A study analyzing 2020 candidate Elizabeth Warren's student debt relief plan may reduce concerns about a windfall for the wealthiest Americans.
An independent analysis of Sen. Elizabeth Warren's student loan relief plan shows that it would likely help middle-income borrowers the most, a finding that may help to ease one of the political left's biggest concerns about debt forgiveness.
But the Massachusetts Democrat's proposal would erase student debt for more than 80% of the loan holders in each of the four lower-income groups assessed in the study. They would all see higher average forgiveness than the top earners. Warren announced her student debt relief plan on Monday, adding to a list of proposals she has put forward to dramatically reshape the U.S. economy. The senator, who has long called for policies to hold large corporations and the wealthiest Americans in check, has aimed to cast herself as one of the more populist voices in the Democratic primary.
Her campaign calls the student loan measure a progressive way to boost the economy and consumer spending, in large part because a tax on the wealthiest American families would fund the debt relief. The effect would be less pronounced for Hispanic borrowers. They would see about 10% of the total forgiven dollars and account for 11% of households.
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