means borrowers with the highest incomes: Think health care professionals or others with six-figure debt, but also high six-figure salaries. By tying the debt cancellation to income, Warren’s plan may address some of those concerns.
‘The student-debt crisis is the direct result of this failed experiment’ Warren framed her proposal as a necessary antidote to policies from both the federal and state government, which has shifted the cost of college away from these entities to students and families over the past few decades. In addition to the more headline-grabbing provisions, Warren’s proposal also includes elements that reflect her history as one of the fiercest critics of the student-loan and for-profit college industries. For example, she’s proposing punishing student-loan companies and executives when they violate the law and cutting off for-profit colleges from federal financial aid.
I can see the next Olympic sport. ' Seeing how far you can go in debt and screen over the people you sure suppose to brnrfit
Let me guess. The debt is simply going to vanish like a fart in the wind. Debt is encouragement to some and crippling to others. It is in the mindset of the person.
“Got any more of them young votes?”
She wants to get rid of over 600B in debt, but had issues of wasting 6b on a wall. Interesting considering that student loans dont come from just government aide. Interested to see how she plans to get the loaners on board with this. Cause the gov aint gonna pay 100x trumps wall
So according to Warren if you make more than 100k, you are rich. All this will do is lead to increases in college costs as colleges realize the govt will pay.
Wet dream fake hope
How about trashing debt period... 👍
What an utterly asinine idea.
I paid off my own student loan, then got a job with a company that paid for my grad school. Why don’t others figure out how to take care of themselves and pay their own loan. This is ridiculous. Let’s fix healthcare and social security
Student loans are to easy to get, debtors knew this was a problem but constantly hand them out. If income to debt ratio does not support, it should be denied.
Instead fix bloated out of control college bureaucracy
Cancelled = Paid for by tax payers.....
The household could be worth millions and have an income below that! Might need a blood test first!
What are her plans for those people that could not afford to go to college? Do they get some kind of compensation too, as lots of the money to pay for this comes from them, or is this just her discrimination against those that didn't go to college?
Good
Not sure if the numbers work as presented but getting an education should not destroy one’s future hopes and dreams
I wonder who pays for that?
How will it be paid for? I would suggest a wealth transfer. But from whom? Perhaps the higher education institution. The obscenely large endowments these places have acquired tax free.
Ew, gross!
this is a great way to boost the economy
REFI the student loans and create a jobs subsidy, no way SuzeOrmanShow would say this is a good plan..
Fuck that! No one cancelled my student loans, oh wait, I didn't have loans I paid it myself!
Sounds like I need to get a student loan.
Why stop there? Why not just forgive car loans, credit cards, gambling debt.
How? Promises. Promises. How?!
Do not be fooled.....they will tax you. Will go after your retirement assets. Surprisingly the net will grow to catch the rich, the well off , the middle and on and on.
Great. I worked my way through college. My daughter worked her way through college. My son worked his way through college. Maybe we learned some valuable lessons along the way? On not overextending ourselves? Next will we wipe out their credit card debt? When does babying end?
I got one too, called pay your own debt.....what bull butter
Unfair
I paid my college debt. So now Grandma Liz wants me to pay off every body’s else’s debt? Taxation is stealing from hard working people.
So the after tax income of $100k is $60-$70k. If you have $50k of loans and make just above that is it better to not work for a year to have loans forgiven?
someone enlighten me please but wouldn’t it be better if you could simply bankrupt on student debt? wouldn’t that force lenders into more oversight and colleges into cost reductions?
We paid our loans back and so will every other student. She’s just trying to get votes. Pathetic attempt and even if she did win, which will never happen, neither would this loan forgiveness. Moving on......
That’s cool as long as “She Plans to Pay for it” or is she spending other people’s money again ?
Looks like another maniac like Bernie Sanders.
And who is paying for this?
Give everything away free, to get votes
I took a loan of $5,000 when I only had to pay $3700 for a semester. Most people would use that extra $1300 for something else. I put it back into the loan. If this happens what is to stop students from taking out more than they need if it is just going to be forgiven?
Too bad she is not wearing her native war paint. I might believe her.
I wish this would actually become reality.
Just to get votes
Senator Warren, what about me? I live on a small income and am only needing a $20k government subsidy to buy a car.
I make under 100k annually but already paid off my student loans because I planned responsibly. Do I still get 50k back?
I have Reservations
Regardless you will still be paying for the debt you think you no longer have
Psycho
But...but....they said it’s free!!!!
Bullshit! America shouldn’t pay one dime of those student loans!!!!
Too bad for all those people that won’t qualify who entered careers that they were in no way passionate about and miserable going to work each day, but only do it so they can have a salary high enough to repay their student loans and not be in poverty
I wonder how those people discharging are going to feel when they have to add $50,000 to their income for the year. Lol suckers.
Continue to teach kids how be irresponsible for their debts! I Went college and worked full time to payed for it! No debt. Received my graduate degree with $30k loan and paid it off in two years by working to fulltime jobs! Paid off home by 40 and retired at 46! Money smart!
She wants to tax rich people apparently
Anyone monkey can place a tax on a group of people how does that prevent the issue from reoccurring? A grade three student can randomly blow 5 trillion dollars as easy as the president that does not solve anything. Will there ever be someone capable of eliminating the issues?
Well then, she’s gonna have to give us middle class folk under 100k that didn’t go to college 50k to keep it equal.
How about anyone proposing spending cuts in wasted programs?
But cancelled debt is income, so how do you factor that in 🤔
ewarren How about you have a plan to reduce the federal deficit by 1.25 trillion first. Democrats just keep finding ways to loan trillions of dollars to people and then, in an attempt to buy votes promise to eliminate that debt. Appears to be sound legal bribery to me.
Do her advisors pull these numbers out their butts? What about families that have 2 and more children in college but are over the $100K and up in income? This income level without any other circumstances seems oversimplified.
No. No one put a gun to your head to borrow 200k so you can get that political science degree.
Debt not cancelled it’s just passed on to others. Someone always pays...
Platitudes or Plans. I don’t know about the rest of you but I want to hear some plans to fix the mess that platitudes have gotten us into.
She's proposing to make 'settled' appear on people's credit reports next to their student loan accounts, meanwhile the FHA is tightening lending standards. LOL! NoFreeLunch
ewarren You are one disgusting Indian.
Well its just a proposal, she isn't going to be President. I think some debt relief is needed to help low income folks especially those that didn't graduate. But equally important is to restrict all future student loans. The example in WSJ of doctor who doesn't even pay all the
And put on the backs of taxpayers...this is wrong
Pretty blatant attempt at buying votes with taxpayer money
Damn looks like she’s on the warpath
So we're already in debt, social security start going broke in 2035, we do t have a balanced budget, we borrow trillions a yr. So who pays for this 50000 give away. Congress should show us every year all programs that we must borrow money to support.
Hate to be the person making 101,000 in that situation
Would they accept free pizza for a year?
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