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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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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

Trio of Saturday mass shootings rock U.S.

Police officers in New York City's Times Square on Saturday. Photo: David Dee Delgado/Getty Images

The U.S. was hit by mass shootings in New York City's Times Square, a shopping mall in Florida and at a townhome near Baltimore that left four people dead, including the suspected shooter.

The big picture: Since President Biden took office in January, over 700 people have been injured or killed in 139 mass shootings as of late last month.

2 hours ago - World

Scottish first minister vows independence referendum after election win

Scotland's First Minister and leader of the Scottish National Party, Nicola Sturgeon, reacts after being declared the winner of the Glasgow Southside seat at Glasgow counting centre in the Emirates Arena in Glasgow on Friday. Photo: Andy Buchanan /AFP via Getty Images

Scotland's First Minister Nicola Sturgeon announced plans Saturday for a second independence referendum once the pandemic has abated following the country's parliamentary elections.

The big picture: Sturgeon's Scottish National Party won 64 seats, one seat short of an outright majority in the 129-seat Parliament. But most seats went to pro-independence parties.

4 hours ago - World

India records its deadliest day of the pandemic

A health worker moving an oxygen cylinder in a coronavirus ward of a hospital in New Delhi on May 8. Photo: Raj K Raj/Hindustan Times via Getty Images

India saw its deadliest day of the pandemic yet with more than 4,180 confirmed COVID-19 deaths reported Saturday.

Why it matters: The country has recorded more than 21.8 million coronavirus cases and 238,270 deaths since the pandemic began. The true numbers, however, are likely much higher, experts say, as the country battles a continued surge in cases that has left hospitals and health workers overwhelmed.

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