Mike Bloomberg's Higher Education Plan Is Quietly Outstanding

[BurgherHoldtheLies]

https://www.forbes.com/sites/dereknewton/2020/02/26/mike-bloombergs-higher-education-plan-is-quietly-outstanding/#248b9fb26636

Student Debt

Also differentiating himself from his rivals, Bloomberg does not propose to eliminate all student debt. And yet, he quietly kind of does, at least for undergrads.

First, Bloomberg says he will enter all student borrowers in the existing income-based repayment (IBR) program that caps loan payments to a portion of your income. Then, he’d cut that cap in half, down to 5% of a borrower’s discretionary income from the existing 10%. Then, if you’d paid for 20 years and have income of less than $250,000, the loans are forgiven outright – and importantly, tax-free.

The tax feature is an important one. A Bloomberg representative called the hidden tax implications of different debt forgiveness plans a “tax bomb.” That’s probably right, good for them trying to avoid it.

Bloomberg isn’t the only candidate with a good higher education plan. Warren in particular is more thoughtful and progressive in some areas but Bloomberg surrenders little on progressiveness while winning handily on pragmatism and plausibility.

[BusyBeingBest]

1. Thanks for posting. I saw some elements of his plan but this is a good explanation.

It will fall on deaf ears here, because BLOOMBERG BILLIONAIRE BLAHHHGURRBLE!!@!? but he's got solid and PRAGMATIC ideas here.

[BurgherHoldtheLies]

2. I liked the analysis and believe Bloomberg offers a solid plan

Something that could actually get enacted and help people.

[BusyBeingBest]

3. The income based repayment would really help my son,

because he's studying to be a teacher, and those starting salaries are so effin' low.

[patricia92243]

4. Bingo!