Here's how Elizabeth Warren's student loan debt forgiveness plan would work

Sen. Elizabeth Warren announces her run for re-election to the U.S. Senate in February 2018

Elizabeth Warren proposes canceling billions in student loan debt

Far-left tub-thumper and Democratic presidential candidate Sen. And while it may be hard to feel much sympathy for anyone making over $250,000 a year, individuals in high-earning professions can carry massive, life-altering student debt loads.

Warren's plan, which would cost roughly $640 billion, would eliminate up to $50,000 in student debt for each person with less than $100,000 in household income.

While other 2020 candidates have spoken out on student loan debt - Warren is the first to roll on such an ambitious and specific plan. Sen.

Warren's plan is a bailout for those who decided they would take on debt to pursue a four-year degree in an academic area that isn't valued by the economy.

Americans owe at least $1.5 trillion in student loan debt.

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She plans to pay for the loan forgiveness and future tuition-free higher education system with her proposed "Ultra-Millionaire Tax".

"It covers more and it addresses both the access question of going to college and the problem of the debt burden for our students", she said. It would establish a mactching grant to states that commit to helping students pay for the full cost of attendance - including tuition, books and other expenses - without taking out loans.

For those who make more than $100,000, the amount of debt cancellation would go down by $1 for every $3 more the household makes; "for example, a person with household income of $130,000 gets $40,000 in cancellation, while a person with household income of $160,000 gets $30,000 in cancellation".

Warren said the cost of the program would be covered by some of the $2.75 trillion in revenue that would be raised from the "wealth tax" she has proposed - a 2 percent tax on Americans with assets worth more than $50 million, with an additional 1 percent surcharge on wealth over $1 billion.

Her campaign's top finance official stepped down in March after a disagreement with Warren over pursuing big-dollar donors, leaving the MA senator ever-more reliant on small-dollar contributions. Seventy-five percent of student loan borrowers would have their debts completely wiped out.

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The canceled debt would not be taxed as income, Warren said.

Warren's proposal also makes significant investments to help lower-income and minority students afford the non-tuition costs associated with attending college.

A campaign aide said Warren's impeachment pronouncement did not signal a shift in her focus on "big policy" initiatives that have been the hallmark of her campaign. Bernie Sanders, I-Vt., in the 2016 presidential race. Kirsten Gillibrand of NY signed onto a bill called the "Debt-Free College Act".

Other candidates vying for the Democratic nomination, including Sen. If her proposal ever becomes law, it would also create a $50 billion federal fund for historically black colleges and universities, prohibit public colleges from considering an applicant's citizenship status in the admissions process, and provide extra funding to states that improve college enrollment and graduation rates for students of color.

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