Experts wonder how large of an impact the plan would make on the issues it’s designed to address
Senator Kamala Harris, a Democrat of California, became the latest presidential candidate to tout a student-debt forgiveness proposal, when she announced the plan over the weekend as part of a broader proposal to invest in Historically Black Colleges and Universities and black entrepreneurs.
Her plan stands in contrast to those of her senate colleagues Bernie Sanders, who is proposing to eliminate outstanding student debt entirely, and Elizabeth Warren, who is touting a plan to forgive a maximum of $50,000 in student debt for borrowers in households earning less than $250,000 a year. — Lana Del Gay 🏳️🌈👻 July 29, 2019 Despite the social media snark, experts say some of these critics may have a point. Even Harris acknowledged the reaction tweeting, “I want to thank everyone for your feedback and clarify some confusion.”
Indeed, the Public Service Loan Forgiveness program, which allows borrowers working in public service to have their debt forgiven after 10 years of payments, has been rife with administrative challenges that have made it difficult for borrowers to access. ‘The young adults who are already disadvantaged have to take on risk in order to make a bid for support later on.’ —Caitlin Zaloom, author of the forthcoming ‘Indebted: How Families Make College Work at Any Cost’ “That’s already a big, big, if,” she said. Then if they make it through those hurdles, they’ll get debt relief that amounts to roughly $10,000 less than the national average in student debt for borrowers with a bachelor’s degree.
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