6 months ago
Monday, the 2020 presidential campaign contender Senator Elizabeth Warren, released a proposal on eliminating the student loan debts for Americans and making all public colleges tuition-free. This is quite a shocker, and yet, if put into life, the proposal can become the ray of light for many students burdened with their loan debts. The Typical Student team learned the main points of Warren's plan.
According to sen. Warren's plan, $50,000 in student loans will be forgiven to US students living in households with income of less than $100,000 a year. The analysis provided by her campaign suggests this measure would secure immediate debt relief to over 95% of the 45M of Americans with student debt.
What's more, Senator Warren is calling for a "drastic increase in federal spending on higher ed to make tuition and fees free for all students at two- and four-year public colleges and expand grants for lower-income and minority students to cover costs like housing, food, books, and child care."
How Much Will The Plan Cost?
According to rough estimates, Warren's plan would cost about $1.25 trillion for a 10-year period. In her interview with CNN, senator commented her proposal as follows: "For two cents on the dollar, we could pay for universal childcare, universal pre-K, universal college and knock back the student loan debt burden for about 43 million Americans and still have nearly, just short, of $1 trillion leftover. It tells you how badly out of whack our economy is right now."
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