Warren introduces bill to cancel student loan debt for millions

A bill that would wipe out nearly all U.S. student loan debt was introduced Tuesday by Sen. Elizabeth WarrenElizabeth Ann WarrenSenate Democrats push for arms control language in defense policy bill Top adviser on Sanders: 'He's always been underestimated' 'The Simpsons' pokes fun at Trump's feud with 'the squad' MORE (D-Mass.), a top-tier 2020 presidential candidate. 

Warren and House Majority Whip Jim ClyburnJames (Jim) Enos ClyburnIsrael denies Omar and Tlaib entry after Trump tweet Democrats race across country to woo activists Warren introduces bill to cancel student loan debt for millions MORE (D-S.C.) in June first announced the bicameral legislation to forgive up to $50,000 in loan debt for those with a total household income below $100,000. 

Debtors with between $100,000 and $250,000 in total household income would have less of their debt eliminated.

Clyburn and Warren said "The Student Loan Debt Relief Act" would end the student debt crisis and lessen the racial wealth gap.

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"My very first bill when I got to the Senate was legislation to tackle the growing student debt crisis because I was sick of Washington allowing the wealthy to pay less, while burying tens of millions of Americans in mountains of student loan debt. Since then, Washington has only allowed this crisis to get worse — especially for people of color. Enough is enough," Warren said in a statement Tuesday.  

"Post-secondary education should be the springboard to enable students to achieve their dreams not the impediment that prevents the realization of those goals," Clyburn added. 

The bill would provide automatic cancellation using data already available to the federal government regarding household gross income and outstanding student loan debt. 

It would not treat canceled debt as taxable income. 

Warren's Senate colleague and Democratic primary opponent Sen. Bernie SandersBernie SandersSenate Democrats push for arms control language in defense policy bill Top adviser on Sanders: 'He's always been underestimated' 'The Simpsons' pokes fun at Trump's feud with 'the squad' MORE (I-Vt.) in June announced a plan to cancel $1.6 trillion in student debt, following Warren's announced plan. 

Sanders's plan would wipe out student debt for all, whereas Warren's student debt forgiveness plan is capped at household incomes of $250,000. 

Sanders and Warren, both in the top of the crowded 2020 field, are two of the most progressive candidates seeking the nomination. 

Sanders's plan is backed by Reps. Ilhan OmarIlhan OmarMaher hits back at Tlaib: Does she 'want to boycott 93 percent of her own party?' 'The Simpsons' pokes fun at Trump's feud with 'the squad' Trump ramps up attacks on Tlaib MORE (D-Minn.) and Pramila JayapalPramila JayapalLawmakers urge DNC to name Asian American debate moderator Medicare for all: fears and facts House Democrats urge Trump to end deportations of Iraqis after diabetic man's death MORE (D-Wash.).