Sen. Elizabeth Warren disclosed the details of her promise to cancel approximately $640 billion of student loan debt, targeted at lower and middle-income earners
canceling up to $50,000 of debt for all borrowers earning less than $100,000, with proportionally less debt relief for those earning up to $250,000.Private student loan borrowers would be eligible for debt relief under the bill by refinancing their private debt into federal student loans. The bill also calls for lowering the interest rate on all existing federal student loans.
Under the plan, the federal government would suspend the collection of student loan payments for a year while the Education Department carries out the loan forgiveness program. Sanders unveiled his legislation last month alongside Reps. Pramila Jayapal , Ilhan Omar and Alexandria Ocasio-Cortez , who are among the co-sponsors to a companion measure in the House.
Warren’s bill would also make it easier to discharge both private and federal student loans in bankruptcy. The legislation would undo provisions in the bankruptcy code that prohibit the discharge of student loans except where debtors present an “undue hardship.”
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