By Kyle Durant:
Last month, Sen. Elizabeth Warren (D-MA) announced on Twitter her plan for universally free public college and the cancellation of student loan debt. Warren, a 2020 presidential candidate, has long been a supporter of free college and the elimination of student loan debt. Warren was previously a co-sponsor of Sen. Bernie Sanders’ (D-VT) free college bill, but in an interview with CNN claimed her plan, “goes further.”
Warren in her article called the amount of student debt a “crisis” the result of which, “is a huge student loan debt burden that’s crushing millions of families and acting as an anchor on our economy. It’s reducing home ownership rates. It’s leading fewer people to start businesses. It’s forcing students to dropout of school before getting a degree. It’s a problem for all of us.”
Her solution to end this “crisis” comes in two parts. Firstly, the cancellation of up to $50,000 in student loan debt in 42 million Americans. Secondly, recognizing that a public college education should be available to everyone with free tuition.
Warren claimed the student debt crisis is a result of a government which, “has consistently put the interests of the wealthy and well-connected over the interests of working families.” Her plan will cancel $50,000 of student loan debt for any household making under $100,000, as well as providing substantial debt cancellation for households which make between $100,000 and $250,000 yearly.
Experts who reviewed Warren’s plan estimated that it would provide relief for 95% of borrowers and completely cancel the debt of 75% of borrowers.
Warren’s second step claims to make sure, “nothing like this ever happens again.” By investing in the United States higher education system Warren plans to, “eliminate the cost of tuition and fees at every public two-year and four-year college in America. The federal government will partner with states to split the costs of tuition and fees and ensure that states maintain their current levels of funding on need-based financial aid and academic instruction.”
She says the cost of this will reach $1.25 over ten years which she thinks will be more than covered by her Ultra-Millionaire Tax.
Assumption students had much to say when asked about Warrens plan. Freshman Mikayla DeBois said, “Student loan debt is a crisis, and the thought that Senator Warren’s plan could help so many struggling families excites me.”
Junior Madison Goodrow stated, “Warren’s plan seems very ideological. It’s an idea that captures the hearts of many young college students. But, I fail to see how this plan will be successfully implemented.”