Democratic presidential candidate Elizabeth Warren proposed eliminating student-loan debt for an estimated 42 million Americans with a wealth tax, seeking to show young voters she would ease one of their biggest economic burdens.
The plan would eliminate as much as $50,000 in student debt for anyone with household income of less than $100,000, and partially cancel debt for those who make as much as $250,000. Beyond $100,000 in income, the $50,000 in per-person debt forgiveness falls by $1 for every $3 earned, zeroing out after $250,000.
In other words, those who earn $130,000 are eligible for $40,000 in student debt relief, while those who make $190,000 can lower their loan amount by $20,000.