Does everyone understand how Sanders and Warren plan on "forgiving" student loan debt?

Who's going to take it in the shorts if Warren or Sanders succeed in "forgiving" $1.6 trillion in student loan debt? Not the universities. Not the lending institutions.

Nope. They're going to "forgive" student loan debt by raising your taxes.

That means that YOU get the privilege under their plan of paying off someone else's kid's student loans as well as your own kid's student loans. You know that kid, right? She's the neighbor's kid, the neighbors who hate you because you're a conservative Trump supporter. Their daughter has racked up about 80k in student loan debt while she studies how to braid her underarm hair as a Radical Feminism major. Have fun working till you're 75 to pay off her debt.

quote:

---

Sen. Bernie Sanders (I-VT) and Sen. Elizabeth Warren (D-MA), who are both 2020 presidential candidates, have different student loan forgiveness plans. Sanders wants to forgive all $1.6 trillion of outstanding student loans, including both federal and private student loan debt. Sanders’ student loan forgiveness plan has no eligibility requirements; all 45 million student loan borrowers are eligible for student loan discharge. Sanders will fund his student loan forgiveness plan through a new tax on financial transactions, which he expects could raise more than $2 trillion over the next 10 years.

Warren wants to cancel student loan debt for more than 95% of borrowers, and would entirely cancel student loan debt for more than 75% of Americans with student loan debt. Warren’s plan cancels $50,000 in student loan debt for every person with household income under $100,000 and cancel substantial debt for every person with household income between $100,000 and $250,000. Like Sanders, Warren would fund student loan forgiveness through new taxes. Both Sanders and Warren say borrowers would not pay income taxes on the amount of student loans forgiven.

---

forbes