Elizabeth Warren to introduce bill cancelling up to $50,000 in student debt for most borrowers

Elizabeth Warren’s proposal to cancel student debt will soon be one step closer to reality — even if she doesn’t become president.

The Democratic Senator of Massachusetts plans to introduce legislation in the coming weeks that mirrors her presidential campaign proposal to cancel at least a portion of the student debt held by many of the nation’s 44 million borrowers, her Senate office announced Thursday. Rep. James Clyburn, Democrat of South Carolina and the house majority whip, will introduce companion legislation in the House of Representatives.

Warren’s office hasn’t yet released a draft of the legislative text, but the bill is slated to propose cancelling up to $50,000 in student debt for the bulk of student loan borrowers, her office said.

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