Why student loan forgiveness should target the graduates who need it mostThe Honorable Sheila C. Bair
By Sheila Bair (original source Yahoo Finance)
The bidding opened with Warren’s proposal last spring to forgive up to $50,000 of federal debt for borrowers making less than $100,000 annually, gradually phasing out for borrowers making more than $250,000 per year. She was one-upped very quickly by Bernie Sanders’s proposal to forgive all federal student debt — about $1.4 trillion.
Now comes Republican A. Wayne Johnson, a former senior Trump education official harboring designs on the open Senate seat in Georgia, one-upping the Democrats. He proposes to forgive up to $50,000 of debt and provide tax credits up to that amount for borrowers who have already repaid their student loans. Going forward, he would scrap student loans completely in favor of $50,000 grants per student to cover higher education costs.”
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