Elizabeth Warren unveils $640 billion college debt forgiveness plan

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WASHINGTON, DC – APRIL 10: Sen. Elizabeth Warren (D-MA) speaks during the North American Building Trades Unions Conference at the Washington Hilton April 10, 2019 in Washington, DC. Many Democrat presidential hopefuls attended the conference in hopes of drawing the labor vote. (Photo by Zach Gibson/Getty Images)

Democratic presidential candidate Elizabeth Warren is proposing the elimination of existing student loan debt.

The Massachusetts senator says the proposal unveiled Monday would eliminate almost all student loan debt for 42 million Americans, canceling $50,000 in debt for each person with household income under $100,000.

Warren says the debt cancellation proposal would create a one-time cost to the federal government of $640 billion.

Many in the sprawling Democratic field have proposed reforming the nation’s student loan programs, but Warren appears to be first to propose flat-out debt cancellation.

Among Warren’s other proposals is elimination of tuition and fees for two- and four-year public college degree programs, as well as a $100 billion investment in Pell Grants, a federal aid program that requires no payback.

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