If several of the Democratic candidates for president have their way, student debt will be a thing of the past – at least for current student loan borrowers.
Sen. Bernie Sanders has proposed ambitious legislation that would cancel all student loan debt.
Sen. Elizabeth Warren’s plan would pay up to US$50,000 in loans for borrowers making less than $100,000, and a reduced amount for those making between $100,000 and $250,000.
Other Democratic candidates have more modest plans for tackling student debt. Candidates including Cory Booker, Kirsten Gillibrand and Pete Buttigieg want to expand the amount that can be forgiven in the federal loan forgiveness program and make more people eligible.
President Trump has weighed in, too, proposing a modified loan forgiveness program that eliminates debt for borrowers that have paid their loans for at least 15 years.
All of these candidates are on to something. The nation’s student debt problem is an issue that needs solving.
What’s the Problem With Student Loan Debt?