Massachusetts Senator Elizabeth Warren is making headlines as the first presidential candidate with a detailed debt relief plan.
HOUSTON – A plan deployed on Monday by the presidential candidate, Senator Elizabeth Warren of Massachusetts, would write off the student loan debt of 42 million Americans.
It attracted a lot of attention. But is it really doable?
University of Houston senior Brooke Tankersley told us she hoped so.
“I have maybe $ 40,000 to $ 50,000 in student loan debt,” Tankersley said.
The head of supply chain and logistics said she hopes to work for HEB.
“The goal is to pay it off within two to three years,” Tankersley said. “But it depends on the type of job I get.”
Many may not realize that Senator Warren received her undergraduate degree from UH. She even mentioned the school in a video explaining its student debt relief plan.
“Which costs $ 50 per semester,” Warren said in the video.
His plan would pay off over a trillion dollars in debt using, primarily, new taxes on the ultra-rich.
“I think it would be great, if it is feasible,” said Katan Sinha, UH senior. “But there are a lot of politicians who promise a lot of things.”
KHOU political analyst Bob Stein said it remains to be seen whether or not this breaks the budget.
“It’s a big, ambitious plan. Stein said.
But he added that debt relief is an issue that affects much of the country, regardless of political affiliation.
“A lot of people could be traditional and strong supporters of Donald Trump,” said Stein. “And, so, unlike a lot of other issues that could be left to the center of the Democratic Party, this one speaks of a bigger issue.”
So far, students like Tankersley have said they won’t hold their breath.
“For now, personally, I’m focused on taking care of myself and paying off those student loans,” Tankersley said. “And whatever happens, happens.”
Warren and a number of other Democratic presidential candidates will be in Houston for a forum later this week.
In the meantime, here are some tips from Certified Financial Planner Blake Rusk of RBC Wealth Management in Houston for student debt relief:
Tips for repaying student debt
- Configure automatic payments on your online service portal:
- Treating your debt like any other bill will help you stick to your chosen repayment schedule
- You can often get a reduction on your interest rate for setting up automatic payments
- Pay off your debt as quickly as possible:
- Paying off your loan faster means you’ll pay less interest over the life of the loan
- Getting rid of student debt faster will allow you to focus on other life goals, such as owning a home or fully funding your retirement.
- If you have multiple loans, you should focus on the loans with the highest interest rates first.
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