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This Is Exactly What Happens If $1.6 Trillion Of Student Education Loans Are Forgiven

This Is Exactly What Happens If $1.6 Trillion Of Student Education Loans Are Forgiven

Sen. Bernie Sanders (I-VT) (picture by J Pat Carter/Getty pictures)

Imagine this situation: All $1.6 trillion of your education loan financial obligation is forgiven. Now, what goes on next?

Here’s what you ought to know.

Student Loan Forgiveness

Sen. Bernie Sanders (I-VT) and Sen. Elizabeth Warren (D-MA), that are both 2020 candidates that are presidential have actually various education loan forgiveness plans. Sanders desires to forgive all $1.6 trillion of outstanding student education loans, including both federal and personal education loan financial obligation. Sanders’ student loan forgiveness plan does not have any eligibility needs; all 45 million education loan borrowers meet the criteria for education loan release. Sanders will fund their education loan forgiveness plan via a tax that is new economic deals, which he expects could raise a lot more than $2 trillion on the next ten years.

Warren really wants to cancel education loan financial obligation for over 95% of borrowers, and would completely cancel education loan financial obligation for over 75% of Us citizens with education loan financial obligation.