Student debt is on the rise in the U.S.
Presidential hopeful Sen. Elizabeth Warren has teamed up with South Carolina’s U.S. Rep. Jim Clyburn to take on the ever-growing mountain of student debt.
The pair announced Thursday they will be introducing legislation that would cut up to $50,000 in debt for every student, according to a statement from Clyburn’s office.
The proposal could slash a large chunk out of the U.S.’s more than $1.5 trillion in total debt by providing relief to 95 percent of students, according to the statement. That debt currently affects more than 45 million U.S. residents.
“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, according to the statement. “We need to allow people to get the kind of post-secondary education that will help them achieve their dreams and aspirations, and earn a living to become productive members of society.”
The legislation will be introduced in coming weeks in both chambers of Congress. It’s currently unclear how the plan will work or what it entails.
““The student debt crisis is real and it’s crushing millions of people — especially people of color,” Warren said, according to the statement. “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 has been a vocal advocate for eliminating student debt, releasing proposals that would make all public colleges tuition-free and calling for forgiving $50,000 for households earning less than $100,000 a year.
Her campaign guessed that her sweeping education reform plan would cost $1.25 trillion over a period of 10 years.