Presidential candidate for 2020, Senator Elizabeth Warren has unveiled a sweeping plan that proposes to make all public colleges tuition-free and eliminate the student debt of tens of millions of Americans.
Warren has called for the immediate cancellation of up to $50,000 in student loan debt for households earning under $100,000 per year, which would cover the vast majority of the 45 million Americans currently struggling to pay off the cost of their education. Warren’s plan is to make the student loan debt dischargeable via bankruptcy.
In addition, Warren wants to eliminate tuition and fees at every public two- and four-year college in America. She wants to phase out federal money currently being paid to for-profit colleges.
Warren plans to pay for this with an “ultra-millionaire tax,” which will levy 2 percent per year on families possessing $50 million or greater in wealth, plus, an additional 1 percent tax on those whose well is above $1 billion.