If elected president, Senator Elizabeth Warren plans to forgive existing student loan debt on her first day in office.
According to her plan, Warren will authorize the Secretary of Education to cancel up to $50,000 in debt for 95% of student loan borrowers which would impact around 42 million people, USA Today reported.
Last year, Warren proposed that $50,000 in student loan debt would be eliminated for those individuals living in a household with an annual income of less than $100,000. Additionally, a smaller portion of debt would be forgiven for households making between $100,000 and $250,000, according to USA Today.
“We’re facing a student loan crisis, one that’s holding back our economy and crushing millions of American families,” Warren said in a statement.