I've not seen Warren's or Sander's plan talk about how to treat students that did not go into debt to pay for college and I like the below idea of giving those students some sort of tax credit.
An argument could be made that those students came from rich families and therefore they had no debt to pay off. But only the minority. The majority of those are prob upper/middle income who was able to save for college and don't see why they should be left out.
I would like the forgiveness to come with students committing to some sort of societal payback. Health professionals committing a weekend a month to work at a small town, tax accountants volunteering to help others do tax prep, volunteer for habitat-for-humanity-like etc.
Paying for it is key. Warren/Sanders wants to tax rich/capital gains to pay off the forgiveness. Below adds corporations into the mix which I like too. But I would ask them to even go further and ask the colleges to help write down/pay for the forgiveness also somehow.
https://www.cnbc.com/2019/10/31/stud...san-issue.html
Quote:
At 5:01 a.m. on Thursday October 24, Dr. Wayne Johnson, who was hired by the Trump administration to oversee the country’s $1.6 trillion in student loan debt and its 44 million borrowers, submitted his resignation letter to Education Secretary Betsy DeVos. Around an hour later, Johnson made an announcement that hurled him into headlines.
Most of the student debt he’d managed, he said, should be cancelled.
:
Outstanding education debt has outpaced credit card and auto debt. The average college graduate leaves school $30,000 in the red today, up from $10,000 in the 1990s. Every day, 3,000 borrowers go into default. Johnson calls the current system, “absolutely unsustainable.”
:
Johnson proposes to forgive $50,000 in student debt for all borrowers, which would reset the balances of some 37 million borrowers back to zero. The plan would be paid for with a 1% tax on revenue generated from corporations and non-profit organizations, Johnson said.
Johnson also hopes to widen the appeal of his proposal by offering any college graduate who didn’t borrow student loans, or had already paid off their debt, a $50,000 tax credit.
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