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Should the United States wipe out all student debt?

Several Democratic politicians have proposals on the table.

WASHINGTON -- How should the United States deal with the growing student loan crisis? American students have racked up $1.6 trillion in student loans. In the lending industry that number is only second to mortgages. The upcoming crisis will be a major part of the 2020 Election.

Several Democratic candidates have already rolled out their programs to deal with the upcoming crisis. That includes potential front-runner Sen. Bernie Sanders, who has a plan to eliminate all debt in one legislative move.

RELATED: Sanders, progressives unveil bill to cancel student debt

At this point college costs are out of control. The increases don’t even keep pace with inflation.

Consider in 1998 the average In-State college cost around $3,000. In 2018, it was $10,000. Private schools in 1998 cost around $16,000. 2018 tuition increased to $43,000.

To deal with the loan crisis three of the Democratic candidates have released comprehensive plans.

Former HUD Secretary Julian Castro won’t make students pay for debt after college until their salary reaches 250% of the federal poverty lines. After that students never pay more than 10% of their monthly income. After 240 months of payments the debt is forgiven.

Senator Elizabeth Warren has her own plan that looks more like a math problem.

It forgives $50,000 of debt immediately for students making less than $100,000 after college.

However, for every three dollars you make above $100,000 it subtracts one dollar of the forgiveness.

The best example would be if you made $160,000, it would forgive $30,000.

Just released on Monday, Sen. Bernie Sanders plan immediately forgives debt for 45 million students.

That would erase $1.6 trillion. Sanders said it would be paid for by a tax on Wall Street investments.

Economists have not weighed in heavily on the ramifications of the plan, but after this week’s debates you can bet they will.