Elizabeth Warren’s Plan To Cancel Student Loan Debt Has Folks Sharing Horror Stories With #CancelMyDebt

Source: Splash News / Splash News

Liz is not playing with these presidential candidates.

On Monday, Sen. Elizabeth Warren announced a plan that already has the hashtag #CancelMyDebt nestling in people’s spirits. The Massachusetts Senator and presidential contender unveiled her plan to cancel up to $50,000 of student loan debt for 42 million Americans. 

According to her plan, this would account for more than 75% of Americans dealing with student loan debt. Warren argues that this would not only boost economic growth with increased home purchases and small business formation, but it could also substantially increase wealth for Black and Latinx families who face a wealth disparity when compared to White families.

Warren broke down her plan with some attention-grabbing details below:

  • It would cancel $50,000 in student loan debt for every person with household income under $100,000.
  • It would provide substantial debt cancellation for every individual with household income between $100,000 and $250,000.
  • It wouldn’t offer debt cancellation for people with household income above $250,000 (the top 5%).
  • For many Americans, cancellation will be carried out automatically using data already available to the federal government about outstanding student loan debt and income.
  • Private student loan debt would also be eligible for cancelation, and the federal government would work with borrowers and the holders of this debt to provide relief.

Whew!

Every student debt-plagued individual should have their senses tingling.

Now you might ask how all of this is getting paid for, and Liz made it crystal clear that she’s coming after the usual suspects…

The rich and filthy rich….

A.K.A. any families with wealth above $50 million will get an annual 2 percent tax and families with wealth over $1 billion will get an annual 1 percent tax to pay for her plan.

In ADDITION to all this, Liz’s education proposal also includes things like making undergraduate tuition free for two-year and four-year public institutions AND creating a $50 billion minimum fund for Historically Black Colleges and Universities (HBCUs) and Minority-Serving Institutions (MSIs).

Like I said, Liz is not playing. 

Though it’s too early to say how her proposal could play out in the future of the election, Sen. Warren is already getting the ball rolling by collecting stories of people in student debt.

On Twitter she posed the question:

“Do you have a story about student loan debt and college affordability? How would this plan change your life? If this plan would be personally meaningful for you or someone you know, raise your voice and tell your story with .”

 

Immediately, people started sharing their stories and they ranged from stressful to just plain heartbreaking.

One wrote, “I went back to school after being out on disability. The illness meant I couldn’t work a lot while in school. I had to support my then teenage son. $100,000 debt. I will never pay it off. Now my son is very ill also and our expenses are extensive. would save me.”

 

Hit the flip for more student debt stories that could definitely get you onboard for the cause, even if you’re not 100% sold on Liz yet.

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