Warren’s move would free about 42 million American from outstanding student loan debt.
WASHINGTON — Presidential candidate Elizabeth Warren says she’d order her secretary of education to cancel up to $50,000 in college debt for about 95% of student borrowers on her first day in office, effectively erasing outstanding loans for about 42 million Americans.
Warren had already promised in previous plans to wipe out student loans for 42 million Americans while offering free tuition at public universities. She’s proposed a wealth tax on fortunes worth $50 million or more to pay for doing so, saying that will raise $2.75 trillion over 10 years. “We’re facing a student debt crisis, and every day counts for families struggling with this burden and for our economy as a whole,” Warren wrote in an online post unveiling her plan.The senator also wants to reduce backlogs so that qualifying borrowers are able to cancel loans through debt forgiveness plans that are already available. She said that could help an additional nearly 1.75 million borrowers.
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