Senator Elizabeth Warren, a Massachusetts Democrat, said Thursday that she planned to introduce legislation to cancel student debt that mirrors a presidential campaign proposal she released in April.
House Majority Whip James Clyburn, a South Carolina Democrat, will carry the bill in the House. Under the plan, student loan borrowers with incomes of less than $100,000 could receive up to $50,000 in loan cancellation. Those with higher incomes would have debts discharged on a sliding scale.
"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 in a statement. "We need to allow people to get the kind of postsecondary education that will help them achieve their dreams and aspirations and earn a living to become productive members of society."
Warren said the legislation would provide some debt relief for 95 percent of student borrowers and full debt relief for three-quarters of borrowers. The bill will also address access to bankruptcy for borrowers with remaining student loans under the plan, her office said.