Warren Pitches Loan Forgiveness, Free College Education


April 23, 2019 3:17 PM
by Susan Dutca-Lovell
Democratic presidential candidate Senator Elizabeth Warren is proposing the elimination of existing college student loan debt for millions of Americans; over 42 million individuals.

Democratic presidential candidate Senator Elizabeth Warren is proposing the elimination of existing college student loan debt for millions of Americans; over 42 million individuals.

According to Warren's proposal, up to $50,000 in student loan debt would be eliminated for every person with a household income up to $100,000, which is roughly more than 95% of Americans. Debt cancellation would also extend to those who earn up to $250,000, with the $50,000 cancellation amount phasing out by $1 for every $3 in income above $100,000. The plan would cost the federal government a one-off price tag of $640 billion, according to the proposal. The cost of the policy would be "more than covered by my Ultra-Millionaire Tax - "a 2% annual tax on the 75,000 families with $50 million or more in wealth," stated Warren.

Unlike other expensive and more "regressive” proposals, Warren's mass student loan forgiveness plan "tapers forgiveness for higher earners," so that it would not give big breaks to upper middle class graduates, including high-earning lawyers, doctors and engineers who racked up six-figure tabs, according to Slate.

While the plan would benefit students with existing student loan debt, it would not be advantageous to students who paid back their loans in full or those who opted to go to less expensive schools to avoid being saddled with student loan debt. While many support the proposal and would welcome the opportunity to attend college at no cost, some users took to social media to express their discontent with the idea, claiming that they did not want to "pay for other people's college or their college debts" or asking that Warren issue refunds to individuals who diligently repaid their student loans. There were also some users who would rather continue to pay off their loans since they "signed the dotted line" and "refuse to let [Warren] rob" them of fulfilling their obligation. In your opinion, do you think that Warren's mass student loan forgiveness plan is a good idea? Why or why not?

Getting more college financial aid doesn’t have to be a relentless search. Scholarships.com is totally free. Connect with our massive database of millions of college scholarships at any time by searching for awards in a variety of ways. Scholarships.com offers the quickest and easiest way to search for, apply to, and win college scholarships. Start making your college education affordable or perhaps even free, by conducting a free college scholarship search at Scholarships.com.

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 

Kim E.  on  6/15/2019 9:52:06 PM commented:

This is PURE BS pandering to young voters and ain't gonna happen and she knows it! This is honestly like cheating....she is saying whatever she thinks will get the most votes no matter how outlandish! Although we know she tells tall tales about being Native American, so this is just more of the same!!!!!!!!

Serious About Education  on  5/5/2019 6:53:17 PM commented:

Worst idea! As always coming from Warren. I value education. My kids had grades, test scores, and accomplishments to get into MIT, Caltech, etc. However, I wasn't going to pay $75K per year for multiple kids. I told them to compete for scholarships and attend a flagship state university. Now I have been robbed for being prudent & careful not to overburden myself with debt. My kids should have gone to MIT or Caltech, racked up $300K in debt and then had Warren pay it off for free. Only people who are wasteful and make bad decisions will benefit from Warren's plan. Responsible people will be punished. Let's get Warren and all like her (with this idea that we make everything free for the careless - meaning paid for by people who are careful) out of the public debate on how to help people. How about teaching people common sense. Only purchase what you can afford and only buy something that is worth the price. If you buy a university education and can't pay it off, you made a bad choice.

MA  on  5/1/2019 8:15:04 AM commented:

FREE FREE FREE this is all we hear today. My daughter works full time and also takes 15 to 18 hours a semester. She chose to take the less expensive route, community college and now State University. She has 9g in debt so far but owes 12g because of interest. Her counselor has suggested that she starts paying on her loan while she is still in school so that the interest does not get out of control. This country cannot afford to pay off all the debt for every student. Nor should the tax payer be strapped with the bourdon. We already pay taxes to these community colleges that are in our counties. If you want to help the students, find a way to make school less expensive or just make all the loans for college interest FREE. Private universities are just money making machines. I heard Warren got paid hundreds of thousands of dollars to teach a class at a university and we all know she did not even have to teach it.

Seregon O.  on  4/29/2019 9:01:04 PM commented:

Absolutely not. I worked for every penny of my education as everyone should. When you pay for it yourself you value it more. Also, I'm sick of democrats wanting to give everything away to other people. If they want "free" education, they can pay for it themselves.

DL W  on  4/26/2019 10:23:48 PM commented:

This is not fair to those who have worked and showed responsibility in order to have the privilege of attending a college or university. Earning it builds character....Getting it paid for by the tax payers and not working to pay it back creates individuals who are less responsible and therefore less successful.

S.C.  on  4/25/2019 8:57:19 PM commented:

I think this is a good idea, but it does have the potential to promote bad borrowing habits because individuals would know that the debt will be forgiven. I would suggest that the loan forgiveness only apply to students who went to a state university or community college (no private schools), have completed a degree/certificate (though that should go without saying), and the forgiven amount is proportional to that degree (It would not be fair to eliminate 4 years of debt for an associates degree because the student wasted their time). I also think there should be some sort of accountability/proof of intention to pay; forgiveness should be put into place for students who have made their payments on time for a year (not including deferrals). Loans in default should be reviewed on a case by case basis for those who are unable to pay their loan for unforeseen/insurmountable circumstances. I only approve if the tax mentioned before for the "Ultra-Millionaires" is how it is paid for. I do not, I repeat DO NOT, want middle or working class citizens to pay for anyone elses debt.

Nicolas A.  on  4/23/2019 8:30:36 PM commented:

Cool. Spread the wealth strategy. Hasn't Russia tried to do that before? Might as well just give our entire paychecks to the government and work for free... wait...

Higher education has long been seen as a pillar in American life, as an essential element of our economic system and society. But the coronavirus pandemic has accelerated the underlying health conditions of this cultural institution. Many colleges and universities have been struggling to meet the needs of students while also keeping themselves above water financially. While we hope that our lives will return to normal when this crisis is over, it is hard to imagine that higher education will ever be the same.

Coronavirus Puts Higher Education in Perilous Position

April 7, 2020 2:43 PM
by Izzy Hall
Higher education has long been seen as a pillar in American life, as an essential element of our economic system and society. But the coronavirus pandemic has accelerated the underlying health
Just as schools have closed their doors due to coronavirus, charities and non-profit organizations have had to shutter down. While they might suspend board meetings, community fundraisers or award ceremonies, chances are they haven't shut down their scholarship offerings - in fact, many non-profits have extended their scholarship application windows from mid- or late March into April, May or even June. If you've been applying for scholarships this spring and missed out on some March or early April deadlines, check your account - you may find that some scholarships have had their due dates pushed back, giving you more time to submit an application.

Scholarship Deadlines Extended Due to COVID-19

April 2, 2020 1:16 PM
by Izzy Hall
Just as schools have closed their doors due to coronavirus, charities and non-profit organizations have had to shutter down. While they might suspend board meetings, community fundraisers or award
From student loans to college athletics, Scholarships.com is keeping you updated on all of the latest information on the coronavirus pandemic and its impact on high school and higher education. If you're tired of reading about COVID-19, take a break by checking out your latest scholarship matches and earning money for college here.

Coronavirus News Update for Students, Families, Colleges

March 31, 2020 3:27 PM
by Susan Dutca-Lovell
From student loans to college athletics, Scholarships.com is keeping you updated on all of the latest information on the coronavirus pandemic and its impact on high school and higher education. If
As a high school student in the midst of the standardized testing season and living through the COVID-19 pandemic, you may be wondering what the future holds for standardized test scores, AP courses, and the college admissions process. A recent survey conducted by The College Board revealed than 91 percent of 18,000 polled enrollees still want to take their AP tests. In fact, in 900 pages of comments responding to the AP survey, AP students begged to be allowed at least one championship bout with an AP test.

Coronavirus Impact on SAT, ACT, and AP Testing

March 26, 2020 2:56 PM
by Susan Dutca-Lovell
As a high school student in the midst of the standardized testing season and living through the COVID-19 pandemic, you may be wondering what the future holds for standardized test scores, AP courses,
Negotiations and proposals for an economic stimulus package are being mulled over by lawmakers, ones that will ultimately affect school and education funding. Currently, student-loan borrowers are able enter forbearance on their student loans for 60 days without accruing interest. The U.S. Department of Education will also suspend student loan payments by borrowers who are over 31 days delinquent. The White House has already announced that it will waive the interest on federal student loan payments. Here are some of the recent developments in proposed relief for students, colleges and universities as part of the COVID-19 stimulus plan:

Coronavirus Stimulus Package: Higher Ed Edition

March 24, 2020 11:51 AM
by Susan Dutca-Lovell
Negotiations and proposals for an economic stimulus package are being mulled over by lawmakers, ones that will ultimately affect school and education funding. Currently, student-loan borrowers are
There's no better time to apply for scholarships than when you aren't inundated with school, athletic and other responsibilities. That means that this upcoming spring break is probably your best opportunity at applying for and winning scholarships!

Scholarships to Apply for Over Spring Break

March 10, 2020 2:45 PM
by Susan Dutca-Lovell
There's no better time to apply for scholarships than when you aren't inundated with school, athletic and other responsibilities. That means that this upcoming spring break is probably your best
What's at the end of the rainbow? These March 2020 scholarships. We're adding more green to your college financial aid package this month - lucky you! Start off by browsing through our featured list of popular March scholarships or by completing a free profile to get instantly matched to opportunities for which you qualify. Either way, it's bound to be your lucky day!

Get Lucky with March 2020 Scholarships

March 6, 2020 1:24 PM
by Susan Dutca-Lovell
What's at the end of the rainbow? These March 2020 scholarships. We're adding more green to your college financial aid package this month - lucky you! Start off by browsing through our featured list
As part of Financial Awareness Month this February, Scholarships.com is bringing you a list of the most common FAFSA mistakes made in hopes that you will avoid them as your file your FAFSA. If you intend on attending college between July 1, 2020 and June 30, 2021, we encourage you to fill out your FAFSA – ASAP. Here are some common FAFSA mistakes to avoid:

Common FAFSA Mistakes to Avoid

February 26, 2020 12:34 PM
by Susan Dutca-Lovell
As part of Financial Awareness Month this February, Scholarships.com is bringing you a list of the most common FAFSA mistakes made in hopes that you will avoid them as your file your FAFSA. If you