The bill would forgive $50,000 in student loans for Americans in households earning less than $100,000 a year, resulting in immediate relief to more than an estimated 95% of the 45 million Americans with student debt.
Washington Massachusetts Sen. Elizabeth Warren is introducing a bill Tuesday that would cancel the student loan debts of tens of millions of Americans, a plan she first proposed on the campaign trail in April.
The 2020 Democratic presidential candidate is partnering with South Carolina Rep. James Clyburn, also a Democrat, who will sponsor companion legislation in the House. For those earning more than $100,000, the bill would offer partial debt relief with the amount getting gradually smaller until it phases out. Households that make more than $250,000 are not eligible for any debt relief.
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