When it comes to cancelling your student loans, Elizabeth Warren has a plan for that.
for student loan debt forgiveness would:Also make private student loan debt eligible for cancellation.
Streamline the student loan debt forgiveness process using data and income information already available to the federal government. Provide a year-long freeze for payments made by borrowers who are facing wage garnishment or debt cancellation Refinance existing student loan rates to lower interest rates
Importantly, Warren's plan offers no student loan debt cancellation to borrowers with a household income above $250,000, which she says is the Top 5% of earners. There would also be"phase-outs" based on income. The $50,000 cancellation amount would phase out by $1 for every $3 in income above $100,000.
Warren's campaign proposal included an Ultra-Millionaire Tax that would include a 2% annual tax on the 75,000 families in the U.S. who have at least $50 million in net worth.Warren would allow private student loans - those student loans issued by non-governmental lenders to borrowers - to be converted to federal student loans, which would then be forgiven.Warren's plan would not make a borrower pay income taxes on the amount of student loan forgiveness a borrower receives.
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