- Sen. Elizabeth Warren, a Massachusetts Democrat and 2020 presidential candidate, unveiled an ambitious new plan to eliminate most student loan debt and make all public colleges tuition-free.
- The $US1.25 trillion plan would impact 42 million Americans, eliminating all student debt for 75% of those who have it.
- Warren said her plan “goes further” than Sen. Bernie Sanders’ College for All Act, which would eliminate tuition at four-year public colleges for families making under $US125,000.
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Sen. Elizabeth Warren, a Massachusetts Democrat and 2020 presidential candidate, unveiled an ambitious new plan on Monday to eliminate most student loan debt and make all public undergraduate colleges tuition-free.
The proposal would impact 42 million Americans with student debt, according to Warren’s campaign, and is just the latest in a slew of detailed policies Warren has rolled out since she announced her presidential bid on December 31st.
Warren’s policy would cancel up to $US50,000 in student loan debt for every American whose family makes $US100,000 or less, annually, and some debt for those who make between $US100,000 and $US250,000. Families who make over $US250,000 would not be eligible for any debt cancellation.
Warren’s policy would also get rid of all undergraduate tuition and student fees at public universities, including both two and four-year colleges. And it would eliminate all student debt for 75% of Americans who have it, and get rid of at least some debt for 95% of affected Americans, according to an analysis by a group of professors from Brandeis University professor.
And the plan is designed to provide targeted assistance to students of colour, including establishing a $US50 billion fund for Historically Black Colleges and Universities (HBCUs) and Minority Serving Institutions (MSIs). The proposal would also eliminate federal funding for for-profit colleges, many of which have been accused of targeting and profiting off of low-income students and students of colour.
Warren said her plan “goes further” than Sen. Bernie Sanders’ College for All Act, which would eliminate tuition at four-year public colleges for families making under $US125,000. Warren estimates her plan would cost $US1.25 trillion over 10 years – and it would be paid for by her wealth tax on Americans with more than $US50 million in assets, the campaign said.
“The enormous student debt burden weighing down our economy isn’t the result of laziness or irresponsibility,” Warren wrote in a Monday post introducing the plan. “It’s the result of a government that has consistently put the interests of the wealthy and well-connected over the interests of working families.”
Warren credits the University of Houston – where she received her undergraduate degree and paid $US50 per semester in tuition – with opening the doors for her to become a special education teacher, and later a law professor.
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