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Elizabeth Warren releases sweeping student debt cancellation and free college plan

Chomsky

Chomsky

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(CNN)Sen. Elizabeth Warren on Monday proposed eliminating the student loan debts of tens of millions of Americans and making all public colleges tuition-free, staking out an ambitious stance on one of the central policy debates of the 2020 Democratic primary.
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Warren's plan would offer debt relief based on income. Households that make less than $100,000 a year would get $50,000 in loan cancellation, with the amount of relief getting gradually smaller as income level goes up, with households that make more than $250,000 not eligible for any debt relief.

Altogether, it would wipe out all student debt -- including both federal and private loans -- for more than 75% of Americans with outstanding loans, according to analysis provided by Warren's campaign.
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Source: (CNN) Elizabeth Warren releases sweeping student debt cancellation and free college plan

I think most of us agree something needs to be done to make higher education more affordable. But I'm torn on this plan.

Firstly - it helps those currently in debt, while doing nothing for those of us that already paid-off our loans through the years. Secondly - it will be a means-tested benefit, which I despise; I believe in giving benefits equitably. And thirdly - I see nothing in the plan to addresses the cost of tuition, but rather the plan calls for even more grants! And again, those grants are means-tested!

So I don't think I particularly care for this plan, even if it would help quite a few kids I know. I think I very much prefer offering a public community college option, to save the kids two year's of university tuition. I really worry that it's the loans and grants that drive tuition escalation, at least in part.

But yes, sadly this issue very much needs to be addressed. You won't find many that promote education more, than me. And it's currently not working as well in America, as in some of our peer nations like England & Germany.
 
Chomsky said:
Source: (CNN) Elizabeth Warren releases sweeping student debt cancellation and free college plan

I think most of us agree something needs to be done to make higher education more affordable. But I'm torn on this plan.

Firstly - it helps those currently in debt, while doing nothing for those of us that already paid-off our loans through the years. Secondly - it will be a means-tested benefit, which I despise; I believe in giving benefits equitably. And thirdly - I see nothing in the plan to addresses the cost of tuition, but rather the plan calls for even more grants! And again, those grants are means-tested!

So I don't think I particularly care for this plan, even if it would help quite a few kids I know. I think I very much prefer offering a public community college option, to save the kids two year's of university tuition. I really worry that it's the loans and grants that drive tuition escalation, at least in part.

But yes, sadly this issue very much needs to be addressed. You won't find many that promote education more, than me. And it's currently not working as well in America, as in some of our peer nations like England & Germany.
Click to expand...

I disagree with her plan for many reasons. One is, what about all the people who had to pay off student loans in the past? I'm lucky - my parents had enough money to pay for my schooling, but that is hardly the case with others. Two, the US government does not have an unlimited pool of funds to do this, and yes, the schools do expect to be paid. Third, the means tested is really not the right way to attack it.

I think the costs of higher education need reforming, but this isn't the way to do it. What is? I don't know. Luckily I don't have to give a solution.

If our lawmakers want to add value, they can look at root cause analyses of the costs and find better ways to address them.

Her salary as a law professor was very high. Maybe that's one way it can come down, right?
 
Chomsky said:
Source: (CNN) Elizabeth Warren releases sweeping student debt cancellation and free college plan

I think most of us agree something needs to be done to make higher education more affordable. But I'm torn on this plan.

Firstly - it helps those currently in debt, while doing nothing for those of us that already paid-off our loans through the years. Secondly - it will be a means-tested benefit, which I despise; I believe in giving benefits equitably. And thirdly - I see nothing in the plan to addresses the cost of tuition, but rather the plan calls for even more grants! And again, those grants are means-tested!

So I don't think I particularly care for this plan, even if it would help quite a few kids I know. I think I very much prefer offering a public community college option, to save the kids two year's of university tuition. I really worry that it's the loans and grants that drive tuition escalation, at least in part.

But yes, sadly this issue very much needs to be addressed. You won't find many that promote education more, than me. And it's currently not working as well in America, as in some of our peer nations like England & Germany.
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I also don't care much for the plan. I do agree that higher education or even trade school costs need to be addressed. What is not addressed is the continue debt that the US continues to build up by spending more than it brings in. Sorry, Warren, I do not like the fact the US borrows almost .40 every dollar you in Congress spend. Approve a balanced budget, a debt reduction plan, then we can discuss assisting in student debt.
 
Who is credited with “ ....a chicken in every pot and a car in every garage?”



I like : “Free beer tomorrow.”
 
Good intention, but without addressing the cost of education it looks like it's just something that will continue to cost more without addressing the factors causing the increases. I think debt forgiveness is fine in principle, but as Chomsky pointed out, I wonder if those who paid their debt with a lot of sacrifice will welcome something like this.
 
Chomsky said:
Source: (CNN) Elizabeth Warren releases sweeping student debt cancellation and free college plan

I think most of us agree something needs to be done to make higher education more affordable. But I'm torn on this plan.

Firstly - it helps those currently in debt, while doing nothing for those of us that already paid-off our loans through the years. Secondly - it will be a means-tested benefit, which I despise; I believe in giving benefits equitably. And thirdly - I see nothing in the plan to addresses the cost of tuition, but rather the plan calls for even more grants! And again, those grants are means-tested!

So I don't think I particularly care for this plan, even if it would help quite a few kids I know. I think I very much prefer offering a public community college option, to save the kids two year's of university tuition. I really worry that it's the loans and grants that drive tuition escalation, at least in part.

But yes, sadly this issue very much needs to be addressed. You won't find many that promote education more, than me. And it's currently not working as well in America, as in some of our peer nations like England & Germany.
Click to expand...

The way to address the issue is eliminate all federal aid to universities and all federal requirements. Tution will fall like a rock, the angry communist professors who teach affirmative action studies and administrators who’s only job is to find fake discrimination so they can “solve it” (ie get more federal money for affirmative action studies) will be put in the unemployment line, and quality will improve.

Federal requirements and funding is what causes high prices.

And also, why do we need to “do something” about student debt? If you have student debt you voluntarily promised to pay back a loan to get education. It’s simply not my problem as someone who went to college on my own dime while working a working class job that these other people chose to take loans and then drink and party. I can’t have the benefits they got why do I need to shoulder the cost?
 
Chomsky said:
Source: (CNN) Elizabeth Warren releases sweeping student debt cancellation and free college plan

I think most of us agree something needs to be done to make higher education more affordable. But I'm torn on this plan.

Firstly - it helps those currently in debt, while doing nothing for those of us that already paid-off our loans through the years. Secondly - it will be a means-tested benefit, which I despise; I believe in giving benefits equitably. And thirdly - I see nothing in the plan to addresses the cost of tuition, but rather the plan calls for even more grants! And again, those grants are means-tested!

So I don't think I particularly care for this plan, even if it would help quite a few kids I know. I think I very much prefer offering a public community college option, to save the kids two year's of university tuition. I really worry that it's the loans and grants that drive tuition escalation, at least in part.

But yes, sadly this issue very much needs to be addressed. You won't find many that promote education more, than me. And it's currently not working as well in America, as in some of our peer nations like England & Germany.
Click to expand...

No one can accuse her of disloyalty to the education lobby.
 
Rexedgar said:
Who is credited with “ ....a chicken in every pot and a car in every garage?”



I like : “Free beer tomorrow.”
Click to expand...
Her new platform. Rainbow stew for everyone.

 
there are a LOT of ways to get the costs of education down

1. stay local....stay at home, attend a local university or community college at least for two years
2. CLEP, and DANTES....AP courses....every credit you earn is a class you dont have to pay for
3. grants and scholarships.....so many local ones that very few apply for.....$ 250 - $ 500 per does add up
4. US Armed Services....let uncle sam pay for the majority of your schooling

I am sure i am missing a lot of other ways....but Warrens plan is a NO GO with me.

Free is a word that instills NO VALUE....and i want young people to understand it is hard getting through school, and hard to pay for it....you have to do it smartly

Kids that end up with student loans know that those will follow them till the end of time....so they better get their act together and put in the work

If free, how many will really NOT CARE....and take up space in an already crowded class?
 
Chomsky said:
Source: (CNN) Elizabeth Warren releases sweeping student debt cancellation and free college plan

I think most of us agree something needs to be done to make higher education more affordable. But I'm torn on this plan.

Firstly - it helps those currently in debt, while doing nothing for those of us that already paid-off our loans through the years. Secondly - it will be a means-tested benefit, which I despise; I believe in giving benefits equitably. And thirdly - I see nothing in the plan to addresses the cost of tuition, but rather the plan calls for even more grants! And again, those grants are means-tested!

So I don't think I particularly care for this plan, even if it would help quite a few kids I know. I think I very much prefer offering a public community college option, to save the kids two year's of university tuition. I really worry that it's the loans and grants that drive tuition escalation, at least in part.

But yes, sadly this issue very much needs to be addressed. You won't find many that promote education more, than me. And it's currently not working as well in America, as in some of our peer nations like England & Germany.
Click to expand...

I think the community-> State school college option is terrific. Kids live at home and don't incur debt over room and food. Overall costs are much lower.
 
tres borrachos said:
I disagree with her plan for many reasons. One is, what about all the people who had to pay off student loans in the past? I'm lucky - my parents had enough money to pay for my schooling, but that is hardly the case with others. Two, the US government does not have an unlimited pool of funds to do this, and yes, the schools do expect to be paid. Third, the means tested is really not the right way to attack it.

I think the costs of higher education need reforming, but this isn't the way to do it. What is? I don't know. Luckily I don't have to give a solution.

If our lawmakers want to add value, they can look at root cause analyses of the costs and find better ways to address them.

Her salary as a law professor was very high. Maybe that's one way it can come down, right?
Click to expand...
I think I agree it's the means-testing and not addressing costs aspect, that bother me the most. I abhor means-tested benefits, believing citizens rights & benefits conferred should be applied equitably. One third of the citizens in this country (U.S.) are provided single-payer heathcare, whereas the others citizens are denied - needing to deal with the wolves of private for-profit insurers.

When I've got some time & motivation, I'm going to do a bit of research as to how Germany & England keep their costs university down so low. My suspicion, is part of it is due to the more performance oriented admissions in those countries. In England and Germany, you test into the university. Not all are accepted. In fact, many are not! And in Germany, they alternatively have good union apprenticeships for those that can't make the grade to get into a university. In America, we don't have that anymore.
 
AmNat said:
No one can accuse her of disloyalty to the education lobby.
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She always had a strong sense of economic justice, so I can't say I agree for sure. But you do bring-up a fair concern.
 
Chomsky said:
Source: (CNN) Elizabeth Warren releases sweeping student debt cancellation and free college plan

I think most of us agree something needs to be done to make higher education more affordable. But I'm torn on this plan.

Firstly - it helps those currently in debt, while doing nothing for those of us that already paid-off our loans through the years. Secondly - it will be a means-tested benefit, which I despise; I believe in giving benefits equitably. And thirdly - I see nothing in the plan to addresses the cost of tuition, but rather the plan calls for even more grants! And again, those grants are means-tested!

So I don't think I particularly care for this plan, even if it would help quite a few kids I know. I think I very much prefer offering a public community college option, to save the kids two year's of university tuition. I really worry that it's the loans and grants that drive tuition escalation, at least in part.

But yes, sadly this issue very much needs to be addressed. You won't find many that promote education more, than me. And it's currently not working as well in America, as in some of our peer nations like England & Germany.
Click to expand...

This is just a practical thing to do. Student loan debt has increased by a factor of 10 since the Federal government took over lending from the private sector in 2010. It currently amounts to $1.5 trillion with 40% of these loans expected to be in default within 4 years. So you can forgive a debt that is not likely to ever be collected anyway or ruin the credit scores/worthiness of ~22 million borrowers when they default on their loans. The later would be terrible for the economy.
 
Chomsky said:
Source: (CNN) Elizabeth Warren releases sweeping student debt cancellation and free college plan

I think most of us agree something needs to be done to make higher education more affordable. But I'm torn on this plan.

Firstly - it helps those currently in debt, while doing nothing for those of us that already paid-off our loans through the years. Secondly - it will be a means-tested benefit, which I despise; I believe in giving benefits equitably. And thirdly - I see nothing in the plan to addresses the cost of tuition, but rather the plan calls for even more grants! And again, those grants are means-tested!

So I don't think I particularly care for this plan, even if it would help quite a few kids I know. I think I very much prefer offering a public community college option, to save the kids two year's of university tuition. I really worry that it's the loans and grants that drive tuition escalation, at least in part.

But yes, sadly this issue very much needs to be addressed. You won't find many that promote education more, than me. And it's currently not working as well in America, as in some of our peer nations like England & Germany.
Click to expand...

As someone who paid off his loans, I'm still mostly fine with this.

Making something like this means-tested seems logical: People making less but with more debt are more likely those who ended up with degrees of little value from universities that couldn't be bothered to actually advize them on career and degree choices when they sought the help of the academic advisor. In that sense they were 'wronged' and this helps to right it (if only the money were being taken from the universities).
 
Having a "degree" is worthless, unless there are jobs in the field. How many degree's have been earned and the person cannot find a job to go along with the degree?
 
Acadia said:
I think the community-> State school college option is terrific. Kids live at home and don't incur debt over room and food. Overall costs are much lower.
Click to expand...
Yep. That option has worked well for many, even when paying full tuition, which in-district around here is a coupla' grand a year. That's a killer savings!

I do agree that for some students, those that are more motivated, more aggressive, or having a clear sense of where they are going, then having the full four year experience on campus can provide a more fruitful & beneficial environment. It can get pretty boring slogging through years of foundational classes on a small spartan campus, lacking in much extracurricular support, that's not too different than your former high-school. It's easy to lose motivation. But for most students, I think the 2+2 option works well enough. And if you can't afford the full four year experience, or can't currently get in, then it's the only option in town!
 
Perhaps Sen. Warren will discuss it tonight in her segment (8pm ET) of the CNN 5 candidate Town Hall live from New Hampshire.
 
mike2810 said:
Having a "degree" is worthless, unless there are jobs in the field. How many degree's have been earned and the person cannot find a job to go along with the degree?
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I think it’s less degrees without practical application than over saturating the job market with college graduates. A bachelors is becoming the new high school diploma and its worth less to employers as a matter of salary than it used to be because applicants with those credentials are a dime a dozen.
 
gdgyva said:
there are a LOT of ways to get the costs of education down

1. stay local....stay at home, attend a local university or community college at least for two years
2. CLEP, and DANTES....AP courses....every credit you earn is a class you dont have to pay for
3. grants and scholarships.....so many local ones that very few apply for.....$ 250 - $ 500 per does add up
4. US Armed Services....let uncle sam pay for the majority of your schooling

I am sure i am missing a lot of other ways....but Warrens plan is a NO GO with me.

Free is a word that instills NO VALUE....and i want young people to understand it is hard getting through school, and hard to pay for it....you have to do it smartly

Kids that end up with student loans know that those will follow them till the end of time....so they better get their act together and put in the work

If free, how many will really NOT CARE....and take up space in an already crowded class?
Click to expand...

Seems like an excuse to put off adulthood for 4 more years.
 
I'd like to see some other options to reduce student loan debt...but I dont believe in free college education.

IMO, people do not appreciate what they dont have to work for. I think many would waste the opportunity and it would be a poor use of public $.

I'm very open to additional means based on merit & need to enable people to get higher education or trade/skills training.
 
I have a thought: provide some low basic government payment to all colleges / universities. Then, they are allowed to only charge students up to 10% of student's income over the minimum wages (or over min wages * 2, for example) for the 10 years after their graduation. In other words, if students don't make much money with their degrees in next 10 years, the colleges/universities will get less money accordingly.

This way school is free for all and universities are invested in teaching useful stuff.
 
she's making a hard play for the left alright. Maybe wants to be Bernie's running mate?
 
Chomsky said:
Source: (CNN) Elizabeth Warren releases sweeping student debt cancellation and free college plan

I think most of us agree something needs to be done to make higher education more affordable. But I'm torn on this plan.

Firstly - it helps those currently in debt, while doing nothing for those of us that already paid-off our loans through the years. Secondly - it will be a means-tested benefit, which I despise; I believe in giving benefits equitably. And thirdly - I see nothing in the plan to addresses the cost of tuition, but rather the plan calls for even more grants! And again, those grants are means-tested!

So I don't think I particularly care for this plan, even if it would help quite a few kids I know. I think I very much prefer offering a public community college option, to save the kids two year's of university tuition. I really worry that it's the loans and grants that drive tuition escalation, at least in part.

But yes, sadly this issue very much needs to be addressed. You won't find many that promote education more, than me. And it's currently not working as well in America, as in some of our peer nations like England & Germany.
Click to expand...

To me this is Freedom....Right now I would not have the job I have today with out my education, making a modest living. However, I did not come from a wealthy family nor did my parents have the means to save for my education. (My mom ran into medical issues) I did choose to stay at a local college instead of attending the college of my choice to save money however when I graduated I was still knee deep in debt.(graduated less than 10 years ago)...I am the norm, it was rare to meet a class mate who had parents that paid for their college education and I would say 90 percent of us come from Middle class families. If we were to graduated without this "ball and chain" I would guarantee consumer spending in this country would sky rocket....Same goes for health care....if my middle class family in which I grew up in didnt have such a financial burden to pay for my mom's medical issues we definitely would have been a lot better off financially. And this is why I lean the way I do politically...I'm not asking for "free" stuff, I'm asking that we invest and take care of our people...Consumer spending, which 68% of our economy right now, would sky rocket... isnt that what we want?
 
gdgyva said:
there are a LOT of ways to get the costs of education down

1. stay local....stay at home, attend a local university or community college at least for two years
2. CLEP, and DANTES....AP courses....every credit you earn is a class you dont have to pay for
3. grants and scholarships.....so many local ones that very few apply for.....$ 250 - $ 500 per does add up
4. US Armed Services....let uncle sam pay for the majority of your schooling

I am sure i am missing a lot of other ways....but Warrens plan is a NO GO with me.

Free is a word that instills NO VALUE....and i want young people to understand it is hard getting through school, and hard to pay for it....you have to do it smartly

Kids that end up with student loans know that those will follow them till the end of time....so they better get their act together and put in the work

If free, how many will really NOT CARE....and take up space in an already crowded class?
Click to expand...

The stay local and do community college at greatly reduced prices is really important. Everybody should do that.

I taught in a high school and graduating seniors had one clear priority: get far away from their parents. The education was down the list. We have e change that sort of thinking.
 
Napoleon said:
This is just a practical thing to do. Student loan debt has increased by a factor of 10 since the Federal government took over lending from the private sector in 2010. It currently amounts to $1.5 trillion with 40% of these loans expected to be in default within 4 years. So you can forgive a debt that is not likely to ever be collected anyway or ruin the credit scores/worthiness of ~22 million borrowers when they default on their loans. The later would be terrible for the economy.
Click to expand...
Well, I see it similar to illegal-immigration in a way. If we give amnesty, we also need to close-off the border to stop it from occurring again.

I could go for the debt forgiveness, if we adequately address the reason it occurs, so it doesn't happen again.

My biggest fear here, is free & easy money artificially escalating education costs. And forgiveness could have that effect, if it's not done as part of a comprehensive plan which addresses the underlying issue.
 
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