Sen. Elizabeth Warren Proposes Student-Debt Cancellation

[WestVirginiaRebel]

Wall Street Journal

Sen. Elizabeth Warren (D., Mass.) is proposing using taxpayer money to wipe out hundreds of billions of dollars in student-loan debt as a way to control rising college costs.

The proposal, which the Democratic presidential candidate would pay for by increasing taxes on high-wealth households, steers the bulk of debt relief toward people whom Ms. Warren views as least likely to be able to repay their loans.

Ms. Warren is also proposing eliminating tuition and fees at every U.S. public two- and four-year college by having Washington negotiate with states to split the costs of tuition and fees. Additionally, she would boost funding for Pell Grants—federal aid for college expenses that doesn’t have to be paid back—by $100 billion over the next 10 years.

Her proposal also outlines a federal fund of at least $50 billion geared toward historically black colleges and universities, known as HBCUs, as well as other minority-serving institutions. The Wall Street Journal reported last week how HBCUs, long considered a path to financial security for black Americans, are now producing graduates who struggle with disproportionately high debt.

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