Warren Shows We’re Already Forgiving Too Much Student Debt
The senator's plan would forgive fewer graduates' debt than existing programs.
With her new proposal to forgive almost $1 trillion in student debt, Senator Elizabeth Warren (D., Mass.) has made an excellent case to immediately cut benefits from their existing levels under Obama-era student-loan programs, even if her plan is never enacted.
Despite her plan’s apparent generosity, it would impose limits on who can qualify for debt forgiveness based on income. It would also limit how much each borrower can be forgiven. Yet under the existing Income-Based Repayment (IBR) program,...