Rep. James Clyburn (left) and Sen. Elizabeth Warren (right). (Wikimedia Commons)
Senator Elizabeth Warren (D-Mass.) and Representative James Clyburn (D-S.C.) plan to introduce legislation that would wipe out student loan debt for millions of Americans. The legislation mirrors a plan released in April by Warren, who is running for the Democratic presidential nomination.
The bicameral legislation would eliminate up to $50,000 in student loan debt for 42 million Americans. This would translate to debt relief for 95 percent of student borrowers, including cancelling student debt altogether for 75 percent of borrowers.
People earning less than $100,000 would be eligible to have $50,000 of their student debt eliminated. The Democratic legislators’ bill would also provide significant student debt relief for people with household incomes between $100,000 and $250,000, according to Forbes. The plan would not tax student loan debt that has been cancelled as income.
Those earning more than $250,000 would…
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