Elizabeth Warren announces plan to cancel student loan debt

Elizabeth Warren.
(Image credit: Drew Angerer/Getty Images)

Sen. Elizabeth Warren (D-Mass.) is looking to eliminate all student loan debt for tens of millions of Americans.

The 2020 Democratic presidential candidate unveiled the details of her plan in a Medium post on Monday, calling for the cancellation of up to $50,000 in student loan debt for those with a household income of less than $250,000. Those making below $100,000 would have $50,000 forgiven, while those making between $100,000 and $250,000 would be entitled to $1 forgiven for every $3 above $100,000. For example, she says someone with a household income of $130,000 would have $40,000 canceled. Those with a household income of more than $250,000 a year would not have debt eliminated.

Warren says that this plan would cancel all student loan debt for 75 percent of Americans and at least some debt for 95 percent of Americans.

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Additionally, she says every American will be able to attend a two-year or four-year public college tuition-free. This plan will cost $1.25 trillion over 10 years, according to Warren's estimates, and she says her proposed wealth tax will pay for it.

This is just the latest major policy proposal to be announced by Warren in recent weeks; she previously announced a plan to break up the major tech companies and unveiled a universal child-care proposal. Warren in an interview with CNN's MJ Lee touted her new plan and said it "goes further" than Sen. Bernie Sanders (I-Vt.).

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