Published: Tue, April 23, 2019
Global News | By Blake Casey

Warren Unveils Sweeping Plan To Cancel Student Debt, Provide Free College

Warren Unveils Sweeping Plan To Cancel Student Debt, Provide Free College

The campaign estimated the plan would have a one-time cost of $640 billion.

"You have to look at her agenda as a whole to get a sense of it", Ben Ritz, the director of the Progressive Policy Institute's Center for Funding America's Future, told Newsweek.

"Some people will say we can't afford this plan".

"It's a problem for all of us", Warren noting, that student college debt has reached more than $1.5 trillion and affects more than 40 million Americans. A Georgetown University study found that college graduates make $1 million more over a lifetime than high school graduates. "It's time to make different choices", Warren wrote.

After she wipes out most people's debt, Warren would have the federal government foot the bill for any American's two- or four-year degrees. She calls for cutting off for-profit colleges from receiving any federal aid "after an appropriate transition period".

On the stump, Ms. Warren recounts how education lifted her from being a janitor's daughter in Oklahoma to become a teacher, law professor and senator.

"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".

Warren is the first Democratic candidate to release a detailed policy to tackle the high cost of higher education for people who want to go to college and those who are still paying for it. Warren has also said her universal child care proposal would be paid for by her wealth tax.

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For example, if an individual has a total net worth of $50 million - including homes, land, and vehicles - and an annual income of $1 million, he or she would still pay $1 million in taxes. Jeff Sessions to the post of attorney general, Warren read a quote from the late Sen.

Former New York Mayor Michael Bloomberg, a billionaire who this year briefly eyed a run for Democratic presidential nomination, said Ms. Warren's socialist scheme would turn the US into Venezuela.

"I wish I could staple a free college diploma under each one of your chairs", she said. But their attack on the existing debt has largely been limited to plans that would allow borrowers to refinance the loans at lower rates.

Pictured is a depiction of student debt.

"I took an oath to uphold the Constitution of the United States, and so did everybody else in the Senate and in the House", Warren said. "You could ask why 25% of people with professional degrees need debt cancellation". Those with household incomes topping $250,000 wouldn't receive any loan forgiveness. Households that make less than $100,000 a year would get $50,000 in loan cancellation, with the amount of relief getting gradually smaller as income level goes up, with households that make more than $250,000 not eligible for any debt relief.

Among young Democratic primary voters, the poll found that Sanders led the field as the top choice of 31 percent; former Vice President Joe Biden, who is expected to join the race this week, came in second with 20 percent; former Rep. Beto O'Rourke took third with 10 percent.

Warren's new plan would forgive $50,000 in student loans for Americans in households earning less than $100,000 a year.

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