Liz Warren is Making Moves: "Elizabeth Warren Proposes Wiping Out Almost Everyone's Student Debt" [View all]

[LovingA2andMI]

"Last year, outstanding student debt in the U.S. topped $1.5 trillion, a growing financial burden that Warren argues is "crushing millions of families and acting as an anchor on our economy."

"It's reducing home ownership rates," she wrote. "It's leading fewer people to start businesses. It's forcing students to drop out of school before getting a degree. It's a problem for all of us."

To address the problem, Warren is suggesting what she calls a "truly transformational" approach: wiping out $50,000 in student loan debt for anyone with a household income below $100,000. People with student loans and a household income between $100,000 and $250,000 would receive substantial relief as well. At that point, "the $50,000 cancellation amount phases out by $1 for every $3 in income above $100,000," Warren wrote.

That means someone with a household income of $130,000 would get $40,000 of their loans wiped out. Someone with a household income of $160,000 would get $30,000 in relief.

People with household incomes above $250,000 would not be eligible for debt cancellation.

Under Warren's proposed plan, up to 76 percent of households with student loan debt would receive "total loan forgiveness," according to an economic analysis of the proposal by academics at Arizona State University, Brandeis University and the University of Tennessee, Knoxville. Ninety-five percent, or 42 million Americans, would be eligible to have at least some of their debt canceled."

You Go, Elizabeth Warren!!!