Elizabeth Warren’s plan to cancel student debt has its origins in Occupy Wall Street

For many Americans, the idea of large-scale student-debt cancellation likely came to their attention for the first time this week, when Sen. Elizabeth Warren, a Massachusetts Democrat, announced as part of her campaign for president a plan to wipe out millions of Americans’ student loans.

Warren’s plan — to cancel $50,000 of student debt for borrowers earning $100,000 or less, up to $50,000 on a sliding scale for those earning between $100,000 and $250,000 and no debt for those earning $250,000 or more — looks very different from what Larson and other activists proposed. The Corinthian strike brought attention to a 1990s-era law called defense to repayment, which allows borrowers to have their federal student loans forgiven if their schools engaged in fraud. They then applied the same tactic to a specific kind of student debt — nearly $4 million in loans that students who attended the now-closed Everest College, a subsidiary of the for-profit chain Corinthian Colleges, owed to the school.

Broadening the idea to all borrowers Though that debt cancellation campaign was focused on a relatively narrow group of borrowers, watching the process unfold helped open up the conversation around broader debt forgiveness, said Julie Margetta Morgan, a fellow at the Roosevelt Institute, a progressive think tank.

Some plans allow borrowers to repay their debt as a percentage of their income and then have the balance wiped away after at least a decade of payments for public servants and at least 20 years for other borrowers. . Wiping away student debt would free up money borrowers were throwing at their student loans to spend on houses, cars and other major purchases. In addition, a 2018 year paper co-authored by Margetta Morgan made the case that even student-loan borrowers who appeared to be doing “just fine” — in other words, they weren’t delinquent or in default on their debt — were actually struggling to get ahead, thanks in part to their loans. And their challenges were hurting the economy.

If we can bail out Wall Street & the big automakers, why not the citizens who went the extra distance to better themselves.

George Sores ... anti -American ! No thank you .

Bernie2020

So rather than reducing taxes and allowing me to spend my money where I see fit, she wants to increase my taxes so the government can decide where I spend?

Use your taxes to pay for them

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Elizabeth Warren will introduce legislation to cancel student loan debt for most borrowersDemocratic presidential candidate Elizabeth Warren isn't waiting for the election to push forward her sweeping plan to erase the majority of the country's outstanding student debt. LOVE IT maggieNYT We should be tweeting this a million times more than anything to do with trump Had I known, i wouldve stopped paying my debt off years ago
Source: CNBC - 🏆 12. / 72 Read more »

Elizabeth Warren, James Clyburn to release legislation cancelling $50,000 in student loan debt per borrower'The student debt crisis is real and it's crushing millions of people -- especially people of color,' Warren said. Thank you ewarren !!!! ImpeachTrumpNow morgfair Every time a 2020 Democratic POTUS candidate introduces a 'free stuff' program, POTUS Donald Trump gets closer to be elected for a second term. The majority of Americans work hard to earn what they have, so arbitrarily giving deadbeats free-bees is insane. What about TEACHERS who have been legitimately paying for 20 years, and have spent as much as they owe in their classrooms....but can’t get any of the loan forgiven because they consolidated right out of college for lower interest rates?
Source: Newsweek - 🏆 468. / 52 Read more »