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Elizabeth Warren. Photo: Sergio Flores/Getty Images

The Brookings Institution released an analysis of Democratic presidential candidate Sen. Elizabeth Warren's student debt-forgiveness plan, illustrating that it would help higher income earners or those who have post-graduate degrees.

Details: Warren has proposed a plan that would cost $640 billion to erase the debt of 75% of Americans who grapple with ongoing student loan obligations.

By the numbers:

  • Brookings estimates that 48% of the $640 billion would be earmarked for the top 40% of earners, or households that make more than $67,847 annually, the Wall Street Journal reports. This indicates that more than half of the benefits of Warren's proposal are distributed to American families that make less than $68,000 each year.
  • Nearly 60% of relief goes to families headed by someone with a bachelor's degree or who only finished some college or associate's degree.
  • 25% of the debt relief would go to people with professional degrees, doctorates or those who have managerial jobs.
  • About 28% would go to the bottom 40% of earners with college debt.
  • Nearly 10% would go to the bottom 1/5 of households with college debt.
  • No one who makes more than $250,000 annually would receive any money.

Go deeper: Elizabeth Warren: Everything you need to know about the 2020 candidate

Editor's note: This story has been corrected to remove the word primarily in reference to how Warren's plan will benefit higher income earners, and reflect specific figures within the Brookings Institution's study.

Go deeper

Updated 4 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."

6 hours ago - Health

U.S. to restrict air travel from 8 countries over new COVID variant concerns

A COVID-19 vaccine is administered. Photo by Joe Raedle/Getty Images

The U.S. will impose new air travel restrictions in response to the Omicron variant, a new COVID strain first detected in South Africa, President Biden announced Friday.

The big picture: Air travel from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi will be restricted starting on Monday.

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