Sen. Elizabeth Warren [D-Mass.] and Rep. James Clyburn [D-S.C.], are planning to introduce legislation in both the House of Representatives and Senate to eliminate $50,000 of student loan debt for all Americans, which would cancel the student loan debt for 75% of borrowers, according to a release from both lawmakers.
The program would be available to about 42 million Americans, and would provide debt relief to 95% of individuals with student loan debts, according to the release. The proposed legislation, which will be introduced in the coming weeks, will also include “meaningful student loan bankruptcy relief,” the release stated. Sen. Warren has made reducing the amount of student loan debt one of the primary plans of her presidential campaign platform.
Student loan debt totals about $1.5 trillion in the United States — three times what it was 30 years ago — and 7.2 million people are in default on their student loans.
“For far too many students and families, the cost of higher education has meant daunting debt and a lifetime of student loan repayments,” said Rep. Clyburn, in a statement. “We need to allow people to get the kind of post-secondary education that will help them achieve their dreams and aspirations, and earn a living to become productive members of society. I look forward to working with Senator Warren on this legislation that will provide affordable access to education for all Americans and attempts to make amends for the underinvestment made in higher education at the state and federal level for over two decades.”