Massachusetts Democratic Sen. Elizabeth Warren – a 2020 presidential candidate – intends to bring her plan to “cancel” student debt Opens a New Window. for millions of Americans to Congress Opens a New Window. .
Warren’s office said on Thursday she will introduce a bill, similar to what she proposed as part of her presidential platform, in Congress. Rep. James Clayburn, D-S.C., will introduce companion legislation in the House.
The text of the bill has not yet been released, but she said it would eliminate up to $50,000 in student loan debt for 42 million Americans – canceling debt entirely for three out of four borrowers.
Those are similar figures to what she had previously proposed – which would cancel $50,000 in student debt for individuals with household incomes below $100,000 – or about 42 million people. American households with higher incomes, up to $250,000, would also see some of their debt written off as well. The $50,000 cancellation amount would phase out by $1 for every $3 in income above $100,000.