Last Monday Senator Elizabeth Warren who is running for president presented her idea of making education cheap and affordable and wave off about half of the debts.

Her plan will erase students debts for those with lower incomes and those who couldn’t manage to graduate with a degree.

Massachusetts Democrat Ms. Warren who is running for president had a many ex-students supporting. This plan would bring relief from loan to more than 42 million Americans and would be $640 billion in the outstanding loan amount.

Joseph Laney

Justin and Samantha Morgan a couple said that this plan would be life-changing for them. Justin works as a lab manager and Samantha works for a non-profit organization. According to them, they have a took a student loan of $70000 and are making payment based on the income repayment plan.

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“Your monthly payment is so low that you’re not paying your loans because interest accrues so fast,” Ms. Morgan, 30, said. “My loan has actually gotten bigger.”

Their loans would be released if they make their payments for the next 20 years. Samantha and Justin have a 3-year-old son and they also said that they are still living on rent and opposing another child because of loan burden.

The Warren campaign is keenly focused on providing aid to those who actually need it the most. A person with household income under $100k will get $50k in students loan but households with incomes up to $250k will get no subsidies.

While according to Sandy Baum, an expert on college affordability at the Urban Institute, waving of $50k in debt is too much and releasing $10k in loans would terminate debt for a third of borrowers.

“That is virtual all the borrowers who are low-income, who don’t have a bachelor’s degree, who dropped out of college, who are struggling most,” as opposed to those who are in a better position to pay off their loans, Ms. Baum said. The average federal student loan debt is $32,000, according to federal data.

Ms. Warren’s supporters said that people with jobs that need a high level of education but are not high paying, for example, a teachers job would be benefitted from this plan.

A research conducted by an Urban Institute analysis affirmed that this campaign of Ms. Warren will be beneficial for black students as they borrow more for colleges as compared to the other racial and ethnic communities. Warren Campaign officials stated that this campaign gives a shred of evidence that black students have lower family assets to carry on.

The plan has received positive feedback from a lot of students at New York University some of them pointed out the benefits of the campaign also.

Meanwhile, Matthew Chingos, director of Center on Education Data and Policy at the Urban Institute proposed that the plan was not progressive enough as one-time clearance of debt would not solve the root crisis of American student’s debt crisis.

Elon Musk arrives at the Manhattan Federal Court with his legal entourage.

Judge Alison Nathan also told both sides Friday to send her a letter by April 18 saying whether they have reached a deal. If they don’t, Nathan will decide on the Securities and Exchange Commission’s motion to find Musk in contempt, leading to a trial which could create trouble for Musk’s conglomerate.

The SEC wants Nathan to fine Musk for allegedly violating a court-approved settlement requiring his tweets to be approved by a lawyer if they disclose important company facts. Musk’s lawyers say he didn’t violate the settlement and they stand firm on it.

The judge also wrote that if Musk is found in contempt, both sides will write legal briefs about his punishment and decide upon the punishment.

The order comes after Nathan urged both sides to agree at a hearing in New York that Musk attended on Thursday.

SEC attorney Cheryl Crumpton recommended fines for Musk if Nathan finds him in contempt of the October settlement. The SEC alleges that Musk blatantly violated the settlement with a Feb. 19 tweet about Tesla vehicle production that wasn’t approved by the company’s “disclosure counsel.” The agency contends that Musk hasn’t sought the lawyer’s approval for a single tweet he has posted.

But Musk attorney John Hueston told the judge that the SEC had failed to show his client had violated the deal. He said Musk does what he is told and is “somebody trying his best to comply.”

Musk’s lawyers say his tweet that Tesla would produce around 500,000 vehicles this year didn’t need pre-approval because it wasn’t new information that would be meaningful to investors. His attorneys said the SEC was violating his First Amendment rights to free speech and dialogue.

In a statement after the hearing, Musk signaled he is willing to work out a deal.

“We have always felt that we should be able to work through any disagreements directly with the SEC, rather than prematurely rushing to court,” he said.