Presidential contender Sen. Elizabeth Warren, D-Mass., is pressing ahead with a campaign proposal to erase the majority of the country’s outstanding student debt — whether she gets to the White House or not.
Warren and Rep. James E. Clyburn, D-S.C., unveiled their plan to introduce legislation in the Senate and House to wipe out up to $50,000 in student loan debt for 42 million Americans, CNBC reported.
“It’s time to decide: Are we going to be a country that only helps the rich and powerful get richer and more powerful, or are we going to be a country that invests in its future?” Warren said in a statement, the news outlet reported.
Outstanding education debt is projected to balloon to $2 trillion by 2022 — topping credit card or auto debt levels, the financial news outlet reported. The average college graduate is $30,000 in the hole when they leave school.
Warren unveiled her presidential campaign plan to eliminate student debt in April, and details are expected to be similar, CNBC reported.
Under the April proposal, more than 95% of student loan borrowers would see at least some of their debt cancelled. The plan would be funded with a 2% wealth tax on households worth more than $50 million, with an additional 1% on wealth over $1 billion.