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Election 2020

Warren, Ahead of 2020, Would Forgive Up to $50,000 of Debt Per College Student

Even those who did nothing but party for four years would have their loans wiped away — is the senator trying to 'buy' votes?

Sen. Elizabeth Warren (D-Mass.) is trying to buy the 2020 election with our tax dollars, in my view.

Sanders, together with Rep. James Clyburn (D-S.C.), have joined in on legislation to forgive college loan debt of up to $50,000 for each student.

If it passes, it would help nearly 42 million people.

Related: Warren Gets ‘Kiddie Table’ at First Democrat Debate

Why do Democrats always think amnesty is the answer to everything (immigration, pardons for donors, and now for college freeloaders)?

Going to college is a choice that many people use and need to build real skills (in nursing, engineering, medical, astrophysics and much more).

Yet some use it as an excuse to party for four years — and if those are the people receiving debt forgiveness, I don’t think many Americans will join in on this idea.

Warren isn’t the answer; she is the problem, as I see it.

Warren: “The student debt crisis is real and it’s crushing millions of people — especially people of color. It’s time to decide: Are we going to be a country that only helps the rich and powerful get richer and more powerful, or are we going to be a country that invests in its future?”

Clyburn: “For far too many students and families, the cost of higher education has meant daunting debt and a lifetime of student loan repayments.”

This issue makes me so angry. Advanced education is an adult decision!

While we are at it, can we please cancel all credit card debt? What the heck — why don’t we cancel all debts and outlaw lending, period? That would help 350 million Americans.

Warren’s press release on the issue contains the following statements from experts.

“We write in regard to your student debt cancellation policy proposal.”

“Our analysis of this policy suggests it would have a substantial impact on student debt forgiveness and would greatly benefit households with the least ability to repay.”

Related: The State of New York Will Help Dreamers Pay for College

“We modeled debt forgiveness and projected first-order changes in net worth using a policy where debt holders with a total household income below $100,000 receive up to $50,000 in student debt cancellation. Above this threshold, the cancellation amount is gradually phased out, with households receiving roughly $0.33 dollars less in debt cancellation for every dollar of household income above $100,000. Households with a total income of $250,000 or more are not eligible for cancellation. Our analyses suggest that over 95 percent of borrowing households are eligible to receive some student debt cancellation under this policy.”

“We project the policy would result in total loan forgiveness for up to 76.2 percent of households with student debt. Households at the bottom and middle three income quintiles would experience substantially higher rates of student debt forgiveness (80 percent or more across these groups) compared with households in the top income quintile (less than 50 percent).”

“Similarly, we estimate that the policy would benefit households that experience relatively limited benefits from higher education. The total forgiveness rate is projected to be 90 percent among households headed by someone who attended but did not complete college, 87 percent among households headed by an Associates degree holder, and 72 percent among households headed by a bachelor’s degree holder. This is in contrast to a projected rate of 28 percent for households headed by a doctoral or professional degree holder.”

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So let me get this straight.

All those kids willingly signed loans for their education.

The education presumably gives them a “one-up” on those who are less educated. They will make more money over their entire lives for said education — but all of us, including those who had to skip an education because they couldn’t afford it, now get to pay for those who received the education.

  • Did anyone force those students to take out loans?
  • Who or what made those loans available to people who apparently couldn’t think beyond receiving the loan amount?
  • What does forgiveness mean?
  • Does the lender take it in the ear? Guaranteed student loans are federal- or state-funded loans for students looking to finance their college education.
  • I guess that means the taxpayer takes a bath for the convenience of the greedy student who got in over his or her head?

Sorry, but I have no sympathy for college students who have taken out extravagant loans to subsidize years of partying, new cars and attendance at universities that have jacked up tuition because of all the “free” government student loans.

These individuals made poor life choices and should be held accountable for those decisions.

I once supported this — but not anymore.

This piece originally appeared in WayneDupree.com and is used by permission.

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meet the author

Wayne Dupree is owner and founder of WayneDupree.com. He was named to 2017 Newsmax’s 50 Most Influential African-American Republicans. He served in the USAF from 1987-1995; he saw time in Operation Desert Storm/Shield. The father of three, he's the host of "The Wayne Dupree Show."