Sen. Elizabeth Warren (D-MA) and Rep. James Clyburn (D-SC) announced on Thursday that they will introduce legislation in the House and Senate that would forgive up to $50,000 of each students’ college loan debt, which would help about 42 million people, according to a press release posted on Warren’s Senate website.
“The legislation will significantly lessen the student debt crisis and help tackle the racial wealth gap,” the headline of the press release announcing the bills said.
Warren, a member of the U.S. Senate Committee on Health, Education, Labor, and Pensions and Clyburn, House Majority Whip, both claim that the bill, if it becomes law, will help about 95 percent of student borrowers and cancel debt entirely for some 75 percent of borrowers.
“The student debt crisis is real and it’s crushing millions of people — especially people of color,” Warren said in the announcement. “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?”
“For far too many students and families, the cost of higher education has meant daunting debt and a lifetime of student loan repayments,” Clyburn said. – READ MORE