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Warren touts $1.25 trillion plan to forgive student loan debt, provide universal 'free' college

The Democratic presidential candidate says the rich will pay for it all

Drew Angerer/Getty Images

Far-left tub-thumper and Democratic presidential candidate Sen. Elizabeth Warren (Mass.) has rolled out another progressive policy initiative: A plan for cancelling most student loan debt while providing universal "free" college to Americans at the cost of $1.25 trillion over 10 years.

What are the details?

Warren spelled out the details of her proposal in a post on Medium, where she argued that student loan debt is "crushing millions of families and acting as an anchor on our economy."

To fix the problem, Warren wants to forgive 95 percent of the student loan debt carried in the U.S, with "a one-time cost to the government of $640 billion." According to the Democrat, "experts also conclude that my plan will likely provide a boost to the economy through 'consumer-driven economic stimulus,'" and "help close the racial wealth gap."

But Warren doesn't stop there. The Massachusetts senator wants to implement a Universal Free College program, bringing "the total cost of the program to roughly $1.25 trillion over ten years."

To those who might experience sticker shock glancing at the numbers, Warrens assures her readers, "The actual costs of these new ideas are likely to be even less than that."

Warren adds, "Some people will say we can't afford this plan. That's nonsense. The entire cost of my broad debt cancellation plan and universal free college is more than covered by my Ultra-Millionaire Tax — a 2 percent annual tax on the 75,000 families with $50 million or more in wealth."

Warren's plan would also establish a $50 billion (minimum) fund for Historically Black Colleges and Universities and Minority-Serving Institutions, "ban for-profit colleges from receiving any federal dollars," and "prohibit public colleges from considering citizenship status or criminal history in admissions decisions."

Anything else?

According to Politico, Warren's student debt forgiveness plan is the latest attempt by the candidate to position herself further left than Democratic socialist Sen. Bernie Sanders (I-Vt.), who "continues to easily lead Warren in the polls and fundraising."

Sanders introduced the College for All Act in 2017, which called for student loan refinancing, "but," Politico notes, "Warren's proposal on existing student loan debt goes beyond that of Sanders."

One last thing…
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