- Mar 2019
- Portland, OR
I'm fine with cancelling all federal student loan debt and restructuring the program completely. I'd make federal student loans free and deducted from salary. I'd also make it only for marketable in-demand majors only and only relevant courses in other majors.Interesting idea, thoughts?
Sen. Elizabeth Warren rolled out yet another ambitious policy proposal Monday morning as she called for canceling approximately $640 billion in outstanding student loan debt.
“It’s a problem for all of us,” she said of the massive amount of debt carried by students, which has reached more than $1.5 trillion and affects more than 40 million Americans. “It’s reducing home ownership rates. It’s leading fewer people to start businesses. It’s forcing students to drop out of school before getting a degree.”
The plan would eliminate up to $50,000 in student loan debt for each person with less than $100,000 in household income. The $50,000 in relief would gradually diminish for people with household incomes between $100,000 and $250,000 ($1 less relief for every $3 earned). People with household incomes over $250,000 would not receive debt cancellation.
Warren couples the student debt forgiveness with a proposal to eliminate tuition and fees at all two-year and four-year public colleges. She presents the proposals as working in tandem: First, eliminate much of the student loan debt and then restructure the system to ensure that such debt doesn’t accumulate again.
“Once we’ve cleared out the debt that’s holding down an entire generation of Americans, we must ensure that we never have another student debt crisis again,” she wrote.
Warren proposes $640 billion student debt cancellation