Elizabeth Warren unveils $640,000,000,000 college debt forgiveness plan
The Massachusetts senator says the proposal unveiled Monday would eliminate almost all student loan debt for 42 million Americans, canceling $50,000 in debt for each person with household income under $100,000. According to Warren's description of the plan in a piece to be posted on Medium, the debt cancellation proposal would create a one-time cost to the federal government of $640 billion.
Among Warren's other proposals is elimination of tuition and fees for two- and four-year public college degree programs, as well as a $100 billion investment in Pell Grants, a federal aid program that requires no payback. The costs of debt cancellation and universal free college, Warren said, 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."
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