Elizabeth Warren's proposal would cancel student debt for 95% of borrowers.
The Massachusetts senator outlined her proposal inon Monday. "I'm calling for something truly transformational — the cancellation of up to $50,000 in student loan debt for 42 million Americans," she wrote.
Borrowers need not apply for the relief: The government would automatically cancel the debt of eligible borrowers, using already available income and loan data. People who earn between $100,000 and $250,000 would be eligible for less forgiveness. For example, Warren writes, "a person with household income of $130,000 gets $40,000 in cancellation, while a person with household income of $160,000 gets $30,000 in cancellation."The researchers of the analysis also found that Warren's proposal would reduce the racial wealth gap.
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