Elizabeth Warren Introduces Bill To Cancel $640 Billion In Student Loan Debt

Elizabeth Warren Introduces Bill To Cancel $640 Billion In Student Loan Debt

Alexis Arnold |
July 24, 2019

The 2020 presidential candidate laid out the proposal along with Democratic House Whip James Clyburn.

WASHINGTON — Democratic presidential candidate Elizabeth Warren wants to relieve student debt for 42 million people — an estimated $640 billion in loans held by mainly middle- and lower-income Americans.

The Massachusetts senator and the House majority whip, Rep. James Clyburn (D-S.C.), introduced the Student Loan Debt Relief Act on Tuesday. The bill would eliminate student debt entirely for 75% of borrowers and partially for another 20% of borrowers. 

“[Student loan] debt not only affects the people who try to carry it ― it affects our entire economy,” Warren said at a press conference. “Finding a way to cancel a big chunk of that student loan debt means freeing up young people to do more.” 

The proposed legislation only addresses existing student debt, not the rising cost of higher education or predatory for-profit colleges, although both Democratic lawmakers aim to address those issues in other legislation. It’s also unlikely to pass the Republican-controlled Senate or be signed by President Donald Trump. But the bill does offer another look at how Warren aims to reshape the education system if she becomes president. 

Credit by - HUFFPOST

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