Elizabeth Warren's proposal is estimated to cost $1.25 trillion over 10 years
For the past few years, a handful of economists and politicians have advocated for cancelling student debt.As part of her campaign for the Democratic nomination for president, Sen. Elizabeth Warren of Massachusetts released a proposal that would provide significant student-loan relief for a large share of borrowers.
Warren’s proposal to address student debt and college affordability is the most dramatic to emerge in the presidential contest. Most of her opponents have expressed support for some sort of tuition-free college, but none has discussed large-scale debt cancellation. Who would benefit from Warren’s benefit? Over the past several years, critics have derided proposals to cancel or make student debt less onerous because they worried that the benefits would flow largely to those with the most debt. That often means borrowers with the highest incomes: Think health care professionals or others with six-figure debt, but also high six-figure salaries. By tying the debt cancellation to income, Warren’s plan may address some of those concerns.
‘The student-debt crisis is the direct result of this failed experiment’ Warren framed her proposal as a necessary antidote to policies from both the federal and state government, which has shifted the cost of college away from these entities to students and families over the past few decades. In addition to the more headline-grabbing provisions, Warren’s proposal also includes elements that reflect her history as one of the fiercest critics of the student-loan and for-profit college industries. For example, she’s proposing punishing student-loan companies and executives when they violate the law and cutting off for-profit colleges from federal financial aid.
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