Sen. Elizabeth Warren (D-MA) has called for the cancellation of approximately $640 billion in outstanding student loan debt which would benefit people based on income, according to Politico.
The plan would eliminate up to $50,000 in student loan debt for anyone with under $100,000 in annual household income. This would diminish for people with incomes between $100,000 and $250,000 ($1 relief for every $3 earned), and would not be available to those making over $250,000.
“It’s a problem for all of us,” said Warren in a lengthy Medium post ahead of several CNN town halls on Monday evening with fellow 2020 presidential candidates at Saint Anslam College. “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.”
Student loan debt is crushing millions of families. That’s why I’m calling for something truly transformational: Universal free college and the cancellation of debt for more than 95% of Americans with student loan debt. Read all about it here: https://t.co/IG9J5CiNb7
— Elizabeth Warren (@ewarren) April 22, 2019
Approximately 40 million Americans have student loans, which have ballooned to more than $1.5 trillion.
Warren has combined the 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’s Medium post — a spokesperson for her campaign said there wasn’t specific legislation at the moment — also proposed changes aimed at closing the racial wealth gap. That includes a prohibition on public colleges using an applicant’s criminal history or citizenship status in its admissions decisions and a $50 billion fund for historically black colleges and universities and minority-serving institutions. –Politico
Warren’s pitch is similar to free-college proposals floated by Sen. bernie Sanders (I-VT) during his 2016 run for president, however the Massachussetts Senator’s plan goes far beyond that of Sanders – whose 2017 College for All act called for the refinancing of loans, according to Politico.
The debt cancellation plan puts Warren firmly to the left of Sanders as she hopes to woo progressive voters who voted for the Vermont Senator in 2016. Sanders will also participate in Monday night’s New Hampshire forum, and is currently far head of Warren in polling.
Warren has also recently called for the abolition of the Senate filibuster and the Electoral College – and has endorsed a long-standing House bill to study slavery reparations. She also called for an “ultramillionaire tax” in January which would slap a 2% tax on wealth above $50 million and an additional 1% tax on wealth over $1 billion.
Sanders, on the other hand, has called for taxing the wealthy – though he has not proposed anything similar to the “wealth tax.” Warren would pay for her education proposals with this tax.
While Warren’s campaign has been in the middle of the pack in raising money and polling, she has set the pace on policy. Her steady clip of far-reaching overhauls on everything from trust-busting big tech companies to establishing a government agency to produce generic pharmaceutical drugs has been a centerpiece of the senator’s candidacy.
It is part of a pitch to convince voters that she is the most serious and prepared candidate to face off against President Donald Trump despite lingering concerns about electability after the handling of her past claims of Native American ancestry. –Politico
“Higher education opened a million doors for me,” Warren wrote in her Medium post. “It’s how the daughter of a janitor in a small town in Oklahoma got to become a teacher, a law school professor, a U.S. Senator, and eventually, a candidate for President of the United States.”
Claiming she was a Native American to open doors along her journey didn’t hurt either.
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She’s showing far too much restraint-there also needs to be language to fund free spring break trips to sunny, warm beaches for every student-that should be good for more votes yet.
Considering most student loans already include spring vacations I don’t think that would be necessary.
Riddle me this batman – what possible incentive would any college graduate have to go in to ANY job, or start their own business which would make them more than $100,000 / year?
Why take the risk? What, so you can pay, rather than get a free ride?
We are literally now incentivising people to be lazy – on purpose.
Why not simply just work on gigs or consulting until you reach about 80K for the year, and take the rest of the year off.
All I know, if this goes through then I am gonna want my reparations paid for the 2 kids and myself and the wife, all debt free.
Yep. I’ll be filing a class action lawsuit to be repaid for the payments I made for my kids … no loans, paid for it all.
What about those who paid in full (with or without debt)? Don’t they get anything?
We’ll get a bigger tax bill. I guess there is that.
They get an ass ream.
“It’s a problem for all of us,” said Warren
It’s not a problem for me.
There are several causes for the problem:
#1. The Government Indoctrination Camps ( AKA ‘public schools’), and the pathetically liberal, Marxist teachers hammered that everyone should have a college education.
#2. The US Government, under the HNIC, ‘loaned’ money, directly, to teenagers with no collateral, no assets. These children were free to spend it any where they wanted: Cars / Spring Break / Apartments / Booze.
#3. The colleges saw this great windfall of government money, and jacked up the tuition, to astronomical levels.
#4. Lastly, the colleges turned into diploma mills,issuing worthless Liberal Arts Degrees. The children found out after they graduated.
Not my fucking problem – and it’s not the problem for all the young people who went into the ‘trades’.
Its a problem for you and the tradesmen, Dutch. You are going to pay for it. dont worry though most of us on TBP will help pay. Machiavelli said something to the effect of a man can forgive the loss of his father sooner than loss of his patrimony. Hopefully theft on this scale of injustice will trigger a revolution against the thieves.
dutch,
college gets most of the attention but “trade” schools are probably more abusive of the system then are colleges,there just aren’t as many trade schools as colleges–
a helluva lot of working class people have huge amounts of debt attached to their names–
This bitch can’t even buy her way into political viability. If she offered everyone a free million dollars, she couldn’t get the democrat nomination. Fucking phony Indian boring-ass schoolmarm bitch.
Go shove another beer in your upper front hole, Fauxcahontas.
It’s a bailout. The same thing TBTF corporations get.
There never should have been all this student loan debt in the first place. But like everything else government had to get involved. Universities figured hey the gov. has deep pockets.We can raise tuition as high as we want.After all gov. is backing the loans.We can then attract a whole group of people that have no business attending collage. How can it go wrong!!! Now along comes gov. with a fix. It’s like I try to tell the brain dead. The very same people that caused the problem.Now want to fix the problem. What could go wrong.
The half-breed muslim mulatto added the student loan offerings into Obamacare. No more private sector loans and said monies is tied to ten year treasuries. Squaw Warren is following the typical democrat playbook of something for nothing and your shit for free. Students can get said loan debt forgiven if they go to work for the government.
Free college for all!!! Just claim that you is Injun. The average person is more Injun than she is. They should also qualify. Notice this BITCH has been a “teacher, a law school professor, a U.S. Senator, and eventually, a candidate for President of the United States.” or in other words a non-productive member of our society and she wants to give away the farm. FUCKING LEECHES!!!
You think Injuns get free college? What a maroon.
What is that? $35,000 on average?
Pay your fucking bill!
The total outstanding is somewhere around $1,600,000,000,000. As in TRILLION. But these days, what’s a trillion here and a trillion there?
I can see interest forgiveness, in exchange for ending the program.
Anything more. Burn down the schools to save the nation.
College must be paid for w/ cash … no loans. It would be “affordable” overnight.
Interest forgiveness = interest free = fucking the savers all that much more. No dice.
Just three questions for the senator from Taxxachusetts:
1. What free shit or money grant do you propose I get for not incurring any student debt for four years of university and three years of graduate school? (Note: I had to work during those times even with a partial scholarship.)
2. Where in the name of God do you get these crackpot ideas?
3. What brand of airplane model glue do you sniff?
#3 Testors
The best!
Well, it’s about time the little people get something.
Who gives a shit anyway? How much free shit is given away to people who refuse to even get off their asses?
There is another option: borrowers default and the lenders take the haircut. That is what should happen. Play stupid games, get stupid prizes. Yes, you are a fool to take out loans for a degree that is worthless but the bank was also foolish to lend to you in the first place and wouldn’t have done so had they shared in the risk of not getting paid. Let losers walk out on their debts and skin some banks.
This is the right answer.
The vast majority of the loans are government owned, so you and I are the lenders who would take the hit.
I get your point, but the top 4 lenders for student loans are all privately held organizations, including Sallie Mae. Banks lend these funds with guarantees from the US government, which is to say that yes, tax cattle would be butchered under the current structure. Let borrowers default and make the banks absorb the loss. It’s a colossal clusterfuck that needs to end and the worst kind of usury because the lenders have no skin in the game. Why should a bank take (effectively) no risk while a foolish borrower has no recourse or path to be made whole by the entire den of thieves (banks, schools) who have fleeced him? The borrowers credit would be good and truly fucked and some instutions would fail. Better solution IMO. The bankers have everyone convinced that it would be the end of the world when that day comes and point to your balls in their hands as prima facie evidence of doom. Without a guarantee, they would have to go out of business. You know, the same thing that would happen to any of us if we fucked up our business.
I agree, this is essentially more bankster fuckin bail out, cunt won’t say it though, duplicitous lying scheming commie fuck.
Maybe let them sue the schools for malpractice.
Hmm, what are the Republicans offering?
Let’s see….
Sound money? Nope
Ending of wars? Nope
Ending immigration? Nope
Kicking out illegals? Nope
wip,
quit picking on the republicans–
since they’re too busy to answer you i’ll answer 4 them–
they’re offering a wall which is guaranteed to be finished by the 3rd leap year of the next millennium,
they’re offering a backdoor gun confiscation/registration plan,and finally they’re going to offer a partial student debt forgiveness which the democrats will help pass & then use it to beat the republicans over the head with because it’s too small,ala medicare part d–
Tampa, hahaha that sounds about right.
Elizabeth “Whorin'” Warren, selling promises for votes. WhaddoI get bitch?
Why not just cancel all debts? What’s the difference?
We need a debt jubilee!!!
Jubilee plus $1000 for each and everyone. And a pony. Because everyone needs a pony!
I don’t have enough land to stable a pony, let alone pasture it and the horse it would become. What now?
I have zero debt, but I would consider a global debt jubilee totally fine. Almost everyone would be right back where they started within a year, but the few months leading up to the date would be incredible to watch as all the debts would start to be negotiated down to their actual value reducing the cost of almost everything for anyone with assets.
Student loan debt is the largest ‘asset’ of the Federal Government does it really make sense to write it off? Only an insane and unthinking idiot would believe that being $52 trillion in the hole, just isn’t enough and we should just do away with the largest asset. Of course, in the big scheme of things this is only $ 0.64 trillion, and they will say it really is such a small amount it does not matter. Then they will wring their hands and wonder how in the world we ever got $52 trillion in the hole.
Why aren’t the schools themselves given some skin in the game. They know most of the degrees are worthless but loan outrageous amounts to idiots knowing it costs them nothing to lose and everything to gain. Let these sacks of crap backstop the loans.
Many of the schools would naturally fail if we did what I was suggesting in another post. Throwing a dart at a dartboard, 50% of them would shutter. And that’s a good thing, not a bad thing. They will scream and gnash their teeth but it’s what must be done. Not that this govt. will EVER do it because it would mean a loss of power. But after the crash and burn it’s more feasible.
if they would reduce student aid just 5%/year for 10 years & then cut them off completely the system would self correct–
alternatively,loans would only be given for core classes & degree seekers in stem,teaching,etc.–
however,don’t hold your breath waiting 4 mine or any other sensible suggestions to happen–
The govt. needs to get out of the education business completely. No picking winners and losers, even though I know robotics and advanced Mech Eng is where to be over the next 20 years. Forgetting the patently unConstitutional absurdity of govt.-funded education, it’s been proven over millennia that govt. is a lousy competitor (or faux-participant) of the markets.
A Jubilee won’t work, either, because the capital destruction would be enormous. It’d be like CERN opening up a black hole on Wall Street — which come to think of it, may not be a bad thing, LOL.
But this is all tilting at windmills. I think a beautiful thing of sites like Jim’s is for critical thinkers to throw shit at a wall and see what sticks, so we know what to do when SHTF for real. Because there’s no way this govt. will EVER willingly choose to do what is necessary if it involves the loss of control.
The unfortunate situation with student loan debt is that the solution is likely to taste like shit for everyone. What Gaius Julius did in order to resolve an incredibly nasty real estate crisis was what we need to do. In my opinion it’s what got him killed, since half the damn Senate were lenders. Forgive me if I do not recall all of the details exactly, but the gist was to reassess properties at their valuations prior to the bubble and bust. Then, whatever had been paid on the loan toward interest was applied to the revalued principal balance.
Marty Armstrong wrote about it in prison as well. IMHO it was one of the most genius articles I had read because he is one of a few individuals who have ever spent the time to study Gaius Julius objectively. In effect, the lenders lost somewhere around 33% but the debtors still owed something. We need to do this for school loans and it fucking sucks because I worked through college and paid off every dime of the loans I took out. But if we don’t bitchslap AND forgive both parties to the loan, then our nation has no future. Middle class America is dying. It’s a little bit Christian and a little bit pragmatism.
Finally, no more govt. involvement in school loans. School loans must be dischargeable in BK. That’s for starters.
No worries, She’s just trying to out leftie the lefties with her calls for impeachment over nothing, and now trying to buy off millenials. She is cooked, and ain’t going nowhere. Fuck the commie bitch. It is just so transparent the bitch is running for president. I just wish her voting clientele would stay in Mass and not emigrate to NH to vote for future lefties. The Live Free or Die state is now embarrassing.
Embarrassing is an understatement. Drinking to much at a birthday party is embarrassing, this is a fuckin attack.
I fully support this and any other bat-shit crazy spending they want. The quicker the current ponzi government crashes the better and less painful the inevitable bankruptcy will be. If there is no money left for the kleptocrats maybe the government would stay within its enumerated boundries.
I would much rather take the pain and suffering now if it would lessen the burden on my kids and not-yet-born grandkids. Let them spend!
Yep, and if it be a free for all, get what you can.